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Let's Trade Options

  • #9,021
  • Jun 10, 2015 1:14am Jun 10, 2015 1:14am
beware fiber bull trap
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,022
  • Jun 10, 2015 10:48am Jun 10, 2015 10:48am
Yep... that "G" word again. Just to give some additional push, right in time when market took a pause...

Well, am I sad that I didn't sell any put spreads yesterday... or today in pre-market... or even naked puts, fook the margin requirements... Equidistant puts on /ES July expiry are almost 4x more expensive than calls... Even with VIX $13.50.
Hope is dangerous in this game.
  • #9,023
  • Jun 10, 2015 11:07am Jun 10, 2015 11:07am
Quoting StrayDog
Well, am I sad that I didn't sell any put spreads yesterday....
yeah I got some on but not as much as I had wanted to do, Mondays are always hard for me, but anyway, SPY put spreads I described above are already at about 40% profit...I am hanging in for some more, but I may buy them out this week if I get much above 50%....quick profits is good profits.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,024
  • Jun 10, 2015 11:19am Jun 10, 2015 11:19am
Quoting The Fool
looking for the cojones to go super bull on the SPY weekly calls, leg into $211 @ $0.18 and catch a bounce.....?
hahaha I missed that entry by a minute or two....weekly $211 calls are $0.88 now....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,025
  • Jun 10, 2015 11:26am Jun 10, 2015 11:26am
Quoting The Fool
...quick profits is good profits.
A quickie is always good.


-----------------------

Yeah OK, folks... nothing to see here, a 3% drop that is going to be corrected ASAP... nothing to worry, just go to your homes... nothing to see...
Hope is dangerous in this game.
  • #9,026
  • Jun 10, 2015 11:42am Jun 10, 2015 11:42am
FXE IVR 100%
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,027
  • Edited 9:26pm Jun 10, 2015 9:05pm | Edited 9:26pm
1,000 pip safe range, maybe catch a big run around the end of the month? short legs are @ 12 deltas...
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,028
  • Jun 10, 2015 9:19pm Jun 10, 2015 9:19pm
Quoting Vermeer
Hi Guys, Anyone familiar with Brian Johnson's books? I've just read "Option Strategy Risk / Return Ratios" with the concepts of Delta/theta riskratio and Vega/theta risk ratio. The book offers some nice reflections on the greeks & risks in option income strategies. However, I'm no option-wizard so I'm curious what you guys think of Johnson's approach
read the first half of the book on a ferry ride today, will dive into the meat of it b4 the end of June & will try to follow some spreads I have running using the ratios. I like the premise, just not sure the ratios will deliver as promised as management tools. Maybe a little more elegant approach compared to "buy back at 50% profit", but we'll see....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,029
  • Jun 10, 2015 9:33pm Jun 10, 2015 9:33pm
3c is not much to risk.....
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,030
  • Jun 11, 2015 4:21am Jun 11, 2015 4:21am
Quoting The Fool
{quote} read the first half of the book on a ferry ride today, will dive into the meat of it b4 the end of June & will try to follow some spreads I have running using the ratios. I like the premise, just not sure the ratios will deliver as promised as management tools. Maybe a little more elegant approach compared to "buy back at 50% profit", but we'll see....
Good to hear :-) Agree with you regarding the management tools, difficult subject anyway...

I'm (trying) to read BJ's 2nd book (on earnings), but that's far more complex...

Oh, closed the SPY 208.5/209 spreads @ 0.44 yesterday.
  • #9,031
  • Edited 8:43am Jun 11, 2015 6:17am | Edited 8:43am
hey all my fellow senior out there howdy good to find a thread thats discussing a lot of valuable options idea here. I am just 1 of those million out there who are tired of watching my FX positions being wiped out by the power of words ...( any single word coming out of the GOVERNORS out there ) . Pretty new to options started with TOS TD ameritrade got excitied and put in some trades since 2 weeks ago! So please do not hesitate to correct me pleaseeee please please a lot of things to learn from you all can see a steep learning curve heehee

