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Let's Trade Options

  • #9,221
  • Jun 25, 2015 6:49pm Jun 25, 2015 6:49pm
Quoting The Fool
{quote} yeah, I had my heart set on some upside strength, may not get it. I am m/l riding a trade called "no trade" & I may as well ride it till it's done, that be when the Greece can is kicked or blows up, either one....
Thought about a VIX product trade (again, the boredom ... ), but decided to hold off until I get the rest of my "house" cleaned up ... . Want to get those TBT/TLT strangles off, as well as an FXE IC that I'm waiting for 50% max profit on ... , and three SPY short call verts that I'm not entirely happy with having put on when I did ... . And I want an X-Box ... and a trampoline ... and a pony ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,222
  • Jun 25, 2015 6:59pm Jun 25, 2015 6:59pm
Quoting ZebraSquirl
{quote} Thought about a VIX product trade (again, the boredom ... ), but decided to hold off until I get the rest of my "house" cleaned up ... . Want to get those TBT/TLT strangles off, as well as an FXE IC that I'm waiting for 50% max profit on ... , and three SPY short call verts that I'm not entirely happy with having put on when I did ... . And I want an X-Box ... and a trampoline ... and a pony ... .
Did look at GLD again for a short put vert (came off that 115 quite quickly), but am still waiting for 111.5 or lower ... . Can't squeeze enough out of USO unless I go with a straddle ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,223
  • Jun 25, 2015 7:15pm Jun 25, 2015 7:15pm
Quoting ZebraSquirl
... and a pony ... .
they poop a lot, been walking around in horseshit all day....

I really do enjoy "not-trading" - one of the best ways I know to "not lose money".....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,224
  • Jun 25, 2015 7:39pm Jun 25, 2015 7:39pm
Quoting The Fool
{quote} they poop a lot, been walking around in horseshit all day.... I really do enjoy "not-trading" - one of the best ways I know to "not lose money".....
It's good to take a break every so often ... . These past couple of weeks where I've been mainly cleaning house has been quite relaxing ... . Screw number of occurrences ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,225
  • Jun 25, 2015 7:41pm Jun 25, 2015 7:41pm
Quoting ZebraSquirl
{quote} It's good to take a break every so often ... . These past couple of weeks where I've been mainly cleaning house has been quite relaxing ... . Screw number of occurrences ... .
Major change from 24/5 Forex, where it's hard to play "slop" ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,226
  • Jun 25, 2015 7:47pm Jun 25, 2015 7:47pm
Quoting ZebraSquirl
{quote} Did look at GLD again for a short put vert (came off that 115 quite quickly), but am still waiting for 111.5 or lower ... . Can't squeeze enough out of USO unless I go with a straddle ... .
Speaking of which -- good Market Measures segment on straddles. In a nutshell: long straddles don't work; short straddles should be put on at 45 DTE, managed after 15 days, taken off as a whole (not legged out) at 25% max profit, and losses should be managed at 1.5 x credit max ... . I looked at a low vol straddle play in USO, but I can't imagine putting these on very often, since it's a low vol play where you anticipate price to remain in a particular range for a period of time ... . My crystal ball isn't usually that good to give me the confidence to do that ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,227
  • Jun 25, 2015 10:38pm Jun 25, 2015 10:38pm
Quoting ZebraSquirl
{quote} Did look at GLD again for a short put vert (came off that 115 quite quickly), but am still waiting for 111.5 or lower ... . Can't squeeze enough out of USO unless I go with a straddle ... .
yeah, ya read things from the gold bull press, like the PBOC wants to back the yuan with bullion, and ya think well, damn, I should be long gold, but then pull up a weekly chart and it has been ranging now a couple years plus....but I could see doing some super bull sets on GLD as it dips towards $111 --- premium really thin, though...
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,228
  • Jun 25, 2015 10:46pm Jun 25, 2015 10:46pm
another -5% swinger for the Shanghai comp....
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,229
  • Jun 25, 2015 10:57pm Jun 25, 2015 10:57pm
Quoting The Fool
{quote} seems like I get about a pm a week and a post in the thread once a month or more asking about brokers. I am not responding to these anymore - consider them phishing attempts . Depending on my mood, the sender/poster goes in the igg bin. There are lots of options brokers & if you are in a foreign country, I don't really know which ones are available to you. If you are really interested in trading options, a few minutes on google will answer your questions about brokers.
Word. I am igg binning anybody else who spams the thread or pm's me with "who is your broker?", no questions asked.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,230
  • Jun 26, 2015 8:53am Jun 26, 2015 8:53am
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looks all set

