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Let's Trade Options

  • #17,681
  • Jun 14, 2020 11:10pm Jun 14, 2020 11:10pm
You can see all options trades entered in all the US exchanges in real time if you can see Time and Sales data - it's in thinkorswim. You can sort the trades by size and see what the biggest trades are. I recommend doing this when you are new to options trading. It's good practice to look at the trades and see if you can figure out which are parts of spreads, etc. Plus it's interesting to see where the big money is pointing. Below is the largest trades in UVXY last Friday....
Attached Image (click to enlarge)
Click to Enlarge Name: 2020-06-14_2102UVXY.png Size: 482 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,682
  • Jun 14, 2020 11:59pm Jun 14, 2020 11:59pm
Quoting nathaniel
Also want to ask you guys where do you generally find new trading ideas or go-to resources that you read on a daily basis? I'm mostly reading stuff from EliteTrader, Reddit, Chat With Traders podcast
To check news I go to Zacks and look at Partner News, for earnings I go to Earnings Whispers to get the dates. I look at overseas markets and our pre-market data to see if anything major is going on. I don't really read anything else, because like The Fool, I really don't care what other people are doing. Since I trade straight PUTS/CALL on extreme overbought and oversold conditions, I routinely buy CALLs when other people believe it is going down and buy PUTs when people are going long, so I don't pay much attention to anything but earnings and specific news to the underlying stock. I just look at my charts every day before the close to see if something is worth trading....and maybe get in right before the close if I think it might gap the next day.
  • #17,683
  • Jun 15, 2020 12:39am Jun 15, 2020 12:39am
Quoting The Fool
You can see all options trades entered in all the US exchanges in real time if you can see Time and Sales data - it's in thinkorswim. You can sort the trades by size and see what the biggest trades are. I recommend doing this when you are new to options trading. It's good practice to look at the trades and see if you can figure out which are parts of spreads, etc. Plus it's interesting to see where the big money is pointing. Below is the largest trades in UVXY last Friday.... {image}
Cool stuff. Thanks for this! We have so really BIG players out there. 485 contracts is insane

I also just applied for an account with TD Ameritrade / thinkorswim. I know for a fact that they provide the best trading tools. My IB acct was just opened, and noticed that their Platform belongs to the 2000s
  • #17,684
  • Jun 15, 2020 12:41am Jun 15, 2020 12:41am
Thanks both for sharing the useful resources and your daily pre-trading routine. Very useful to know what's out there. And agree that it's important to cut out the noise and focus on what works for you. Same for my FX trading journey - know your edge and stop paying attention to the clutter and noise that's out here or even here
  • #17,685
  • Jun 15, 2020 7:44am Jun 15, 2020 7:44am
thought i would add this for the group

$12 July 2 calls on SPXS

futures are wrong side this morning
forex forex forex
  • #17,686
  • Jun 15, 2020 9:37am Jun 15, 2020 9:37am
Quoting swimmax
thought i would add this for the group $12 July 2 calls on SPXS futures are wrong side this morning
3200 strike price?
  • #17,687
  • Jun 15, 2020 10:45am Jun 15, 2020 10:45am
In the following:

NIO Jul17 6 CALL @ $0.58

Little closer expiration and a little higher strike....should be good for some money....
  • #17,688
  • Edited 11:27am Jun 15, 2020 11:16am | Edited 11:27am
Quoting moneymaker2
3200 strike price?
SPXS a 3x levered inverse gadget for SPX - spoos would have to drop to 2,850 approx for SPXS calls to go itm @ $12....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,689
  • Jun 15, 2020 11:23am Jun 15, 2020 11:23am
I see now. I was looking at SPX versus SPXS....
  • #17,690
  • Jun 15, 2020 12:10pm Jun 15, 2020 12:10pm
Quoting The Fool
regardless of whatever tf JPOW said, there is still nowhere else to go for yield besides equities
...INDICES WERE DOWN >2% overnight, now all green
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,691
  • Jun 15, 2020 12:12pm Jun 15, 2020 12:12pm
Quoting nathaniel
{quote} Cool stuff. Thanks for this! We have so really BIG players out there. 485 contracts is insane
Idk if 485 is big for UVXY, often we see SPY trades in the 10,000's....her e are today's big trades so far...
Attached Image (click to enlarge)
Click to Enlarge Name: 2020-06-15_1006SPY01.png Size: 245 KB
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,692
  • Jun 15, 2020 1:13pm Jun 15, 2020 1:13pm
In the following:

AAL Jul17 15 PUT @ $1.78

Weekly chart is ready to move down in the next week or so....
  • #17,693
  • Jun 15, 2020 1:33pm Jun 15, 2020 1:33pm
Quoting moneymaker2
In the following: AAL Jul17 15 PUT @ $1.78 Weekly chart is ready to move down in the next week or so....

AAL earnings are out the following week, iv's will be ramping up. I am trying to fill calendars at Jul/24/30 - $12 puts and $23 calls
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,694
  • Edited 3:26pm Jun 15, 2020 2:54pm | Edited 3:26pm
Quoting The Fool
{quote} AAL earnings are out the following week, iv's will be ramping up. I am trying to fill calendars at Jul/24/30 - $12 puts and $23 calls
filled the $23 calendar calls for 10c ... Jul 24/30

shooting at the $12 puts for 16c..... wouldn't fill even 18c....I will try again
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,695
  • Jun 15, 2020 3:27pm Jun 15, 2020 3:27pm
In the last hr today I bot Jun22 SPY $314 calls for $1.50 then sold Jun19 $315 calls for $1.30
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,696
  • Jun 16, 2020 5:45am Jun 16, 2020 5:45am
Well the FED has paused pretty much any PUTS from being ATM unless you were at strike.
forex forex forex
  • #17,697
  • Jun 16, 2020 5:48am Jun 16, 2020 5:48am
I took a chance on AAL june26 $18 calls @ 1.26 on Monday. Hoping to pay off these few days!
  • #17,698
  • Jun 16, 2020 8:18am Jun 16, 2020 8:18am
Quoting nathaniel
I took a chance on AAL june26 $18 calls @ 1.26 on Monday. Hoping to pay off these few days!
Looking good...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #17,699
  • Jun 16, 2020 10:38am Jun 16, 2020 10:38am
Quoting nathaniel
I took a chance on AAL june26 $18 calls @ 1.26 on Monday. Hoping to pay off these few days!
Stay nimble and take money where you can. The weekly chart on AAL shows it is ready to drop to ~$14 or less, probably in the next week after this candle is done....
  • #17,700
  • Jun 16, 2020 3:21pm Jun 16, 2020 3:21pm
Quoting The Fool
In the last hr today I bot Jun22 SPY $314 calls for $1.50 then sold Jun19 $315 calls for $1.30
SO, WAS THIS A BAD TRADE?

I usually roll like this, always cutting risk. But the $314 long calls were worth idk about $4 @ today's open. If I had just waited, I coulda netted >$2.50 profit selling them. Instead, I sold the $315 calls against them & locked in a max loss of 20c.

Time will tell. If SPY finishes near or above the $315 short calls on Friday, I will likely close the spread for a net profit up to about $1.50. If SPY is moving up, but the $315 calls expire worthless Friday, I keep all the $1.30 premium and have a chance for a large win the following Monday...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: spy-01.png Size: 87 KB
Click to Enlarge Name: spy-02.png Size: 84 KB
"If The Fool persists in his Folly he will become wise." - William Blake
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