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Let's Trade Options

  • #18,821
  • Jun 14, 2023 5:31pm Jun 14, 2023 5:31pm
all the SPX call calendars were closed today for about $3.25 net profit. I'll probly regret not closing the RUT call cldrs also, but we'll see. If RUT makes another run to 1900 or better tomorrow, that'll be swell...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,822
  • Edited 11:12am Jun 15, 2023 10:26am | Edited 11:12am
Quoting The Fool
I'll probly regret not closing the RUT call cldrs also, but we'll see. If RUT makes another run to 1900 or better tomorrow, that'll be swell...
...Russell still a dragger behind other indices. I'm breaking even on RUT dbl cldr, might not do much better than that....

.... made 20c on RUT and $3.35 on SPX, not bad...all put spreads will run to 6/20.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,823
  • Jun 23, 2023 12:27pm Jun 23, 2023 12:27pm
gotta believe the spoos will rally into the quarter end. After this massive pullback lol. When iv's have cratered, easy to buy cheap calendars and diagonals. Bull dagger shown risk $250 to make >$7,500......
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,824
  • Jun 29, 2023 8:50pm Jun 29, 2023 8:50pm
Quoting The Fool
gotta believe the spoos will rally into the quarter end. After this massive pullback lol. When iv's have cratered, easy to buy cheap calendars and diagonals. Bull dagger shown risk $250 to make >$7,500......
...well $7,500 a dream but a $25+ pop up in SPX to close the week could net $1000 or more....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,825
  • Jun 30, 2023 8:49am Jun 30, 2023 8:49am
Quoting The Fool
{quote}...well $7,500 a dream but a $25+ pop up in SPX to close the week could net $1000 or more....
...IN for 25c, out for $1.50. We'll see how much I left on the table this time....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,826
  • Jul 11, 2023 3:17pm Jul 11, 2023 3:17pm
Quoting The Fool
{quote}...IN for 25c, out for $1.50. We'll see how much I left on the table this time....
...hey Rufus! How ya been? Good, I hope. Trade above was a solid winner & might've gotten a buck more with a perfect close.

Here is my SPX contraption for the CPI movement this week:
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...my bias is implicit there but yeah I think a big slip in CPI will drive the hopium/fomo trade to 4,500 to close the week, probly even overshoot that.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,827
  • Jul 11, 2023 11:05pm Jul 11, 2023 11:05pm
Quoting The Fool
{quote}...hey Rufus! How ya been? Good, I hope. Trade above was a solid winner & might've gotten a buck more with a perfect close. Here is my SPX contraption for the CPI movement this week: {image} ...my bias is implicit there but yeah I think a big slip in CPI will drive the hopium/fomo trade to 4,500 to close the week, probly even overshoot that.
Doing well, staying busy.

Someday soon I need to look into how you price options with the graphs you post. I still occasionally will trade options.

Hope life and trading has been treating you kindly.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #18,828
  • Jul 12, 2023 8:22am Jul 12, 2023 8:22am
Quoting Rufus
{quote} Hope life and trading has been treating you kindly.
Can't complain, but I'm gettin' old.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,829
  • Jul 12, 2023 8:34am Jul 12, 2023 8:34am
Quoting The Fool
{quote} I think a big slip in CPI will drive the hopium/fomo trade to 4,500 to close the week, probly even overshoot that.
SPX call calender worth $3.25 or so to open, it seems. I might have to close some early if price gets too close to the short strike. Very quirksome trading these any way, and this margin requirement is another booger:

Within 5 dte, when underlying price is within 1-1-1/2% of the short strike, margin on european index options spreads is the minimum of either 2% of the index value or 2x the short option value.

Well, damn, that means I could be looking at $10k margin requirement for each calendar unit if price goes to the short strike @ $4,500 today. On one account, I'd get a cash call or the broker would just start closing some of them. I'd make a profit, but the best results on calendars come if you can hold for a perfect finish closer to expiry.....

