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Something seems off with the example posted. The referenced test date is 3/7/2021, which is a Sunday (non trading day) -- Why use invalid data? Just plugging in the referenced strikes is reflecting a ever increasing loss so far. I have done similar BWB's on SPX before with some success, but...

Thnx for the post. Interesting. I have not had time to digest, but my initial thoughts (likely premature): (1) Since the option volume on UVXY now almost matches that on VXX, UVXY should not be ruled out, as it is a 1.5X leveraged version.

You should risk no more than you will be comfortable with risking! Perhaps not very helpful, but may be correct. ;-) (Investing VS Trading should involve different risk profiles)

What strike and which series? I see activity, but you have not disclosed which PUT option you claim to hold. Are you trying to sell a different option than the one you hold?

You may place limit order for just under the current ask, wait a couple minutes, then reduce by a small increment until you are near/at intrinsic value. If no fills, then you can re-evaluate reducing your price VS your desire not to exercise again. May be enlightening to check the open...

Your error is you selected improper setting in TOS. Better to select "Spread:" as single, then construct the spread you actually want, else select the proper vertical strike width you want, rather than the most narrow width selection you did. The responses by other responders are correct. May...

The lack of liquidity on KBE options make drawing conclusions from the IIV problematic. Friday, about 800 options total across all expirations and strikes traded on KBE, where there were 126K for XLF.

It would help if your "this" were more well defined! You say you wish to short, but also say you do not wish to short the stock outright. When trading with options, you add two additional variables that must be considered: (1) Time & (2) IV. If you know how long you will hold the position...

Here is using the link you provided: -- My interest rate is not intended for DTE < 30 days, and I use the 30 day rate so have some error there, but is close enough for most applications. I do not see any issues or unresolved mysteries. Thanks for posting as it seems fairly clear IB is...

I think the IV IB is providing is close enough. I did a calculation for the ATM IV about the time of entry and found my computed value very close to your IB value, so don't think the issue with the gross error is the IV. (so the sheet below is using your values, not calculated IV) As a test, I...

I have not verified the accuracy of your numbers, but just a note or two. If you are using the broker's IV numbers, they are not known for being very accurate. Also noted your precision for Vega seems truncated, which is not helping you. Deriving IV may be best served by "reverse...

While many options expire at the end of the trading day, some options are tradable up to the close on the day prior to expiration (AM Expiration). You need to consider which option you are trading, to understand when it may be traded. This is easy to determine from looking at the option chains...

The advise on using futures seems on point. The TQQQ option liquidity is not optimal and expect you may encounter excessive friction loss day trading it with options.

In TOS, it may look like this: If you have a current position, then just select "Current account positions" as your Watchlist.

Those that know what they are doing, typically use terms like "short volatility" in reference to placing a trade that should perform well if volatility decreases. The actual implementation of that can take many shapes, time frames and products. If no product name is provided, most people assume...

While I do not know what the author really intended, the term "unpredictable" is typically silent, but implied when referring to option Greeks. (with Rho, often being the exception)

Click the "Left axis" to scale the new plot on left axis. See below:

If you are making a directional bet on an expected underlying move, but do NOT have confidence on the changes to IV, you may be best served to limit your choices to what you have confidence in! Why place a trade that is more a function of IV than underlying if that is not your area of...

I think it can be summed up as: If you want to compute VIX yourself, you can. -- The CBOE published a step by step guide to do that (their VIX white paper). The more important question to some of us is: Should we referencing VIX, or is our needs best served by a more direct and precise metric...

IMHO, the implied volatility inferred by the ATM strikes is more precise at inferring the volatility of SPX. Using VIX adds artifacts to the value that I don't desire. The VIX value reflects an IIV in the range of a 20-30ish delta PUT which is impacted by SKEW, which I find undesirable. It...