Superfly!

All flys above off for decent profit, both sides. I had high hopes for the call flys when SPX went to 7400, so I've let one run (the rest came off for $4.25)....maybe we'll get another turn up.

I think we'll get a good rally to close the week, FOMO around the SPCX ipo....

yep, we are due for a big green daily. Could be Friday. These narrow NDX flys are lotto tix, but they can pay. As shown, risking a buck to make $20+....

nah, they suck. I had trouble getting any kind of fills on the fly right in the tent - price bouncing around - I could see doing these for cheap for a rare chance of getting in the tent near the close. Otherwise, go wider.

Good week trading SPX & NDX flys. I had better luck with the 50-wing NDX call flys, will trade them again if I can grab them cheap - < $1.

Riding into next week on SPX call flys for Mon and Tues, such as....

NDX 50 wings really are annoying. Really need to hit one well right into the close. I'd rather go 100 wide....

entered this several days ago, looking for a rally @ the SPCX ipo. Just need the momo to go into Mon-Tues. Good truthtweets will help.

100 wings will cost 4x as much as the 50 wings, you pay for the wider tent, larger probable maxP. /NQ has actually been flagging, so I'd probably not spend too much on debit spreads. Note if you push the NDX flys out 4-5dte, the debit comes down some.

getting paid $.40 for the 10wing put bwf, could net over $20/contract with a perfect finish @7300 Tues.

You Reeka! Jk....overlapping atm imbalanced flys. Note the imbalance - both have $5 offsets. so both go on for a credit. The most either one could lose is $5 - so, put this combo on when you expect a tight-ranging market (lol, good luck with that). (Both could go to max loss in an extreme move.)

Look at 1 or 2 dte. If the modeler is right (grain o salt) then the losses would be small over a wide range, but accelerate as you get closer to expiry. Ideally, you get a set @ a big round and it pins on expiry day, in which case both flys would go to high profit. You might play around with fotm hedges - single longs or long verts. Or, you might put this combo in the middle of a two-sided trade, like double calendars or double flys or....

possible to set these up for no net loss - have to leg into them. If going a $5 positive imbalance, net debit needs to be <$5....then, can watch til the last hour and see if there is a MaxP result for one of them.

I put the puts on yesterday and the calls on near the open today. If I hadda been more nimble, could have put on the calls below the puts, which would have eliminated a potential closing death valley. The latter is something to shoot for.

Anyway, the calls already came off for $5, so I will sit on the puts to see if there can be a dip to <7345 into the close.

looking for a Friday sell-off into the close...

I will look for an entry for 6/29. I think I do better entering at the fist stall in the opening range @ 0dte. I'd like to get the front strikes of the 2 flys adjacent or overlapping & I'd like to get in for a total of <$4 total net debit.

I got the dump into the close I was looking for but it came at the last dickhair of time. I had a closing order for the put flys that didn't fill. I kept trying after 4:00, no luck, kept getting rejected. The account statement says the trade is cash settled for $3.30. I was curious so I called the broker. The broker is pretty good and has dedicated teams for futures, options, and even complex options. Guy told me the settled price at 4:00 was 7354, so my put fly will be worthless. Not what my account balance says. Also, the last candle for SPX (ie, the 3:55 5-min candl) has a close value of 7337.81. So, idk wtf. We'll see what happens - probably won't know til Monday morning.

(So, what? Is the "cash-settled" price different than the closing bar price? How could that be?")

Not upset or worried, but I learned something - the cash settled products settle at the top of the hour. Your "extended hours" extra time does not apply. So. live and learn. Coulda closed the puts for small profit for a while during the last hour, but I decided to wait/see what would happen at the close. The moral: close early, if you can.

entered one for Monday

sumbitches better give me my $325...