Let's Trade Options

good luck out there today amigo...stay safe brother...

phun times, though, hey? ... traders live for crazy days like these....bunch a sick fucks...

True ... .

[quote=Cecil Gee;8992238] will close soon as market opens, hope my fills happen quick

[quote=Cecil Gee;8995912] larger the better

I had some dreams of letting things run into next week, to catch a vol spike up continuation.....but I am mostly taking those trades off in good profit - I will let some fraction run......but I fear this BTFD market will do what it always does.....btfd...

the mo for the day was: any long-shot trades with short time were taken off, mostly with decent profit, a few around b/e.....some UVXY Jun 24 long calls sadly expired worthless as it just did not put on enough fat to get up there above $20 and I didn't get them sold for pennies at the open....most of the best trades closed but I am running still alot of VXX calendars at strikes out to the end of July....

....it was a good day but still the best P/L days I had on the Brexit long vol trades were 2 weeks ago, when the ^VIX spiked initially and there was still lots of time on Jun 24 spreads...the takeway: get busy with the shotgun around your binary event and have good volume in the trades at multiple strikes. I did that on this one but generally I was too early with my best volume....if I had ended up with a ton of long VXX/UVXY calls at Jul 01 (instead of Jun 15 and Jun 24), I would have come out much better.

Well, it's not over yet...maybe....we shall see if the btfd market does its thing next week.

For VXX Jul01 and beyond, a patch of call calendars and verts, VXX needs to have a big week and get up to the low $20's....if I can let the calendars run past Jul 01, I could end up with another long call shot at glory (good to Jul 15 anyway)....

I'm hanging in there on my VXX poor man's covered calls, thinking that the down might be added to on Monday ... . Probs being greedy, but I figure "What's another day?" (Well, "another day" offers the potential for BTFD'ers to wade in; didn't see that into the close today, but you never know ... ).

The short duration SPX monster I had on pre-Brexit, hoping for a pin to 2085 or so (didn't happen), and that I rolled out yesterday for additional time, came off at open today for a better-than-expected fill. I was shooting for 50% of the original setup (about $150/contract), but I got filled for a $70 lower debit than by GTC order ... . Lol.

Here's the whole chain (got way too aggressive with the rolling, but I had virtually no trades on at that point and figured I putz with a roll every time delta was out of balance and I could get at least $50/contract for it):

5/31 Sold SPX Jun 24th 2020/2030/2145/2155 IC for a $310/contract credit
6/6 Rolled 2020/2030P to 2045/2055P for a $50/contract credit (rolling toward price)
6/13 Rolled 2145/2155C to 2130/2140C for a $105/contract credit (rolling toward price)
6/14 Rolled 2130/2140C to 2120/2135C for $150/contract credit (rolling toward price; had to widen the spread because I couldn't roll to 2120/2130)
6/15 Rolled 2045/2055P to 2035/2050P for a $75/contract credit (rolling to widen in order to match the call side and to delta balance)
6/15 Rolled 2120/2135C to 2115/2130C for a $45/contract credit (rolling toward current price)
6/16 Rolled 2115/2130C to 2105/2120C for a $85/contract credit (rolling toward current price)
6/23 Closed 2035/2050P for a $185/contract debit
6/23 Rolled 2105/2120C to July 8th 2105/2120C for a $35/contract credit (rolling for duration; did it first thing in the a.m. before price broke my short call)
6/23 Sold to open 1980/1990 short put vert for $80/contract (sold to finance the call side roll, as well as to hedge against further upside; did it on my phone, so I didn't pay attention and made the put side a $10 wide; no harm, no foul, I guess).

The result at this point (yesterday) was a July 8th 1980/1990/2105/2120 iron condor with a scratch point of about $750, so I entered a GTC order to close if price hit a $600 debit. At open, I got filled for $530, so I netted $220/contract (minus fees/commissions, which were probably around $60 with all the shenanigans). Ultimately, I probably could have left the original setup alone and gotten the same net profit without all the aggressive rolling ... .

The TastyTrade way of managing rolling intratrade (rolling a wing toward current price to delta balance) is to largely leave the setup the hell alone instead of repeatedly goofing around with it (as I did here). All I did with all that rolling here is make my broker realllly happy ... .

