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So, how are you playing this? Are you buying puts or calls, or strangling?

Are you looking at SPX for those OTM hedges? Or SPY like you have been doing???

I'd like to hear thoughts on covering the 1285/1300Call spread by BUYING the January spread.1285/1300.

No, Phil's book does not go into adjusting credit spreads. I personally have not read a book which adequately discusses adjusting credit spreads. But I am not an expert. I would suggest you read through this spread. While extensive, there is a lot of good information here. Also...

Please give an example of your commonality.

I'd like to see you expand on this please. Particularly, the put and call calendars. Are you doing calendars on SPX, or SPY as hedges? In what ratio are you suggesting? It's a great concept, just want to work out the devilish details!

I've read the book, but am not a highly qualified trader. I learned alot from the book. The other book I read was McMillans. Phil does a nice job of explaining some of the complexities in "plainer English" so that I was better able to understand some of the trades. Phil's book filled in a...

No criticism. WHY is matk going down? What are the fundamentals driving this play? It seems like a reasonable position, but we need to research the position.

Now that margin is getting released, does anyone have any suggestions on spreads? I'm looking to close out an 1120/1135 bull put spread and roll up, but there's not credit on anything I'm willing to roll up to! I'm hesitant to go over 1180, but up to there not much credit. Just curious!

this brings up my point from a previous post. we are in a strong rally. it will be interesting to see the results in a downdraft. not being critical, just want to see results in a bear market too. Keep up the good work!

Please let us know. We'd be very interested. FYI, I entered 5 March 25 STE puts. I think the gap up is too much and expect a gap close. I sold 2 Dec 22.5P against it as a partial calendar. I will close out some of the March puts at gap close, and leave the remainder in the spread...

Where are you getting your Adv/Decl info from. I've been looking all over for that, but can't find it.

I almost took that play for $1. Didn't do it, but should have. I've started swing trading some SPY opts. Bought 124P for 1.75 yesterday, will start legging into some condors this way. Will buy the Calls on a pullback. Anybody do this. I know there was talk of it when we were talkiing...

Did you use Nov or Decs

OK, here's one to discuss. STE-Steris Local corporation to me. Makes medical equipment. Poor earnings but gapped up an speculation as a buyout target by Johnson and Johnson. Gapped after JnJ dropped bid for Guidant. Is it a good candidate for this play? I'd be looking for a gap...

I trade these with Redoptions. They call them double diagonals.

zia mostabi sent me this to post. I'd like commentary: I call my strategy Convertible Double calendar strangle.. a little confusing but it is very simple... this strategy in the beginning is non-directional but as market shows some behavior and direction then I adjust your position...

I stole a comment by Michael from the OptionClub Yahoo Group. :D It's one approach to Calendars. :eek: --- In OptionClub@yahoogroups.com, Michael Catolico <mcatolico@m...> wrote: > > i look at calendars as a variation on a butterfly. they act much the > same as flies in that the...

I'm not sure what you're asking. What did you do with the position once initiated?

One thing I've learned with the advisory services is not to count on them to get you out. They get you in, but you have to rely on common sense to get out. They play things to the end and count on rolling to get their credit. I don't like that. I've aimed on several spreads to leg in for...