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I am not an expert....sorry Let`s assume that 20Calls are 20 points ITM and spread is killing. How about selling short futures against calls ? You are covered on upside, but if vola goes down you don`t need to touch options, just realize profits on futures.

Anyway, Coach, thank you for the Plan. And you better stop disclosing such valuable info here or you put many pros out of business :D

Agreed, the only thing is liquidity. 400 contracts front month daily is not impressive, unless it gets better.

Coach, did you ever check/consider 2-year T-notes futures or Eurodollar futures ?

Old saying states that crowd has little common sense but tremendous activity potential :) There were many periods when price of oil was almost completely ignored and many, when negative correlation of both was almost perfect. Judging by corrections there might be opposite surprise as well.

Which is IMHO great opportunity to sell bear calls. Although I never do this on one side only.

Skdoyle, you are talking about dilemma I had some time ago. As using regular software was not much helpful, I wrote own spreadsheets in Excel calculating possible scenarios. It was kind of balance sheet - just budgeting my whole position, piece be piece. Regardless I am using other software...

One of few educators with such extensive option knowledge. Offensive behaviour should be controlled, but common sense is the key. This forum would look poorer without man like riskarb.

You see...before options I was doing a lot with Trade Station, got a lot of EL language, working with a myriads of models, charts, reports etc, etc. Now...I do the same what you do. I use my own spreadsheets, which show me what I need. I have to say, that since I stop using standard trading...

Nice result, Cache, congrats. Do you use any soft for calculations ? (Just curious).

Coach, as I have had few questions about, we need to emphasize this - ideal hedge means (more or less) no profit both for spreads and nakeds. Whole game is about taking advantage of gamma/theta diminishing through the time, so if you develop (and budget well!) technique allowing you to stay with...

Donna, we all could read your intentions, it was nice. Don`t blame yourself for anything. I come and go to chats in general just because of these boring frustrated people. It is all about the same... once they lose some money, they start to blame whole world for their failure.

Coach, it really is. As I said before it is a honor for me to be with you in the same boat (at tleast for the moment) :D

Maverick, right. We have been here for years, which is another reason to respect each other ? You are right, I was checking many option strategies through these years, including delta neutral. I was in systematic trading before that. Is anything wrong with this ? I have been learning markets...

Donna, I`m not here to catch clients, but I am taking your words as nice compliment, thank you. Coach, this is not pleasant occasion to say it, but being under criticism in your company is a great honor for me. Maverick - you were banned from Elite some time ago for attacking people with...

Agreed. I`ve heard several time from institutional reviewers that high returns are not necessarily their major concern, but possible loses. Some said that ideal product was - small gains, as close "Month-to-Month" as possible.

That`s not me, pal :p

I can see adjustment opportunities, but have a hard time to understand usefulness of the strategy considering RR ratio vs. margin without adjustments. Usually it means that: 1. my level of understanding is much lower 2. my level of understanding is higher :D Let`s see which one is to...

The rule is simple - smart ones learn anyway, ...others never learn, so it is just big waste of time talking to them. Your are proving that no valuable advice should be free - because arrogant and ignorant people like you never appreciate this. To make it clear: I am not interested in...

What returns ? There are some charts only. If you want to see how performance should be reported see NFA website or check databases like IASG, Barclay`s, Autumn Gold etc.