I haven’t had a chance to play with this tool yet, but I’m getting some good feedback about it. Those with iPhones and iPads might be interested in OptionPosition+. It’s a free financial analysis App for options traders. Using delayed stock and option pricing data, it lets you model various option hedging positions, create a portfolio differently sensitive to price, time and volatility fluctuations, and follow that portfolio as time advances or volatility changes. You can use it to explore put protection, covered calls, call spreads, time spreads, delta neutral skew trades, iron condors, etc. See http://itunes.apple.com/us/app/optionposition/id466960840 for the App and http://www.OptionPosition.com for some examples.