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Let's Trade Options

  • #17,381
  • Mar 18, 2020 8:52am Mar 18, 2020 8:52am
Quoting moneymaker2
In the following: $VIX Mar25 50 PUT @ $3.25 Almost got in to some Mar18, but didn't have the intestinal fortitude....
Added to the following:

$VIX Mar25 50 PUT @ $1.15, bringing the average down to $2.20

I'm telling you, just throw a number out on the $VIX and you are likely to get hit. Not sure how this works, because it is definitely different than other option movement, buy you can get hit outside the current Bid/Ask prices all the time.....
  • #17,382
  • Mar 18, 2020 9:20am Mar 18, 2020 9:20am
Quoting moneymaker2
In the following: SPY Mar23 260 CALL @ $1.85
Out of the following:

SPY Mar23 260 CALL @ $3.40 up from $1.85
  • #17,383
  • Mar 18, 2020 9:31am Mar 18, 2020 9:31am
Quoting moneymaker2
{quote} Added to the following: $VIX Mar25 50 PUT @ $1.15, bringing the average down to $2.20 I'm telling you, just throw a number out on the $VIX and you are likely to get hit. Not sure how this works, because it is definitely different than other option movement, buy you can get hit outside the current Bid/Ask prices all the time.....
Out of the following:

$VIX Mar25 PUT @ $2.60 up from $2.20

Not a big profit, but I'm not sure if I'll be able to trade the rest of the week and wanted to go ahead and close some stuff out in profit. I do have some Hail Mary Bids out on $VIX Apr1 50 PUT @ $1.50 in case it spikes higher and SPY Mar27 255 @ $3.00 in case it drops more, but that's all.....
  • #17,384
  • Mar 18, 2020 10:36am Mar 18, 2020 10:36am
Okay, maybe one more...In the following:

SPY Mar23 260 CALL @ $1.99
  • #17,385
  • Mar 18, 2020 11:23am Mar 18, 2020 11:23am
bot BA calls vert, $240/245 Aug for 40c
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,386
  • Mar 18, 2020 12:40pm Mar 18, 2020 12:40pm
Quoting moneymaker2
Okay, maybe one more...In the following: SPY Mar23 260 CALL @ $1.99
Got an alert on my phone that my long-shot bid was hit, soooo added to the following:

SPY Mar23 260 CALL @ $1.25, bringing the average down to $1.58

Wasn't really expecting to add to this one, but apparently it dropped pretty good while I was going on a bread and vegetable run at Kroger, so I've got it now.


Should make some money, but I doubt I hold it very long.....
  • #17,387
  • Mar 18, 2020 4:53pm Mar 18, 2020 4:53pm
Out of:

SPY Mar23 260 CALL @ $2.18 up from $1.58

Probably should have held a little longer nearer the close or even until tomorrow, but a decent profit anyway. Adding to this position earlier and getting out of it happened with placed orders rather than manual entry and exits, and I just don't like not being able to made decisions as the price gets closer to the Bid or Ask price to save some money (maybe) getting in or make a little more getting out (maybe). I don't really like those set it and forget it orders as much as I used to for some reason.....Maybe it's just the excitement of pulling the trigger myself that I miss?....
  • #17,388
  • Mar 18, 2020 6:23pm Mar 18, 2020 6:23pm
Quoting The Fool
{quote} ...bot SPY fly puts Mar20 $237/240/243 for 9c....I have been making money on these put flys - they maintain a wide profit range in elevated iv....not much more than 2bag usually, maybe 3x, but it's profit
...9c fly paid well at 40c out today
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,389
  • Edited 8:23pm Mar 18, 2020 8:10pm | Edited 8:23pm
The common plausible prognosis is we will get thru the virus challenge and that stocks will lead the charge ahead of the real economy into a dramatic recovery. Of course, when that will occur is unknown.

They are talking about "peak virus" being something like 45-90 days out, or sometime like May 1 to June 15. Peak virus being the time when new infections are showing their peak and beginning to fall off. I think when the data show this familiar pattern in the USA, then stocks will be rallying.

Ideally, you will have some long call in SPY or other index options so that you can catch that bounce and get richer. I will show some possibilities below.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,390
  • Mar 18, 2020 8:47pm Mar 18, 2020 8:47pm
iv's in long-dated SPY options are running near 45% - most of the last many years it was < 1/3 of that. Buying options in this environment is crazy, they're too expensive. It's be crazy to buy fotm options and sit on them for months. Recipe for bankruptcy. So, I look to spread.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,391
  • Mar 18, 2020 9:42pm Mar 18, 2020 9:42pm
I will be trying to buy July and Sept SPY flys, as wide as I can afford At strikes $290 and north.

