diff --git a/tools/z88headless.cpp b/tools/z88headless.cpp
index 88469f6..dd3d7e1 100644
--- a/tools/z88headless.cpp
+++ b/tools/z88headless.cpp
@@ -14,7 +14,7 @@ int main(int argc, char** argv)
     if (argc <= 1)
     {
         std::cout << "z88headless usage:" << std::endl;
-        std::cout << "  z88headless <romfile> [--steps N]" << std::endl;
+        std::cout << "  z88headless <romfile> [--steps N] [--trace]" << std::endl;
         return 0;
     }
 
@@ -28,6 +28,7 @@ int main(int argc, char** argv)
     const std::string romPath = argv[1];
 
     int steps = 10000;
+    bool trace = false;
 
     for (int i = 2; i < argc; ++i)
     {
@@ -36,11 +37,19 @@ int main(int argc, char** argv)
             steps = std::atoi(argv[i + 1]);
             ++i;
         }
+        else if (std::string(argv[i]) == "--trace")
+        {
+            trace = true;
+        }
     }
 
     std::cout << "Starting headless OZ execution" << std::endl;
     std::cout << "ROM: " << romPath << std::endl;
     std::cout << "Steps: " << steps << std::endl;
+    if (trace)
+    {
+        std::cout << "Trace: enabled" << std::endl;
+    }
 
     Rom rom;
 
@@ -68,6 +77,13 @@ int main(int argc, char** argv)
     {
         for (int i = 0; i < steps; ++i)
         {
+            if (trace)
+            {
+                std::cout << "[" << std::setfill('0') << std::setw(6) << i << "] "
+                          << "PC: 0x" << std::hex << std::setfill('0') << std::setw(4) << cpu.pc() << std::dec
+                          << " Opcode: 0x" << std::hex << std::setfill('0') << std::setw(2) << (int)cpu.lastOpcode() << std::dec
+                          << std::endl;
+            }
             cpu.step();
             ++executed;
         }