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targeting 25% premium , i add the commission paid back into the credit received in this 25% premium target profit ..

2.95 per contract say i am going 10 contracts = 29.95
credit received = 350 less the commission ( it costs me 10% of my premium )
25% of 380 = 95
net profit = 65 (95 - 29.95 to exit )
i am still puzzled .... 65 net profit after paying 60 commissions ... need to find a way to work around this .. hahaha ..




Thanks TheFool and Zebra for your input !
  • #9,231
  • Jun 26, 2015 9:01am Jun 26, 2015 9:01am
Quoting nickah
Thanks TheFool and Zebra for your input !
good luck, nickah - that's been a wild one
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,232
  • Edited 5:57pm Jun 26, 2015 5:37pm | Edited 5:57pm
Quoting nickah
{image} looks all set {image} targeting 25% premium , i add the commission paid back into the credit received in this 25% premium target profit .. 2.95 per contract say i am going 10 contracts = 29.95 credit received = 350 less the commission ( it costs me 10% of my premium ) 25% of 380 = 95 net profit = 65 (95 - 29.95 to exit ) i am still puzzled .... 65 net profit after paying 60 commissions ... need to find a way to work around this .. hahaha .. Thanks TheFool and Zebra for your input !
Hard to argue with 100 IVR ... . I looked at a 56 DTE 36/50 strangle (couldn't make it work for 42 DTE; no bid for put strikes below 43.5 right now) for a 2.15 credit, but couldn't bring myself to do it ... . Still in the process of cleaning house of last strangles I've got on in TBT and TLT; today's price action in those didn't help out much, but I may get an opportunity to close out one side or the other of those for .05 or less before expiration, which I'm fine with ... .

Other than that, a red week for SPY off of 212.50, which really ain't sayin' much ... . Still no Greek debt crisis resolution ... .

