Overview
Option Advisor is the flagship options newsletter from Schaeffer's Investment Research, founded by Bernie Schaeffer in 1981 and long marketed as "the nation's leading options newsletter." That branding is genuinely old. What's less clear is who's actually behind the newsletter today: Bernie Schaeffer is still listed as Chairman and Editor-in-Chief on Schaeffer's corporate pages, but we couldn't find a byline attributing Option Advisor specifically to him or to any named analyst on the current site. Schaeffer's research team includes several credentialed analysts (a few holding CFA and CMT designations), so the newsletter is presumably still team-produced, but the lack of a clear current byline is worth knowing before you subscribe to a product built on a 45-year-old name.
Structurally, this is a monthly pick sheet, not a live alert service. You get one batch of new trade ideas a month rather than real-time or interim alerts, which puts it in a different category than a weekly or as-needed alerts feed.
What you get
- 10 new option trade recommendations per monthly issue, split across an "Aggressive" portfolio and a "Put Selling" portfolio, each with charts, commentary, and specific broker order instructions
- Access to Schaeffer's proprietary sentiment-analysis tools alongside the trade ideas
- A monthly educational column ("Option Strategies and Concepts") plus a bonus "Crash Course in Top Gun Trading Techniques"
- Coverage is single-stock equity options; index or ETF trade ideas aren't a specific focus of this product
Pricing and the refund policy
Option Advisor runs $149/mo, $395/quarter ($131.67/mo), or $1,295/yr ($107.92/mo), auto-renewing unless canceled. Schaeffer's checkout labels it "non-refundable," but the company separately advertises a company-wide 90-day, 75% satisfaction guarantee, a partial refund window rather than a full money-back guarantee. Multiple complaints on Schaeffer's Better Business Bureau profile describe that guarantee's terms as poorly communicated and refunds as slow to process, so it's worth reading the actual guarantee language at checkout rather than assuming it works like a standard refund policy.
On the track record
Schaeffer's own marketing for Option Advisor sticks to reputational branding ("the nation's leading options newsletter") rather than a specific quantified win-rate or return figure for this product, which is actually a point in its favor compared to services that lead with an unverified win-rate. That said, independent tracking cuts the other way: a Stock Gumshoe review following a live subscription to a related Schaeffer's product reported a -18.25% return over 12 months with roughly 38% of trades profitable. That data point isn't specific to Option Advisor and isn't independently audited, but it's a real, published third-party result rather than a self-serving marketing number, and it's worth weighing against the "leading newsletter" branding.
Pros and cons
What stands out
- 45-year operating history and a large, credentialed research team behind it
- Doesn't lead its marketing with an unverified win-rate or return claim
- Specific broker order instructions with each trade, useful for less experienced traders
Where it falls short
- No clear current byline; unclear who specifically researches and writes each issue today
- Monthly batch format only, no interim or real-time alerts
- Relatively expensive per trade idea, especially at the $149/mo price
- Refund policy is a partial 90-day/75% guarantee, not a full money-back guarantee, and BBB complaints describe it as poorly communicated
- Independent (though unaudited) third-party return data on a related product was negative
Verdict
Schaeffer's brand and history are real, and to its credit the company doesn't lean on an inflated win-rate claim to sell this product. But Option Advisor is a pricier, once-a-month pick sheet with an unclear current byline, a confusing partial-refund policy, and unaudited third-party performance data that isn't encouraging. It lands in the middle of the pack here, behind services with clearer authorship, more transparent guarantees, or a tighter cost per trade idea.
Frequently asked questions
Is Schaeffer's Option Advisor worth it?
It's a legitimate, long-running product from an established research firm, but it's priced above most competitors on this site for a once-a-month batch of ideas, and we couldn't confirm who specifically writes it today. Weigh that against services with clearer authorship and a lower cost per trade idea.
How much does Schaeffer's Option Advisor cost?
$149/mo, $395/quarter, or $1,295/yr, auto-renewing unless canceled. Schaeffer's advertises a 90-day, 75% satisfaction guarantee rather than a full refund.
Who writes Schaeffer's Option Advisor?
Bernie Schaeffer founded the company in 1981 and remains Chairman and Editor-in-Chief, but we couldn't find a current byline naming who specifically researches and writes this newsletter today. Schaeffer's broader research team includes several CFA- and CMT-credentialed analysts.
Ready to try Schaeffer's Option Advisor?
$149/mo, or $1,295/yr for the lowest effective rate. See current terms on Schaeffer's site.
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