Tactfolio vs ORATS: options research vs portfolio rules

Written by the Tactfolio research teamPublished Updated 6 min read

ORATS is an options research company. It sells options backtesters, scanners, an AI agent called Otto, and options data. Tactfolio is a builder for long-only stock and ETF strategies that you can test and run in your own Alpaca account. They serve different traders. Pick ORATS if you trade options. Pick Tactfolio if you want an automated stock and ETF portfolio.

Key points#

  • ORATS is built for options. Tactfolio does not trade options at all.
  • ORATS has hundreds of millions of ready-made options backtests, with daily data back to 2007. Tactfolio backtests whole portfolios on daily prices.
  • ORATS sends orders you place to Interactive Brokers, TradeStation, or Tradier. Tactfolio trades for you in Alpaca.
  • Both work with AI assistants. ORATS has Otto in its app and a command-line tool for agents. Tactfolio has an MCP server.
  • ORATS tools cost $99 a month for individuals. Tactfolio has a Free plan. Plus costs $12 a month and Pro costs $29 a month, and every feature is free until billing opens.

Tactfolio vs ORATS at a glance#

ORATS facts were checked on its own website and SEC filing on October 16, 2026. Links are in the sources at the end.

TactfolioORATS
Main jobBuild, test, and run portfolio rulesResearch, test, and find options trades
MarketsUS-listed stocks and ETFs, plus crypto perps on HyperliquidOptions on 5,000+ US stocks and ETFs
BacktestsWhole portfolios on daily prices45 options strategies, daily from 2007, 1-minute from 2020
Trades for you?Yes, in your Alpaca accountNo, you send each order
BrokersAlpacaInteractive Brokers, TradeStation, Tradier
AIMCP server, free with your accountOtto agent, plus a command-line tool for AI agents
What it is legallySoftware, not an adviserAn SEC-registered investment adviser
PriceFree, Plus $12 a month ($99 a year), Pro $29 a month ($249 a year). Everything is free until billing opens. See pricing$99 a month for individuals, $199 for professionals

What is ORATS?#

ORATS stands for Option Research & Technology Services. It was founded in 2001 by Matt Amberson, a former options market maker, and is based in New Hampshire. It is registered with the SEC as an investment adviser. Its filing says it has no access to customer accounts.

Its tools include an options backtester, an intraday backtester for same-day (0DTE) options, option and stock scanners, and trade ideas. Its AI agent, Otto, can run backtests and explain results in plain English. ORATS also sells options data through an API and data files.

What is Tactfolio?#

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. You can build by hand in a visual builder or by asking an AI assistant.

A Tactfolio strategy decides what mix of funds to hold. Here is one: “Hold the S&P 500 while it is above its 10-month average. Else, hold Treasury bills.” It is Faber’s timing model, one of the classics you can open and copy.

Options vs portfolios#

This is the main difference. ORATS helps you find and test options trades, such as selling puts or buying spreads. An option is a contract that gives the right to buy or sell a stock at a set price before a set date. Options can expire worthless, and selling them can lose far more than you collect.

Tactfolio strategies hold US-listed stocks, ETFs, and cash, long only. They decide once a day, at 3:45 PM Eastern time. Tactfolio can also backtest crypto perpetual futures on Hyperliquid, but those don’t trade real money yet.

Backtests#

ORATS lets you browse more than 300 million ready-made options backtests, or run your own across 45 strategy types. Its daily data starts in 2007 and its 1-minute data in 2020. Each test shows 37 measures and a trade log.

Tactfolio backtests whole strategies on daily prices with dividends reinvested. Every trade pays 0.05%, and a second line trades at the next day’s open. What a backtest simulates lists every assumption.

Pricing#

ORATS Trading Tools cost $99 a month for individuals and $199 a month per professional user, as of October 16, 2026. Students pay $49. There is no free trial, but ORATS refunds you in full if you cancel within 24 hours. Its data API is a separate plan, from $199 a month.

Tactfolio has three plans. Free costs $0. It includes unlimited building and backtests and 1 live strategy in your own Alpaca account. Plus costs $12 a month or $99 a year and runs 10 live strategies. Pro costs $29 a month or $249 a year and runs up to 100 at once. Paid plans are not open yet, so every feature is free until billing opens. See Tactfolio pricing.

Price is not the main reason to pick one over the other. ORATS sells options data and tools, and Tactfolio does not trade options.

What are the best ORATS alternatives for options backtesting?#

Two tools on our list backtest options. Facts were checked on each tool’s own pages on October 16, 2026.

  • Option Alpha backtests options trades on 1-minute data from January 2013, for symbols such as SPX, SPY, QQQ and IWM. You can turn a backtest into a bot that trades in your own account. Pro costs $99 to $149 a month, or $0 with a qualifying account at some brokers. See Tactfolio vs Option Alpha.
  • QuantConnect has US equity options data from 2010 and index options from 2012. You write the strategy in Python or C#. It has a free plan for backtests. See Tactfolio vs QuantConnect.

Tactfolio is not an ORATS alternative for options. It tests and runs long-only stock and ETF strategies.

Where ORATS is the better pick#

  • You trade options and want deep options backtests and volatility data.
  • You trade same-day (0DTE) options and need 1-minute tests.
  • You use Interactive Brokers, TradeStation, or Tradier.
  • You build your own tools and need clean options data by API.

Where Tactfolio is the better pick#

  • You invest in stocks and ETFs and don’t want options risk.
  • You want a portfolio rule that runs once a day, such as trend following or momentum.
  • You want trades placed for you in your Alpaca account.
  • You want to start from 60+ classic strategies at no cost.

Who should pick which#

If you trade options, ORATS is built for you, and Tactfolio can’t place an options trade. If you want an automated stock and ETF portfolio, Tactfolio fits. To compare more options tools, read Tactfolio vs Option Alpha.

Try it on Tactfolio#

Open the builder and look at the starter patterns and their backtests. No account is needed to look. New to this? Start with what rules-based asset allocation is.

Common questions#

How much does ORATS cost?#

As of October 16, 2026, ORATS Trading Tools cost $99 a month for individuals, $199 a month per professional user, and $49 for students. Data API plans start at $199 a month.

Can Tactfolio backtest options?#

No. Tactfolio has no options. Its strategies hold stocks, ETFs, cash, or crypto perps, long only. For options backtests, ORATS or Option Alpha are built for that.

Does ORATS trade automatically?#

ORATS lets you send orders to a connected broker and manage them in the app. We found no hands-off trading bot on its site. Tactfolio places trades for you in your Alpaca account.

Is there an ORATS alternative for stocks and ETFs?#

Yes. Tactfolio builds, tests, and runs long-only stock and ETF strategies in your own Alpaca account. It has a Free plan, and every feature is free until billing opens.

Sources