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Options analytics

Opstra review

Definedge's deep options analytics, backtesting and scanner suite — favoured by serious systematic options traders in India.

Last reviewed 2026-05-28Visit Opstra

What is Opstra?

Opstra (Options Strategy Analytics) is part of the Definedge Securities ecosystem and sits at the analytics-heavy end of the Indian options-tools market. It is closer to a quant terminal than a beginner-friendly app — strategy builder, IV / IVR / IVP analysis, OI scans, backtesting on historic option chains and a strong screener.

Key features

  • Strategy builder with payoff, Greeks, IV smile and probability of profit.
  • Implied volatility (IV) rank, percentile and term-structure analysis across underlyings.
  • Open Interest scans and unwinding / build-up alerts with intraday timestamps.
  • Historical options chain replay — go back to any past date and inspect the chain.
  • Backtesting on historic option-chain data, including multi-leg strategies.
  • FII / DII derivatives data, OI buildup heatmaps and PCR trends.

Pricing

Subscription-based — multiple tiers depending on which modules (analytics vs backtesting vs scanner) you unlock. Pricing changes; check the live page. Tends to be at the higher end of the Indian options-tool price range.

Pros and cons

Pros
Deepest options analytics stack of any India-focused tool — IV term structure, historical chain replay, backtesting in one place.
Strong scanner / screener for OI build-ups and unwinding.
Used heavily by systematic options traders, which keeps the data and roadmap honest.
Cons
Steep learning curve — not beginner-friendly.
Higher price tier than Sensibull or Quantsapp.
UI is information-dense; you need a clear thesis before opening it.

Who should use Opstra?

Experienced options traders running systematic or semi-systematic strategies who need IV-based filtering, OI scans, and historical chain replay / backtesting. Overkill for casual or directional traders.

Alternatives

Sensibull ↗Cleaner UI, broker integration, friendlier learning curve.Quantsapp ↗Mobile-first options analytics with a strong scanner.

Brokers that pair well with Opstra

Opstra works on top of an existing broker account. Compare charges and account features on the broker pages below.

ZerodhaUpstoxAngel One
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Frequently asked

What people ask about Opstra.

Opstra is short for Options Strategy Analytics. It is built by Definedge Securities, a stock-broker and trading-tools group well known in the Indian derivatives community.

A small subset of features is viewable for free, but the analytics that make Opstra useful (IV analysis, backtesting, scans, historical chain replay) are paid. Pricing is tiered by module — check the live page for current numbers.

You need to register on Opstra, which is part of the Definedge ecosystem, but you do not need to open a broker account with Definedge Securities to use the analytics. Many users keep their existing broker (Zerodha, Upstox, Angel One) and pay separately for Opstra analytics.

Sensibull wins on UI, broker integration and learning curve. Opstra wins on depth — IV term structure, historical chain replay, backtesting and OI scans. Serious systematic options traders often run both; new options traders should start with Sensibull.

Yes. Opstra's backtesting module lets you define a multi-leg strategy and run it across historic option-chain data, returning P&L, drawdown and Greeks evolution. This is one of the strongest reasons people choose Opstra over alternatives.