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Let's Trade Options

  • #9,901
  • Aug 6, 2015 11:29pm Aug 6, 2015 11:29pm
Quoting ZebraSquirl
Thank you... . My sense is that Robyn virtually always goes for the "expire worthless" or the nickel option ...
YW. No shame in riding em down to expiry or $0.05 or whatever, but it's always a valid question: if I leave this money on the table now, do I have a better trade to put on that is going to capitalize on the margin that's freed up? I think an active trader can find a "yes" answer typically well before that trade expires and if he leaves 20% or more on the table then no biggie, he's onto something else juicy. But my problem (seasonally) is I can't be as active as I like, so I often let winners go to the last nickel.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,902
  • Aug 6, 2015 11:31pm Aug 6, 2015 11:31pm
Quoting The Fool
I don't see new ath's coming under the rate hike gun
Jinx!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,903
  • Aug 6, 2015 11:32pm Aug 6, 2015 11:32pm
Quoting The Fool
{quote} right there wit ya champ, $214 & $215 short legs - way out to the end of the quarter, but I don't see new ath's coming under the rate hike gun
I don't either ... . Glad I set those up on the strength we got ... .

I'll be sad to see this range in SPY go, though. It's been nice to trade using the ATH's for the short call strikes ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,904
  • Aug 6, 2015 11:37pm Aug 6, 2015 11:37pm
Quoting The Fool
{quote} YW. No shame in riding em down to expiry or $0.05 or whatever, but it's always a valid question: if I leave this money on the table now, do I have a better trade to put on that is going to capitalize on the margin that's freed up? I think an active trader can find a "yes" answer typically well before that trade expires and if he leaves 20% or more on the table then no biggie, he's onto something else juicy. But my problem (seasonally) is I can't be as active as I like, so I often let winners go to the last nickel.
I have a hard time waiting until the last nickel, frankly (a patience thing I need to work on). Lock it in, load up a later expiry, lather, rinse, repeat ... .

Fortunately, I've got one full day off during the week where I can trade during the NY session; otherwise, I just have to look at setups at night and place the trades kind of blindly as to what the next sesh will bring; if they fill, they fill ... . Not ideal ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,905
  • Aug 6, 2015 11:40pm Aug 6, 2015 11:40pm
Quoting ZebraSquirl
{quote} I don't either ... . Glad I set those up on the strength we got ... . I'll be sad to see this range in SPY go, though. It's been nice to trade using the ATH's for the short call strikes ... .
sure range trading is cool, but what really curls da toes is getting on the right side of a long trade that trend runs your sets into the money with lotsa time to spare. Look at ole Cecil with his Dec TWTR $35 puts...TWTR looking to go to $25 and he'll be looking at $1g/contract - I hope he bought a pile
"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,906
  • Aug 6, 2015 11:48pm Aug 6, 2015 11:48pm
I does not see FSLR hanging on to this $10 pop while wti is digging a hole under $45
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,907
  • Aug 6, 2015 11:55pm Aug 6, 2015 11:55pm
Quoting The Fool
I does not see FSLR hanging on to this $10 pop while wti is digging a hole under $45
u not gonna fill a bull put vert for a 1c credit, but that's the mid.....maybe see where it's at tomorrow, things liable to be changed a bit across the board
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,908
  • Aug 7, 2015 12:26am Aug 7, 2015 12:26am
solar's a tough business.....SUNE m/l cut in half in the last few weeks
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,909
  • Aug 7, 2015 12:55am Aug 7, 2015 12:55am
one of dozens of beat down oil stocks....who will remain standing when the rout is over?
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,910
  • Aug 7, 2015 1:06am Aug 7, 2015 1:06am
cancer drug co. like they all are, chart punctuated by big moves, here $2 pop seems to be a common theme, of which one just got done.
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"If The Fool persists in his Folly he will become wise." - William Blake
  • #9,911
  • Aug 7, 2015 5:10am Aug 7, 2015 5:10am
Quoting ZebraSquirl
{quote} I'm in agreement with TF here ... . I'm perfectly fine if the indices rally tomorrow, as long as we don't make ATH's between now and my expiries 20-45 days out. All of my SPY short call verticals, for example, have short strike prices 1-3 strikes above the YTD highs; as long as price doesn't break like, 214 between now and 45 days out, I'm good to go ... .
May I ask which expiries and which strikes? Surely you're collecting pennies for going out so far when the VIX is so low?
I have no clue what I'm talking about.
  • #9,912
  • Aug 7, 2015 5:41am Aug 7, 2015 5:41am
Quoting ZebraSquirl
This biyatch has rolling down to an artform; 5.33 total credit for a trade that went awry -- sick: {image} The key: when rolling, adjust strikes each time to ensure the collection of a credit without adding to the position ... .
You could do that only on:
1) a large PM account
2) small position
3) lot of experience
4) that position could not be short call on NFLX, biotech and similar (Or short put on DDD)
Hope is dangerous in this game.
  • #9,913
  • Aug 7, 2015 5:50am Aug 7, 2015 5:50am
Quoting The Fool
I does not see FSLR hanging on to this $10 pop while wti is digging a hole under $45 {image}
No way, Jose! Traded the stock couple of times for earnings, maybe the train has already left the station, but looks like there was a good opp to fade the move. FSLR, CSIQ and others are movers, scalping opps on them.
Hope is dangerous in this game.
  • #9,914
  • Aug 7, 2015 6:36am Aug 7, 2015 6:36am
Quoting Boy Wonder
{quote} May I ask which expiries and which strikes? Surely you're collecting pennies for going out so far when the VIX is so low?
Here are the SPY's ... :

