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  • #441
  • Dec 21, 2016 7:14pm Dec 21, 2016 7:14pm
Quoting The Fool
{quote}lookin better, just need some persistence, is that too much too ask, frickin cold in the frickin Wintertime?
From the deep freeze back to 15 degrees above normal here (the 40's) . The vortex has temporarily mosied on ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #442
  • Dec 21, 2016 7:21pm Dec 21, 2016 7:21pm
Quoting The Fool
https://www.tastytrade.com/tt/daily_...isk-12-21-2016 Soz hints at revolutionary fee structure for tastyworks near the end of the vid!
Mmmmm. Revolutionary ... . There are only so many ways to skin the fee cat: flat fee (per trade), flat fee (per leg), spread, percentage ... . Should be interesante ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #443
  • Dec 21, 2016 7:55pm Dec 21, 2016 7:55pm
Bought to Cover: XBI Jan 20th 51.67/61/61/70 iron fly for a 4.35 db. In for 5.13, out for 4.35; $67 net profit. Figured: 9 days into the trade with 30 DTE, money, take, run.

Random Assignment: Some dill wad exercised his 75 long calls, and I got randomly assigned some short shares, which I quickly disposed of at open for 76.76/share. I then proceeded to close the 81 long call for a .16 credit, as well as the short put side (70/75) for a .65 debit. I could have re-upped on the call side with a short call above current price, but decided to take the loss and move on. Of course, price rolled significantly back toward 75, dropping .94 to 75.77 ... . The delta hedge I put on yesterday, I'll look to take off for scratch, since it's not really serving a purpose here ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #444
  • Dec 21, 2016 8:00pm Dec 21, 2016 8:00pm
Quoting ZebraSquirl
Bought to Cover: XBI Jan 20th 51.67/61/61/70 iron fly for a 4.35 db. In for 5.13, out for 4.35; $67 net profit. Figured: 9 days into the trade with 30 DTE, money, take, run. Random Assignment: Some dill wad exercised his 75 long calls, and I got randomly assigned some short shares, which I quickly disposed of at open for 76.76/share. I then proceeded to close the 81 long call for a .16 credit, as well as the short put side (70/75) for a .65 debit. I could have re-upped on the call side with a short call above current price, but decided to take the...
Will do the "loss math" once the assignment shows up as a "trade", along with any fees that entails ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #445
  • Dec 21, 2016 8:06pm Dec 21, 2016 8:06pm
Quoting ZebraSquirl
Bought to Cover: XBI Jan 20th 51.67/61/61/70 iron fly for a 4.35 db. In for 5.13, out for 4.35; $67 net profit. Figured: 9 days into the trade with 30 DTE, money, take, run. Random Assignment: Some dill wad exercised his 75 long calls, and I got randomly assigned some short shares, which I quickly disposed of at open for 76.76/share. I then proceeded to close the 81 long call for a .16 credit, as well as the short put side (70/75) for a .65 debit. I could have re-upped on the call side with a short call above current price, but decided to take the...
As a total aside, I would note that there is always a heightened assignment risk with these flies/short straddles as compared to iron condors or short strangles. This is because you've always got one option that is in-the-money unless price is sitting spot on your short straddle strike (doesn't happen, except perhaps for a millisecond). As with all setups, there are trade offs. With the iron fly/short straddle, the trade off is higher premium received for selling options at-the-money versus higher assignment risk and a slightly narrower profit zone than an iron condor/short strangle ... . I'll take the higher premium and deal with these random assignments as "part of the game." It is, after, only the second time this entire year I've been randomly assigned out of a large number of trades ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #446
  • Dec 21, 2016 8:31pm Dec 21, 2016 8:31pm
I got assigned the short legs of some long call flys that went all itm in the last month....I play some skinny flys sometimes and if/when they go itm I try to let them expire for the initial debit...does not happen much but annoying when somebody snipes one contract out the middle of a 10/20/10 fly...for which the fckers charge me $19.99....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #447
  • Dec 22, 2016 8:24pm Dec 22, 2016 8:24pm
Quoting The Fool
I got assigned the short legs of some long call flys that went all itm in the last month....I play some skinny flys sometimes and if/when they go itm I try to let them expire for the initial debit...does not happen much but annoying when somebody snipes one contract out the middle of a 10/20/10 fly...for which the fckers charge me $19.99....
Well, I knew we were approaching ex-divvy in IYR and decided to roll the dice anyway ... . Something like a paltry 7% of dicks actually "exercise their longs" (don't quote me on that; I forgot it after the test). I have taken the assignment of the short shares on occasion and then worked them as a covered put for a bit, but generally prefer just to close out the buying power hogging shares and then resell a call to replace the one closed out and then go from there ... . Here, I guess I just had a case of the "fuck-its" ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #448
  • Dec 22, 2016 8:38pm Dec 22, 2016 8:38pm
Against my better judgment, gonna throw on another trade ... in the first Feb weekly.

