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I have a similar system to your proposed build. I run six 24" Dell ultrasharps. I have two firepro 2460 cards (capable of running up to 8 screens). I dont do any gaming so those cards were fine. I am happy with the setup. Here is a pic

A Xeon workstation at a similar price won't offer noticeable performance over the i7. Not really worth the money, unless you get the higher end xeons, which would be overkill.

A computer with those specs would be more than adequate for trading. Regarding the i7 4960, I don't think it's worth the price relative to it's performance. The i7 4930 is more than half the price and comes close to it's performance. Here is a benchmark for high-end Intel cpus...

You are referring to DdeltaDtime, or "Charm", or "Delta-Bleed."

Why complicate things? Looking at global thetas (and delta) inherently gives your risk exposure. Vomma risk will be inconsequential day-to-day given your holding time account size.

I was referring to long thetas. If you're short theta/long gamma, then you're long risk.

Watch your thetas, for the overall portfolio. Don't let them grow too large given size of book.

So?

Perhaps that is the case when trading a 5-wide fly in aapl with 30 min to expiration. There are many other ways to trade a fly aside from playing the pin game.

There is nothing special about a butterfly, or any other type of spread. It is simply a way to express one's view of the underlying asset's price/vol. I wouldn't regard a fly as a strategy, especially not a rolling "income generator."

Deep ITM options are often less liquid, especially index options. If this is the case, it is sometimes easier to fill an iron fly, as opposed to the natural.

In TOS, when you pull up an order ticket there is a drop-down for "advanced order." The default is for a single order. If you click in that box you will see other order types. While I have never used it, the "blast all" option may be appropriate for your case.

It appears to me that you have the price locked, is that your entry price on 2/25? If you are looking at the P/L for the day (2/28 - white line), then you are looking at what the P/L of that trade is if initiated on 2/28. What was your cost basis, and what are the current marks?

Are you asking when to close a profitable trade (book profits)? Or how to submit the order (complex vs. legging out)? Personally, when closing option spreads I do it as a complex order (all legs fill simultaneously, as a package). I have rarely been successful in legging out of one side...

Google "option delta"

As I am sure others have mentioned. You need to have an opinion on price/vol. It doesn't really matter what tools/methods you use. Often, it is better to keep it simple. As long as your strategy makes money, consistently, then who cares how elegant your model is. I do not know the size of...

Baird is a solid resource. The material is still relevant, regardless of how long ago it was written

No book out there is going to explain exactly how to trade options, profitably. You still need to find your own edge. For me, the hardest part was making the leap from conceptual learning to implementation. After awhile, you'll realize that trading is often simpler than you thought it would be.

Most option-related texts are garbage. Go read Hull and you'll be fine. Baird and Sinclair are also worthwhile. After that, there isn't much more you can learn via text. Watch the market, or get a job at a firm that will train you (if you go that route then forget about option textbooks...

You must have some sort of strategy, or "system", in order to trade profitably. It does not need to be fully automated, or mechanical, but you must be able to identify a quantifiable edge. Of course markets are fluid and constantly evolve, but it is not possible to consistently succeed by...