Sep 4 213.5/216.5 short call vert put on for a .58 credit.
Sept 18 215/218 short call vert put on for a .65 credit
Sept 18 190/193/216/219 IC put on for a .60 credit

That Sep 4 213.5/216.5 short call vert still goes for .50 today ... . These were put on at various time over the past several weeks ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,915
  • Aug 7, 2015 6:39am Aug 7, 2015 6:39am
Quoting StrayDog
{quote} You could do that only on: 1) a large PM account 2) small position 3) lot of experience 4) that position could not be short call on NFLX, biotech and similar (Or short put on DDD)
I don't really have her kind of patience, but it shows what could be done ... . There is a certain amount of psychological fortitude required in maintaining an ITM short position, working it slowly in your favor 1/2 strike at a time ... .
Fireworks are fun ... as long as you don't blow your fingers off.
  • #9,916
  • Aug 7, 2015 7:25am Aug 7, 2015 7:25am
Quoting ZebraSquirl
{quote} Here are the SPY's ... : Sep 4 213.5/216.5 short call vert put on for a .58 credit. Sept 18 215/218 short call vert put on for a .65 credit Sept 18 190/193/216/219 IC put on for a .60 credit That Sep 4 213.5/216.5 short call vert still goes for .50 today ... . These were put on at various time over the past several weeks ... .
K, thanks.
I have no clue what I'm talking about.
  • #9,917
  • Aug 7, 2015 7:27am Aug 7, 2015 7:27am
Quoting ZebraSquirl
{quote} I don't really have her kind of patience, but it shows what could be done ... . There is a certain amount of psychological fortitude required in maintaining an ITM short position, working it slowly in your favor 1/2 strike at a time ... .
Yes indeed.
I would only say that, first, when you get out of a position that's been underwater for some time the feeling is incredibly liberating.
Second, I think you've either got to short naked with enough margin to sustain the losses for the length of time that you are going to roll up and out, or start off with a distant OTM leg for protection to enable you to roll a few times should things not go to plan.
I have no clue what I'm talking about.
  • #9,918
  • Aug 7, 2015 7:36am Aug 7, 2015 7:36am
Quoting Boy Wonder
{quote} Yes indeed. I would only say that, first, when you get out of a position that's been underwater for some time the feeling is incredibly liberating.
Hell yeah... like gigantic stone removed from the chest...
Hope is dangerous in this game.
  • #9,919
  • Aug 7, 2015 7:49am Aug 7, 2015 7:49am
Quoting StrayDog
{quote} Hell yeah... like gigantic stone removed from the chest...
LOL you got it!!!
I have no clue what I'm talking about.
  • #9,920
  • Aug 7, 2015 7:55am Aug 7, 2015 7:55am
The euro has had all the Greece bollocks thrown at it for virtually the whole of this year, and months and months of supposedly strong US data, and months of months and months of "Fed is gonna hike euro's going to parity fo' sure" talk, but looking at the monthly chart it just hasn't budged.
What's it going to take to push the euro below the range of the last few months?
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I have no clue what I'm talking about.
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