XRT Feb 6th Feb 6th 41.5/45.5/45.5/48 iron fly.

Metrics:

Max Profit: $213/contract
Max Loss/Buying Power Effect: $137/contract
Break Evens: 42.37/46.63

Notes: My intention was pretty much to close out all my stuff by Jan 20th expiry, so that I could switch over to TastyWorks. However, I want to run their demo a bit and give them an opp to get any kinks out of the way before piling in with them, even though I imagine they've been running trades (paper or otherwise) through the platform in preparation to be up and running on Jan 3rd. Moreover, they are likely to have a flood of apps to deal with for new accounts, and I'd rather travel that road when traffic is lighter. Many established brokerages take several days to wade through the account opening process before you can even fund an account, and I'd rather not be sitting here with my finger up my ass any longer than necessary. Although I've had multiple brokerage accounts on occasion for whatever reason, I don't like having to deal with a ton of crap from diff brokerages at tax time ... . It's just less of a headache ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #449
  • Dec 22, 2016 8:51pm Dec 22, 2016 8:51pm
https://steadyoptions.com/forums/for...#comment-65383

lots of discussion on the steadyoptions board and I only check it out occasionally but I noticed this deal with them via tradier brokerage: a $40/mo flat fee for all options trading. Fuck. That's $480/yr, hell Idk about you but I am bleeding well over 10x that in comms with all the multileg shit I do.....I hope this kind of competition keeps coming....still waiting to see the sweet intro deals from tastyworks.......
"If The Fool persists in his Folly he will become wise." - William Blake
  • #450
  • Dec 22, 2016 9:03pm Dec 22, 2016 9:03pm
Quoting The Fool
https://steadyoptions.com/forums/for...#comment-65383 lots of discussion on the steadyoptions board and I only check it out occasionally but I noticed this deal with them via tradier brokerage: a $40/mo flat fee for all options trading. Fuck. That's $480/yr, hell Idk about you but I am bleeding well over 10x that in comms with all the multileg shit I do.....I hope this kind of competition keeps coming....still waiting to see the sweet intro deals from tastyworks.......
Geez, in comparison to that ... . I'm being screwed in all holes simultaneously. Lol.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #451
  • Dec 22, 2016 9:18pm Dec 22, 2016 9:18pm
well ok you do gotta be a so subscriber for the tradier deal and that's $125/mo typically, but even so, a cheap flat rate is a dream....I regularly have flys and other spreads where the comms are over $50 per side, so I'd be ahead in the first few days....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #452
  • Dec 22, 2016 9:26pm Dec 22, 2016 9:26pm
Quoting The Fool
https://steadyoptions.com/forums/for...#comment-65383 lots of discussion on the steadyoptions board and I only check it out occasionally but I noticed this deal with them via tradier brokerage: a $40/mo flat fee for all options trading. Fuck. That's $480/yr, hell Idk about you but I am bleeding well over 10x that in comms with all the multileg shit I do.....I hope this kind of competition keeps coming....still waiting to see the sweet intro deals from tastyworks.......
I read through some of the thread, focusing particularly on Tradier's GUI. It sounds like it could "use some work." While it's fine if you can write a script to group your spreads and/or isolate things on a setup by setup basis (as one "tester" did), that really should be part of the standard, off-the-shelf GUI.

While it's all fine and dandy if you just have one spread or iron condor in a single expiry, if you have "onioned" or layered crap on in a single expiry (as I often do), what you see on your screen or in your account is a ginormous spaghetti cluster fuck of individual options contracts if you don't have a way to group setups (these were part of a fly; these were part of delta hedge, etc.). To keep track of which shorts go with which longs (if that's how you work your setups), you have to keep an anal retentive journal, and, well, that's just plain extra work.

