Let's Trade Options

sure bro, no problem....but one thing is for certain, don't stay short those things if they are close...you could wake up to a nasty ass surprise, I've seen it a few times...

good luck this month Fool...talk later...

thanks PTL.... good advice ... I am running very lean and can't afford the naked short margin. I don't mind trying IC's when there's some premium, but it has been so hard to find....also even on the condors I have had some big losses. These flat markets are made for IC's, but they pay diddly, then you get lulled into complacency and boom, another tweet can blow out a month of small gains. Anyway as I've said b4, I don't think flat markets are worth trading at all. Luckily I have other shit to do. Plus the mellow times can't last 4ever....

ok I have the SPX strangle above that sets up for a move off the FOMC....trade risks $325 and I could lose all of that if SPX doesn't move much. Another idea with a little more time on the options is the double calendar shown. I can wait til Feb3 to see if one or both of the calendars is in profit and close one or both on Friday, or I can hold the long options till Monday to see if they might catch a move then. I like bi-directional time spreads for this reason, they give you a range of possibilities to profit from a setup....

What's up guys? Miss me?

This thread has gotten huge. I like seeing it. I'm almost exclusively trading options these days along with some futures.
Finally got to a point that I'm living off residual trading income. Took freaking long enough.

Missed you guys, good to be back.

omg Wulfgar, I thought you was dead! Sure good to see you man. Welcome back and show us some trades whenever you like....

For sure brother. I was pretty close to death a few times on some benders, but I managed to pull through. I'm still kind of doing the same stuff I was doing 4 years ago. Longer TF options plays. I find the dumber Ive made my trading the better its worked out for me.

I got my ass handed to me this AM on a Bearish AMD position. It was green then AAPL reported earnings and AMD ripped my face off. Other than that I got a bunch of mostly bullish positions on equities out there and some throwaway insurance on TLT and GLD in case Trump blows up the world.

Just put a Feb 17 218/222/230/234 IC on SPY for .91 credit this am. As with all ICs Ill close if any stop is hit(22.07 or 230.47). Close any short units when trading for $0.05, or $0.10 for spreads. Evolve if IV moves to a different volatility section.

I got a short list of stocks and etfs I'm waiting on. Id love to see EWW drop down to the 38 for a long term buy. I also have a pending trade on the 10 year note futures at 123'10.

Anyways, what have you been up to TF? Looks like a few guys from back in the day are still kickin things up around here

hey I'm not gonna dredge up the past much, never been my style. I have always been a forward-looking, positive ray of sunshine kind of mthrfcker. Suffice to say I'm still jamming.

I'm surprised EWW did not drop down into the $30's when the first skirmishes broke out between the dckheads of state. But if it didn't go then, I don't know what would take it down, other than another recession everywhere, another oil crash, and things of this nature.

I have some long AUY calls and GLD call calendars, would like to see gold make up its mind and rock steady so I can take those off in good profit sooner than later.

I am trading SPX weeklies regularly, usually both directions. Calendars and verts. If I am good about getting in those cheap, I squeak out monthly gains on those alone. Otherwise, I have devolved into the dumbest kind of trader: just looking to score massively on some scheduled volatility event - elections have been good lately. I have no doubt we are in for more volatility, it's just hard to time it - much owing to the random tweets of DJT....

Good man, gotta leave the past where it is. Other than getting engaged Ive been scraping by myself, living the proverbial American dream and drowning in the seemingly unescapable debt cycle while I watch the entire world slowly circle the drain. Good times.

I'm waiting until GLD hits 100 to buy it... I'm sitting on some sept bull put spreads from abut this area that I can play to 100. I figure if the bull run keeps going in equities its gold to 1000 or bust.

I'm not crazy about GLD, but it does have the quarterlies - so you can do Mar monthly/qtrly calendars or diagonals for a decent time spread setup -- I paid $15 and $12 for the $120 and $130 Mar17/31 call calendars - the combo sitting close to b/e now and I just need gold to break out $1250+ in the next few weeks....looks doable, gold up $9 overnight, /ES down the same.....

I dig those diagonal spreads. I like just rolling the short unit over and over for at least like .25 until it hits the target. Nothin like a theta positive debit trade. Just gotta be careful of explosive moves or a massive drop in vega. But honestly they are like the filet mignon of options trading. Ive never actually put on a double diagonal, little too expensive for my blood to put those on.

But ya man if gold futures go up to 1250 Ill sell my fiancé into slavery to make the money to put everything I own short from there....Pending DJT tweets of course

GLD options iv's will typically rise with the u/l share price, but they are depressed now, after 2-3 weeks of ranging, so I might shop for some cheap spreads. I can def see gold getting beat down if the Trump rally takes off with force - but it looks like they will be jawing down the USD, too - maybe a good spot for a strangle or another dc or dbl diagonal with some time to work....

hey wulfgar, can you short gold and go long USD and short crude? Well I wouldn't, but that's because I have to bet Trump will give Bibi a friendship muffin basket and start blowing things up in Iran. USO iv's also cratering and that makes for cheap calendars.....

look what the cat dragged in....

we live in strange times,...dangerous, miraculous times....

lol, love it..your like a philosopher trader bro...

well, idk about that PTL, but my "expect the unexpected" meter is starting to ping pretty loud....

PTL! Whats up you old sneaky bastard?

Yes My re-emergence in a harbinger of something.... I'm leaning towards boredom and a new computer monitor I needed to fill with something inane, or it could be much deeper and philosiphizinger

That being said, I bought some IWM at under 133.50 today.... just holding the stock...im deciding what kind of option position I want to use with it...

AAPL closes below 128.60 at 9am Hawaiian time(my time) and I'm short this POS with a Mar 130/135 bear call spread for at least 1.00 credit and about .45 risk per contract

SPX been flat 2,270 +/- 15 since early December - snooze. I had a 2/3 SPY put fly @ $227.5/225/222.5 - I took off for 25c net gain today, glad to get even that.......

Ill tell you man, Ive pretty much given up looking for correlations on anything except maybe the $DXY in relationship to commodities and currencies. All the bond yields, gold, oil, sector rotational crap....its unreliable with the new tweeter-in-chief at the helm.

I need to trade spx more, I use RUT a lot but those index options are much friendlier to me tax wise at years end(if I ever pay taxes)