I am basically biased towards selling spread be it bull put or bear call as well as iron condor. I got confused when i put through some trades and trying to square them off. Is it ok if i ask here ? Some interesting
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  • #9,032
  • Edited 9:29am Jun 11, 2015 8:54am | Edited 9:29am
Quoting The Fool
{quote} yeah I got some on but not as much as I had wanted to do, Mondays are always hard for me, but anyway, SPY put spreads I described above are already at about 40% profit...I am hanging in for some more, but I may buy them out this week if I get much above 50%....quick profits is good profits.
I have IC'd the $199/$197 put spreads with Jul SPY $216/$218 call spreads @22 deltas for $0.39, total max credit on this IC is $0.70. The put spread is sitting at 50% profit & I am likely going to manage out of it by 70% if it gets there...will keep looking at short SPY call spreads as it continues to rally if that's the deal....

Was looking at lots of the Jul expiry stocks that have mid-late July ER's - FB, AMZN, etc - lots of em are sitting at IVR <5-10%, might be good time to look at calendars for the pre-ER IVR gain....?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,033
  • Jun 11, 2015 8:56am Jun 11, 2015 8:56am
hi nickah, welcome to the thread - I am looking at your WMT spread there....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,034
  • Jun 11, 2015 9:26am Jun 11, 2015 9:26am
Quoting The Fool
hi nickah, welcome to the thread - I am looking at your WMT spread there....
your WMT call spread might work, good luck with it. Here are some thoughts I have:

the Jul $75 calls are at 33 deltas now - not sure where delta was when you sold them (did you enter yet?) but anyway, I am usually looking for an entry a little further out than that - I usually look at short legs on index spreads under 25 deltas. Also, I don't like trading options that have wide strikes, usually look for at most $1 strike chain options. Finally, I will try to sell into strength - if it's a trending market for the underlying then selling into strength may not be a good idea - so I also try not to sell into strength in trending markets - but you have sold calls in WMT near the bottom of its range. If WMT continues to move down then you're a genius and you make money. If it bounces from down there then you might have a problem.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,035
  • Jun 11, 2015 9:32am Jun 11, 2015 9:32am
Quoting The Fool
Was looking at lots of the Jul expiry stocks that have mid-late July ER's - FB, AMZN, etc - lots of em are sitting at IVR <5-10%, might be good time to look at calendars for the pre-ER IVR gain....?
remind myself to look at the Liz & Jenny way to do these pre-ER calendar setups, I will post a vid....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,036
  • Jun 11, 2015 9:46am Jun 11, 2015 9:46am
Quoting The Fool
I have IC'd the $199/$197 put spreads with Jul SPY $216/$218 call spreads @22 deltas for $0.39, total max credit on this IC is $0.70
wasn't paying attention & didn't balance the condors....I do crap like this all the time. I need to move to Belgrade and sit in a trading room with SDog so he can cuss me out in a strange language when I goof up like this....oh well, maybe it will be a happy accident, no bd anyway....
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,037
  • Jun 11, 2015 12:23pm Jun 11, 2015 12:23pm
new 52-week low for VXX today, they prolly have to rev split that soon like they did UVXY
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,038
  • Jun 11, 2015 12:54pm Jun 11, 2015 12:54pm
trying to sit on hands, would like to see SPY $212.50 b4 selling more call spreads, wonder when the new pipeline for the pumping of the euros into the bankvaults of Greichenland will be vertig?
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,039
  • Jun 11, 2015 1:08pm Jun 11, 2015 1:08pm
Quoting The Fool
... I need to move to Belgrade and sit in a trading room with SDog so he can cuss me out in a strange language when I goof up like this...
You are welcome any time .

The "G" word again today... /ES crawling up AGAIN... Incredibly boring PA last couple of hours.
Hope is dangerous in this game.
  • #9,040
  • Jun 11, 2015 1:38pm Jun 11, 2015 1:38pm
does anybody here think there is a snowball's chance in Hell that Greece will not get bailed out again?
"If The Fool persists in his Folly he will become wise." - William Blake
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