Kind of a high-class problem....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,830
  • Jul 12, 2023 3:21pm Jul 12, 2023 3:21pm
Quoting The Fool
{quote}SPX call calender worth $3.25 or so to open, it seems. ....
...I had a $3.90 tp set for the cldr calls, never got there today, will look for more in a bull move Thurs....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,831
  • Jul 12, 2023 3:52pm Jul 12, 2023 3:52pm
Quoting The Fool
{quote}...I had a $3.90 tp set for the cldr calls, never got there today, will look for more in a bull move Thurs....

Hey brother, I haven't touched much since April, just loaded up on more short dollar positions and (stupidly) bond longs....

But at least my big equity plays are working out.

How have you been? Good?
  • #18,832
  • Jul 12, 2023 4:14pm Jul 12, 2023 4:14pm
Quoting Wulfgar
{quote} ... But at least my big equity plays are working out. How have you been? Good?
...Yep US equities are going to keep running to new ath's in the 2nd half, imo. Premium dwindling to diddly squat but calendars and diagonals will be very cheap. I will keep posting some but mostly my trading is boring, same old same old week in week out. Boring is good.

I'm doing ok, just have some old man gripes is all. Sitting here waiting to pass a kidney stone. Probly be shopping for a walker soon, fml....

Good to hear from you - where you hanging your quiver these days?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,833
  • Jul 13, 2023 9:30am Jul 13, 2023 9:30am
Quoting The Fool
{quote}SPX call calender worth $3.25 or so to open, it seems. I might have to close some early if price gets too close to the short strike. V
SPX nibbling at 4,500, near a perfect finish on the call cldrs, but a day early. Will try to take some off here for about $4.50 ($3.30 net) and hold the balance for Friday.

Holding til expiry day on calendars is a fun game and can open the door to some really outsized profits - you can wait til the end if underlying is flirting with the short strike target - in the last hour the short option will go to $0 if it's below the short strike, and you can keep the remaining long option full value. SPX 7/17 $4500 calls tomorrow probably worth $8-10 if SPX closes at 4,995.

Also, you can hold the Monday longs for a good move higher on Monday. If you got a gap up, say $20 or so, the Monday longs could go $15 or better.

On a close finish, I usually just take everything off Friday. If I leave some to run to the following week, usually just a few. "You don't have to be a hero," my sign says.....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,834
  • Jul 13, 2023 3:28pm Jul 13, 2023 3:28pm
Quoting The Fool
{quote}SPX nibbling at 4,500, near a perfect finish on the call cldrs, but a day early. Will try to take some off here for about $4.50 ($3.30 net) and hold the balance for Friday. ....
...$4.75 tp never hit, will try to take it to the limit.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,835
  • Edited 12:10pm Jul 14, 2023 8:45am | Edited 12:10pm
Quoting The Fool
{quote}...$4.75 tp never hit, will try to take it to the limit.
odd, that hit at the close but I didn't see it, so 1/2 came off at $4.75, off a $1.20 risk. The put diagonals came off 2 days ago for 25c, a 35c loss there. Holding balance of call cldrs today, would like to see a pullback under 4,500, we'll see.

...took a few off @ $6.00

...looking for $10 on a late pin @ 4500
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,836
  • Jul 14, 2023 2:39pm Jul 14, 2023 2:39pm
Quoting The Fool
{quote} ...looking for $10 on a late pin @ 4500
$10 or $12. Gotta love the big round numbers. Epic battle right there the last 20 min. Holding on for glory....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,837
  • Jul 14, 2023 2:59pm Jul 14, 2023 2:59pm
Quoting The Fool
{quote} ...looking for $10 on a late pin @ 4500
...took $8.50.

At the close, filled some FXI bull vert calls, Jul28 $30/33, for 14c
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,838
  • Jul 16, 2023 9:30pm Jul 16, 2023 9:30pm
cheap daggers, 2 wks out, look to come off on Fed day....
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,839
  • Jul 16, 2023 10:23pm Jul 16, 2023 10:23pm
I am late to this META ER play (7/26 ah), but there may be a little more juice to squeeze, modeled to show exit on ER day, with no iv rise, but there will be a little more, 5-10%
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #18,840
  • Jul 18, 2023 3:44pm Jul 18, 2023 3:44pm
....FILLED the call side of SPX dbl dagger shown, will look to take some off on Fed day, if spoos keeps up the upgrind....
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"If The Fool persists in his Folly he will become wise." - William Blake
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