If the share price falls, I will look to buy back the short legs and roll down the far long wing, maybe sell some of the long calls to make that a cheap maneuver.

This is a nice way to get into long-dated fotm calls.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,392
  • Mar 18, 2020 9:50pm Mar 18, 2020 9:50pm
Quoting The Fool
I will be trying to buy July and Sept SPY flys, as wide as I can afford At strikes $290 and north. If the share price falls, I will look to buy back the short legs and roll down the far long wing, maybe sell some of the long calls to make that a cheap maneuver. This is a nice way to get into long-dated fotm calls.
I hear you, TF! The SPY July 290 CALL has an Ask price of over $9 right now....wayyyyy too expensive for my blood!....
  • #17,393
  • Mar 18, 2020 9:58pm Mar 18, 2020 9:58pm
Quoting moneymaker2
I hear you, TF! The SPY July 290 CALL has an Ask price of over $9 right now....wayyyyy too expensive for my blood!....
....you can own those for pennies if you spread right, then if you're nimble you can own them outright (out of the spread) for little more...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,394
  • Mar 19, 2020 4:05am Mar 19, 2020 4:05am
SLV might be worth looking into. Looking 30 days out you can sell the 9-7 put spread for around 30 cents. if it expires worthless that 30 dollars on a 200 investment good ROC !
  • #17,395
  • Mar 19, 2020 8:00am Mar 19, 2020 8:00am
Looked at USO....it's in the abyss.... thats frightening to someone from Texas. Lots of friends gonna be losing their jobs

I think your idea of long dates calls is a no brainer. May even be able to get it in the $2 range
  • #17,396
  • Mar 19, 2020 9:05am Mar 19, 2020 9:05am
Well, I got into the following:

$VIX Apr1 70 PUT @ $4.50

A lot more than I normally spend, but this should make decent money soon.....
  • #17,397
  • Mar 19, 2020 9:57am Mar 19, 2020 9:57am
Quoting Pharm0r
Looked at USO....it's in the abyss.... thats frightening to someone from Texas. Lots of friends gonna be losing their jobs I think your idea of long dates calls is a no brainer. May even be able to get it in the $2 range
...yes, watching...a bought a small pack of $10 Sep calls for 15c today. If it goes below $2, I will buy the shares, too.

There's going to be carnage among the smaller oil companies. Lots of $ to be made picking winners, survivors, survival of the fittest.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,398
  • Mar 19, 2020 10:29am Mar 19, 2020 10:29am
Quoting The Fool
{quote}...yes, watching...a bought a small pack of $10 Sep calls for 15c today. If it goes below $2, I will buy the shares, too. There's going to be carnage among the smaller oil companies. Lots of $ to be made picking winners, survivors, survival of the fittest.

I have pending set for almost that exact trade! Jan 15 2021, $10, .15 cents per. Dropping a substantial sum, not retirement sum, but it'll pay for my new kitchen
  • #17,399
  • Mar 19, 2020 11:04am Mar 19, 2020 11:04am
Quoting moneymaker2
{quote} Had a few low-ball bids hit today, good or bad, but they should all make money: FDX Apr17 140 CALL @ $0.75 which brings the average down to $0.96 because it was a buttload
Out of the following:

FDX Apr17 140 CALL @ $3.50 up from $0.96

That was a big payday on this one!!.....
  • #17,400
  • Mar 19, 2020 12:38pm Mar 19, 2020 12:38pm
Quoting moneymaker2
Well, I got into the following: $VIX Apr1 70 PUT @ $4.50 A lot more than I normally spend, but this should make decent money soon.....
Out of the following:

$VIX Apr1 70 PUT @ $10.00 up from $4.50

I'm telling you, just toss out a Bid or Ask on $VIX and it is likely to get hit, even if it is way outside the norm. Seems like Level II options for the VIX is of little value except to give some kind of range.....my Ask was about $3 more than the shown Bid (but it was about $4 less than the shown Ask, too). No movement shown, just a message order was filled....I didn't expect it but I'll sure take it!

In the following:

SIX Jun19 22.5 CALL @ $0.75

My two SIX trades will expire tomorrow worthless, but this one should make up for it, provided we aren't in lockdown over the summer....
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