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Let's Trade Options

  • #18,221
  • Sep 28, 2022 6:05am Sep 28, 2022 6:05am
Quoting Wulfgar
I wouldnt be surprised to see some massive intervention by the CBs of the world to combat their currency destruction vs the dollar. The BOJ actually has already started.
...yup 1st BOJ now BOE....still seems chaotic in GB though. Well, confusing everywhere. Lots of Fed talk today. I'm sure that will help.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,222
  • Sep 28, 2022 9:13am Sep 28, 2022 9:13am
SPX for the week, will make money anywhere, downside preferred. SPY 9/30 $381 long calls guard the upside SPX diag risk. Risk free trade....

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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,223
  • Sep 30, 2022 10:54am Sep 30, 2022 10:54am
Quoting The Fool
SPX for the week, will make money anywhere, downside preferred. SPY 9/30 $381 long calls guard the upside SPX diag risk. Risk free trade....
.....I had high hopes, but....nah. SPX mess will break even around 3690 (calls) and loses money everywhere below that. Small loss though.

Better prospect is the RUT diagonal - it could make some money with a good finish today, but I will (if so lucky) hold off to let today's calls expire and then hope for a big move on the 1770 calls Monday.

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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,224
  • Sep 30, 2022 11:08am Sep 30, 2022 11:08am
How are you doing old friend? How's the trading been?
  • #18,225
  • Sep 30, 2022 3:01pm Sep 30, 2022 3:01pm
Lost $300 on the week. Would been better off selling SPX verts, as I originally planned. Or calendars would have done better, too. I'm gravitating away from diagonals.....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,226
  • Sep 30, 2022 3:02pm Sep 30, 2022 3:02pm
Quoting sam0182
How are you doing old friend? How's the trading been?
Hey! Long time no see. How've you been? Trading has been very nice these last couple years. Are you back in the PNW?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,227
  • Oct 4, 2022 1:48pm Oct 4, 2022 1:48pm
Quoting The Fool
{quote} Hey! Long time no see. How've you been? Trading has been very nice these last couple years. Are you back in the PNW?
Glad to see and hear that things have been going so well the last couple of years, well done!

Allo good here, been back Stateside for a couple of years, now down in the Knoxville area. Do you have any social media/Instagram/other? If so, let me know or PM it over, would be good to connect again. Until then, I'll be quietly catching-up and following along.
  • #18,228
  • Oct 5, 2022 4:42pm Oct 5, 2022 4:42pm
I sold a 1-week SPX put vert last Wed for $3.00. took it off near the end of the same day for net $1.50, been flat since then, on vacation.

Back in action today and bot SPX double calendars - Oct 7/10 SPX $364 puts for $3 and $3925 calls for $2.15, looks like this 3:4 puts to calls:

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....maybe catch a move off the NFP. I am positioning larger/longer for the CPI print.....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,229
  • Oct 6, 2022 1:44pm Oct 6, 2022 1:44pm
When the short legs of time spreads drop to 20c or less, I will buy them back, as done for the double calendar call side above, which gives me a lotto ticket for NFP Friday, and into Monday....a low NFP print could spark a rally....

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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,230
  • Oct 6, 2022 3:48pm Oct 6, 2022 3:48pm
...never got in a put calendar in one account, just tacked on some 10/10 long puts near the close, always cya....

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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,231
  • Edited 11:27pm Oct 6, 2022 8:02pm | Edited 11:27pm
Acct 2 set up well for a bull run into Monday, will only lose significant $ on a break below 3,640 on Friday. This is set up to ride into Monday either way.

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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,232
  • Edited 9:44am Oct 7, 2022 9:22am | Edited 9:44am
Cashed the 3640 put calendars as SPX neared the target strike, @ $15.50 net. Good result on expiry day and guarantees a positive week even if all the call side stuff goes to loss. Only other puts in the sets is some long Oct10 3575s. I have a $15 tp on those but it looks like btfd is already flexing.....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,233
  • Oct 7, 2022 6:29pm Oct 7, 2022 6:29pm
dead nuts perfect finish on the O7/10 3640 put calendar. SPX closed at 3639.7....so I'm a hero on paper....

...other good news was the O10 3575 long puts I took off at $4.50 net. All call action DOA. So, only a 2% week, lol....what a let own

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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,234
  • Oct 7, 2022 6:36pm Oct 7, 2022 6:36pm
didn't try to get in anything for next week. Maybe see if there's a bounce early that will drain off the iv. I like shooting these calendars but the time to buy them is when iv's have settled down. Also, I'm not so sure how much longer "good news is bad news" will play. Pretty soon, it might just cave to "all news is bad news".....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,235
  • Oct 8, 2022 5:55pm Oct 8, 2022 5:55pm
when lv too high for calendars, bw Flys are a decent alternative. Hedge tail risk with verts or singles. On the dbl bwb below, I will do SPY calendars Sep 13/14 to get in long SPY inside the SPX outsider

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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,236
  • Oct 8, 2022 6:08pm Oct 8, 2022 6:08pm
Quoting The Fool
Hedge tail risk with verts or singles. On the dbl bwb below, I will do SPY calendars Sep 13/14 to get in long SPY inside the SPX outsider
assess Mon and enter carefully, would spend a little more to go wider in time for the SPY Flys, they could yield well

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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,237
  • Oct 9, 2022 7:33pm Oct 9, 2022 7:33pm
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,238
  • Oct 9, 2022 8:35pm Oct 9, 2022 8:35pm
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,239
  • Oct 11, 2022 12:06pm Oct 11, 2022 12:06pm
actual weekly set-up, on the RUT. This is my preferred weekly income method now. In higher iv conditions, use diagonals, calendars otherwise. Guard the tail risk either way with long options out a bit in time and preferably inside the expiry profite zone for the time spread. RUT set below eats $10k in margin, max risk is about $600, reasonable maxP is $5k, although that could go $10k on a giant move. It's possible, using calendars, to set these up with no-loss...

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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,240
  • Oct 11, 2022 12:28pm Oct 11, 2022 12:28pm
actual SPX set for the week. Eats another $10k margin, risks, at most, a few $100, reasonable MaxP about $3.5k, could go double that. This sets up for the move late 10/13 off the CPI read, with diagonals @ 10/13-10/17.
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"If The Fool persists in his Folly he will become wise." - William Blake
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