* -- Truth be told, I can work layered on, single expiry iron condors/short strangles without knowing what I put on when. I just "cherry" pick the options I want to close out when for the most profitable outcome. However, that may not be true for all types of setups, when "jackpotting" all the legs of the setups as a mere list of options contracts just isn't a good or advisable approach to managing those trades.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #453
  • Dec 22, 2016 9:35pm Dec 22, 2016 9:35pm
Quoting The Fool
well ok you do gotta be a so subscriber for the tradier deal and that's $125/mo typically, but even so, a cheap flat rate is a dream....I regularly have flys and other spreads where the comms are over $50 per side, so I'd be ahead in the first few days....
It's kind of an "exchange seat" model. Generally, you either pay to buy the seat or lease it on a monthly basis. The fee is flat (lease) or one time (purchase), but it gets you in the door for ginormous, per contract savings. Naturally, you need to trade volume to "pay for the seat," so to speak, but if you trade particular volumes, the per trade fees are, for all practical purposes, negligible if not bordering on "free."
Fireworks are fun ... as long as you don't blow your fingers off.
  • #454
  • Dec 22, 2016 9:35pm Dec 22, 2016 9:35pm
Quoting ZebraSquirl
Truth be told, I can work layered on, single expiry iron condors/short strangles without knowing what I put on when. I just "cherry" pick the options I want to close out when for the most profitable outcome. However, that may not be true for all types of setups, when "jackpotting" all the legs of the setups as a mere list of options contracts just isn't a good or advisable approach to managing those trades.
well if you are trading lots of the same thing it will come down to that. My problem with the dumbass discount borkers I am using is that their "systems" will grab legs of my spreads in odd ways and end up sticking me in some kind of margin debit, when there should be none. Usually happens at the worst time, too. Anyway, re: tradier, you can trade there off a number of different platforms....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #455
  • Dec 22, 2016 9:36pm Dec 22, 2016 9:36pm
Quoting ZebraSquirl
{quote} It's kind of an "exchange seat" model. Generally, you either pay to buy the seat or lease it on a monthly basis. The fee is flat (lease) or one time (purchase), but it gets you in the door for ginormous, per contract savings. Naturally, you need to trade volume to "pay for the seat," so to speak, but if you trade particular volumes, the per trade fees are, for all practical purposes, negligible if not bordering on "free."
did you see that on the tradier webpage?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #456
  • Dec 22, 2016 9:52pm Dec 22, 2016 9:52pm
Quoting The Fool
{quote}did you see that on the tradier webpage?
No. I just kind of thought of that. I actually researched what it would cost to lease a seat at one point (buying is pricey, and they don't go up for auction all that often); how many traders would be allowed to "use" it; and whether the traders would have to be registered in some fashion, etc. http://www.cmegroup.com/company/memb...e-pricing.html

Once you get the lease, you get access to this pricing model: http://www.cmegroup.com/company/file...2017-01-01.pdf It's basically, per contract fees with uber discounts for uber volume. I forget, but I think lessees get the "106.D Lessee" discounts, which are significant ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #457
  • Dec 22, 2016 10:02pm Dec 22, 2016 10:02pm
Quoting The Fool
{quote}well if you are trading lots of the same thing it will come down to that. My problem with the dumbass discount borkers I am using is that their "systems" will grab legs of my spreads in odd ways and end up sticking me in some kind of margin debit, when there should be none. Usually happens at the worst time, too. Anyway, re: tradier, you can trade there off a number of different platforms....
I'll have a deeper gander at the platforms. Can't hurt to demo for a bit ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #458
  • Dec 22, 2016 10:33pm Dec 22, 2016 10:33pm
Quoting ZebraSquirl
No. I just kind of thought of that. I actually researched what it would cost to lease a seat at one point
I have heard the lease prices have come way down, but at $20,000 a year you'd just have to do the math, have to have the volume...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #459
  • Dec 23, 2016 7:11am Dec 23, 2016 7:11am
Quoting The Fool
{quote}I have heard the lease prices have come way down, but at $20,000 a year you'd just have to do the math, have to have the volume...
I've seen a couple seats in there for around $1k, depending on what "floor" you need access to ... . Still ... . Maybe on next year's Christmas list? Lol.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #460
  • Dec 23, 2016 7:39pm Dec 23, 2016 7:39pm
Quoting ZebraSquirl
Against my better judgment, gonna throw on another trade ... in the first Feb weekly. XRT Feb 6th Feb 6th 41.5/45.5/45.5/48 iron fly. Metrics: Max Profit: $213/contract Max Loss/Buying Power Effect: $137/contract Break Evens: 42.37/46.63 Notes: My intention was pretty much to close out all my stuff by Jan 20th expiry, so that I could switch over to TastyWorks. However, I want to run their demo a bit and give them an opp to get any kinks out of the way before piling in with them, even though I imagine they've been running trades (paper or otherwise)...
Of course, the XRT fly wasn't as sexy at NY open, but got 'er filled for 2.00.
Fireworks are fun ... as long as you don't blow your fingers off.
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