The sole earnings play on my radar for next week isn't ramping up its IV much -- PEP (IVR 18; IV 16 for July 10 expiration) ... . The near earnings expiration July 10 92/98 strangle is currently worth only a .45 credit ... . IV is going to have to expand majorly before I think about diving into that pool (to 70+) ... . After that, a bunch of heavy hitters come into play three weeks from now: NFLX, INTC, EBAY, YUM, GOOG ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,233
  • Jun 26, 2015 5:42pm Jun 26, 2015 5:42pm
Quoting nickah
{image} looks all set {image} targeting 25% premium , i add the commission paid back into the credit received in this 25% premium target profit .. 2.95 per contract say i am going 10 contracts = 29.95 credit received = 350 less the commission ( it costs me 10% of my premium ) 25% of 380 = 95 net profit = 65 (95 - 29.95 to exit ) i am still puzzled .... 65 net profit after paying 60 commissions ... need to find a way to work around this .. hahaha .. Thanks TheFool and Zebra for your input !
Ordinarily, I shoot for 50% max profit on IC's ... . If you got filled for a .35 credit, I would be shooting for taking the whole IC off as a package for a .17 debit x 20 contracts or $340 ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,234
  • Edited 6:25pm Jun 26, 2015 5:48pm | Edited 6:25pm
Quoting ZebraSquirl
{quote} Ordinarily, I shoot for 50% max profit on IC's ... . If you got filled for a .35 credit, I would be shooting for taking the whole IC off as a package for a .17 debit x 20 contracts or $340 ... .
The alternative would be to take it off for a .26 debit (which would be about 25% of max), which should net you .09 (.35 credit - .26 debit) x 20 or about 180 bucks ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,235
  • Jun 26, 2015 5:54pm Jun 26, 2015 5:54pm
Quoting ZebraSquirl
{quote} The alternative would be to take it off for a .26 debit (which would be about 25% of max), which should net you .09 (.35 credit - .26 debit) x 20 or about $180 bucks ... .
Just looked at IV differential for ASHR ... . Today's expiration was at whopping 176.8 IV ... ree ... donk ... . July 17 expiration is currently at 61, with back months/weeklies edging off that ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,236
  • Jun 26, 2015 6:23pm Jun 26, 2015 6:23pm
Quoting The Fool
{quote} yeah, ya read things from the gold bull press, like the PBOC wants to back the yuan with bullion, and ya think well, damn, I should be long gold, but then pull up a weekly chart and it has been ranging now a couple years plus....but I could see doing some super bull sets on GLD as it dips towards $111 --- premium really thin, though... {image} {image}
I think if I do it, it's going to be a quick and dirty for 25% of max profit ... . Have to look at it again if we get down around 110, 111 ... . Right now, a 107/110 short put vert is going for a .49 credit (Aug 7 expiration; BE 109.51; 73% POP) ... . Not horrible, but then again, I'm not all that excited about it ... .

More excited about a 20 straddle in USO (Aug 7 expiration; BE's 18.47/21.53; 54% POP) for a 1.53 credit, which I would take off at 25% max profit or .38 ... . Price is kinda smack dab in the middle of the current, short-term range ... . Dollar strength, though, will send WTI and USO into the pooper (and, to a certain degree GLD, too), so I'm not rock hard about doing that either ... .

Oh, well, will see what next week brings ... . Until then, going to enjoy the weekend ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,237
  • Edited 11:18pm Jun 26, 2015 10:54pm | Edited 11:18pm
trying to find some time to get schooled, checking tt vids. The below an interesting one about when to roll the untested side of a short strangle - ie, when the tested strike is breached, or when the tested side b/e is breached....they looked at rolling to the 0.30 and the 0.40 delta options (on the untested side) ....they say roll to the 0.40 delta when the strike is breached gets the best p/l per day, but the results are pretty close....so, kind of inconclusive results.....but the takeaway is, keep em rolling

https://www.tastytrade.com/tt/daily_...5?locale=en-US
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,238
  • Jun 26, 2015 11:24pm Jun 26, 2015 11:24pm
several weeks back I did a Jun4/Jun5 double diagonal SPY $202/$201 puts and $219/$220 calls...the calls went on for $0.11 credit and the puts went on for $0.00....SPY never went anywhere near the sweet zones of those spreads, but I got out of the puts for + $0.10 today, so a net gainer, m/l washed out the long put weekly VXX total loss....that was my week...I think I made $50...
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,239
  • Edited Jun 27, 2015 1:20am Jun 26, 2015 11:51pm | Edited Jun 27, 2015 1:20am
watching bonds, really need Greece to be over, TLT might consolidate around $115 over July, might consider IC shown for near $0.65 net credit

both short legs there sat at 22 deltas Fri close...
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,240
  • Edited 12:53am Jun 27, 2015 12:19am | Edited 12:53am
do any of you track your trading performance?

http://www.forexfactory.com/showthread.php?t=22287

http://web.stanford.edu/~wfsharpe/

http://www.orderflowtrading.com/Arti...g-success.aspx

http://traderfeed.blogspot.com/2014/...ring-your.html

https://steadyoptions.com/performance_2013
"If The Fool persists in his Folly he will become wise." - William Blake
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