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Okay you professionals that contribute to this thread, here's a question for you. The Nov 1120 just got added today. I'm trying to place the following: Nov SPX 1110/1120 bull put credit spread for $1.00 Here are the bid/asks for each leg: 1110: 2.75/3.40 1120: 0.00/0.00 I...

Yes, this is the problem. That's why I'll be interested to see if I can keep to my new strategy of selling more call spreads than put spreads (to limit catastrophic loss on the downside) when the call spread premium are relatively low. Will I be able to resist the "juicier" premiums on the put...

I've been thinking along the same lines. To me a large change in the market and therefore the SPX is like a catastrophe from the point of view of how it affects our spreads. The difference is that going down, it can be like an earthquake, which means little to no advance warning. Going up...

C: Your certainly correct about the risk on these credit spreads. Coach stresses risk management over profit, but IMHO the biggest threat to continued success is success. With success comes hubris and this can lead to traders of this strategy becoming complacent and taking on even more risk...

I just noticed that these strikes were added except for 1120. Just as a followup, did anyone notice if these were added yesterday? I was traveling and couldn't followup.

Jet: I hope you will be a regular contributor to this forum on credit spreads. Your experience and knowledge would be an asset to us all. For example, we have a lot of posts on trying to negotiate better fills on our SPX spreads. Any advice on how we might do that? Is it even possible...

As a regular poster on this forum, I missed today's action because I was traveling. Wow, 8 or 9 pages of mostly useless posting from Maverick and JackByrd. What I don't understand is why these guys care. If you don't like the strategy, don't read the thread. Those of us who follow Phil...

Found the following fact in an article about October generally being a difficult month for investors. "There's never been a decline in the stock market in the 12 weeks prior to the end of a series of Fed rate hikes," Kleintop said. "It's always been up and the average is 5 percent." Don't...

I'll take a stab at this since I want to make sure I understand it. In your example, if this is a bull put spread, then the SPX should be above 1218, otherwise it's ITM and that ain't good. So, Buy 1 1218 Sell 2 1217 Buy 1 1216 The net effect of this is to leave you with a rolled...

I don't understand. Why can't one use a butterfly to adjust, in my example, the 1150/1160 down to 1140/1150?

Let's see if I understand this. So for the butterfly, I would have placed the following (I'll use 1 contract) BTO 1 SPX 1140 STO 2 SPX 1150 BTC 1 SPX 1160 Actually the 1150 would be STO 1 SPX 1150 and STC 1 SPX 1150. So is the problem with OX that they won't recognize the BTC or STC...

Two orders. I use OX. Yeah, maybe I haven't placing these orders correctly. When I adjusted yesterday, no sooner had I bought back my 1150/1160 bull put, then the market started going right back up and I got less than I hoped for on the 1140/1150 roll down. I placed these trades...

Hmmm. Your response was probably prior to my recent post giving the numbers. As I said in that post, my diary was muddled and I don't remember the SPX price when I made the adjustments. Based on what your saying, it would appear that my 1210/1225 was ITM and not ATM. This might also mean...

Andy: After I responded in my previous post, I decided to look at the actual numbers for that month in my diary [enough time has passed :)]. Unfortunately, my diary is a little muddled over that time period, so I'm not sure where the SPX actually was, but I know it was at least ATM and...

Thanks, I must have missed it. So what's your thinking on completing the IC for this. I'm currently trying to get filled on a 1250/1260. Do you think it's too early and I should wait for more market direction. My concern is that, I've noticed a drop in bear call premiums for the subsequent...

Coach: Are you holding out on us? What November spreads?? :)

Andy: I wish I could give you a well-thought out answer. At the time I was under extreme stress as I allowed this to go on over a weekend. By Monday, I got out at all costs and even though I lost quite a bit, it wasn't the worst case scenario, I was immensely relieved. Still it had a...

Andy: I hear you. I went through worse in July as my spread was ITM and I never want to go through that excrutiating experience again. That's why I adjust earlier and push my spreads further OTM than coach. Also at that time I wasn't part of this discussion group, which I highly recommend...

Is anybody looking at November spreads. We have 5 weeks to expiration and I believe that this is also within Coach's time frame for the next month. I just closed out a 1290/1300 Nov yesterday keeping a little more than 80% of the premium, but still have an 1130/1140. I've currently got a...

BTW: It's not when YOU adjust that the market will turn around and go the other way. It's when I post an adjustment that that will happen :). This is exactly what happened yesterday, but I stuck with my plan. I keep telling myself that hindsight is 20/20. Hindsight is 20/20...