Out of one SPX, into another, with the volatility we've got here (also, I've got literally jack diddly squat on after largely flattening pre-Brexit) ... .

SPX July 22nd 1920/1930/2140/2150 iron condor, filled for $280/contract credit. I did it from my phone, so I don't have the metrics for it, but it's supposed to be a "classic" iron condor with the short put strike at about the 85% probability OTM strike and the short call at about the 75% ... .

Needless to say, the one GLD short call vertical I had on as my solely Bremain outcome play is slightly broken here ... . Lol. We'll see how things play out in the coming days to see if we get a dip that I can take advantage of to sell some put side for that bugger ... .

UVXY options volume Friday 539967. Calls 409055 and Puts 130912. 3x the daily volume. IV-30 day 238% and IV-30 day change 55%.

Little on the economic calendar for next week.

Spain has general elections Sunday --- if any more eurosceptic noise comes from that, could see further pressure on the btfd-bulls. The flip side is of course, the CB's, the same old shit....

I looked at a lot of long gold spreads (GDX and GLD) in the last few weeks but never pulled the trigger, too bad....my books are looking good, though....I had a lot of chopped up positions, the results of rolling and rolling ad nauseum, trying to chase the ^vix down in its death-spiral pre-Brexit.....a lot of those have come off and I just have clean spreads, mostly long vol via VXX.

I'm glad the Brexit vote is past. I feel like I went to the fair, rode too many rides, ate too many chili dogs, saw too many crazy things, had to pull over and barf in a ditch on the ride home, passed out and had to be carried in to bed, etc. I wanted to go again the next day but the carny is gone, moved on to the next town....

This a 10-lot Jul 01 $18/$15/$11 broke wing UVXY put fly....this thing was always underwater at various depths up until the close today, when it went to $0.98 gross....it went on for 10c I think....the thought was it would work to catch vol faling back after the Brexit...I should have closed it today but I only had a minute to think about it....will hope UVXY grinds up next week, it will pay better if that be the case

Hey chaps,

What a bloody emotional day yesterday. Very sad for the UK, Europe and possibly the rest of the world. And there's a chance the UK won't even exist in the future. Just 3 or 4 little countries wondering what the hell went wrong

The only short-term consolation is that my trades and investments are doing very well as a result. Almost cashed a 5-bagger on the Nikkei strangle, but just missed the TP limit order so decided to let it run into early next week. It's hard to imagine the Nikkei not visiting the low 14000s soon, and hopefully the BOJ won't step in until it does and I'm flat.

VXX July calls are still on too. There's a big chance of > $20 next week I reckon. Hope so anyway.

Oil... not so good. Will probably get rid of that on Monday because the protective put will expire in July.

The biggest gains came in my investment portfolio, which I won't be cashing in yet (just rebalancing):
Gold (SGLN): +13%
World stocks (VWRL): +4% WTF?
UK Govt Bonds (VGOV): +2.5%

These are denominated in GBP, which I suppose explains why VWRL went up while in reality world stocks went down. Still, it's a hollow victory.

I'm glad to see you made some decent money too. Told you it wasn't over yet TF! Have a nice weekend

hey, NT...yep, I still have heavy volume running and if VXX will run up next week, I will be happy. This Brexit trade expedition has not been as lucrative as I had hoped, but I can't complain. I am scoping out future scenarios: the World seems to be devolving into a horrific series of calamities, should be good for volatility trading. The downside of high vol runs is you can't find good, cheap entries. However, when the chains are dripping fat premium, a trader can sometimes fill wide flys cheaply, and those can be sliced 'n diced as may be advantageous down the line.

I agree. And you've got me into options trading again, which is a good thing! Thanks

Right. What the hell went wrong? Been talking about that all day, it seems. There will be time to ask the question, over and over, I suppose? What went wrong? If European integration was such a good idea, how come so many people are willing to vote against it? Maybe the questions were being asked all along and nobody in power bothered to hear or answer them? Well, we have an answer now: big, stupid, centralized government is anti-democratic; uncontrolled immigration is culturally erosive, potentially culturally suicidal. Back to the drawing board with the EU idea, or not - either way, it's not the end of the world.