The best ( IMHO) stropping compound is called "Picasso Blue". It is used as a polish for platinum. A small 3X1" lump of it costs about $10-30. The difference in the price is the amount of the actual abrasive compared to the amount of carrier, as well as the quality control of the grit size. Getting the higher priced stick will almost always be a better buy, as it will last longer and work better. It has been given all sorts of funny names. "Smurf poo" is a good one.
The abrasive in it is a very fine aluminum oxide and proprietary finely powdered ceramics, with some oils and fats as well as a mild organic acid as the carrier. This combination allows for very efficient smoothing of hard and tough metals, leaving a high polish.
Other good stropping compounds are carrot rouge and yellow rouge. Red rouge ( red iron oxide) works well, too. If using red rouge, get pure finer screen powder, not the softer buffing compound sticks which usually have coarser grit in them.
The red oxide powder makes a great stropping compound, and is used in polishing and sharpening swords. It is fine grade red rouge or chromium oxide mixed with a little olive or clove oil. Use the highest grade powder you can get and mix in the oil until you have a thin paste ( not too thick - not too thin). This has been used by women for millennia and just called "rouge".
Put in a shallow and wide jar ( like the ones caviar or minced garlic come in) and apply a small amount to the strop ( or blade if doing togi) with a fingertip.