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I just don't know how frowned upon it is to not close the whole position at once. At any rate, I got stopped out for no loss on the trade at 137.48. That's why I prefer this to straight calls like Don suggests, at 137.48 I would have lost almost 25%. The butterfly provided a nice cushion and...

I always do dumb stuff like this, but I covered the 20 138's for $.07, booking $220 profit on that, and am now holding the 10 137's and 139's, with a max loss of $280 if SPY closes below 137. Breakeven is now $137.57 at close if my math is correct.

I've been doing a lot of that lately. I am trying to digest the greeks right now. But I've mostly traded around earnings and low IV stuff (like INTC and ORCL) where I don't really need to know the greeks, I just have my own price expectations and if the options don't fit then I don't make the...

Atticus, lets say you were holding the 40/50/60 fly on SODA right now, would you close out the whole thing or just cover the 50's and ride out the others? I suppose that depends on if you're bullish on SODA from now till expiration, but do you typically consider doing something like that or...

Didn't know what a backspread was, but I was trying to say that the "short backspread" could be suicide. In other words, why do a "short backspread" when you can just do the same thing as a fly with one more call on the top end.

It would appear that what I suggested is almost a fly, just like atticus has been suggesting except that mine doesn't have the top end cap (which could be suicide). I suppose instead of the 40/50/60 like atticus suggests mine would be basically the same thing at 50/55/60, where the 50/55/60's...

Looks like there was $600 Margin requirement per "set" and I was able to get a set for $.30, I'll let you know how it goes...

For SODA, would you ever consider buying 1 Mar 50 and selling 2 Mar 55's? Then your cost is less than $.50 and it wouldn't starting going negative until SODA headed north of $60.

The open interest on those is near zero so the bid-ask spread is unreliable. You never know what will trigger a buy without placing limit orders closer and closer to the ask and you'll have the same problem when you try to sell. I used to trade PBY options a lot but just be aware of how much...

Given the last couple days it looks like there's high expectations, have you done any research into that one?

So assuming you're in a trade like, how do you define your exit strategy? I don't have a good grasp on that, is that something you do on a per trade "gut feel" basis, or is it completely automated with stops? What happens when autozone opens at $380 or you're right about $355 but not the...

I bought some Mar 30/27.5 strangles for $.80 on CVI which is on a similar pace as the GILD you mentioned, very overbought but earnings coming out Thursday. I'm just hoping for a large move in either direction because it's been on a good run for a while but has a bit of short interest.

I agree with the looming correction, but I figured it would only jump to 16.5 or something that the march 17.5 wouldn't budge but the May would have a little bit of gain. It was a short term play but I wasn't convicted it would jump fast enough for March, although I wish I would have now...I'm...

In for 10 May 17.5 calls on CTB. Hope earnings kickstart it's momentum again.

Sorry, I meant to say bear CALL spread. I tried to edit my post but it was my first one so it was under review and I couldn't change it. I wanted to sell the 16 calls this morning and wait for a pull back to buy back the 12's, but it looks like I don't have the margin requirements to do so. I...

So....I need advice on how to get out of my 12/16 bear put spread on VVUS. It was at 10.55 today and it looks like it'll open above 20 on the FDA panel recommendation that everyone was claiming wouldn't be approved. Should I cover the 12 and let the 16 run, or sell it all out at once? Burned!