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To the OP: spend some time on the cboe site in their educational section and webinars. It's free.

Backspreads can be a pretty good hedge of vol/ large move down bet. With the way the skew works in the indices though, I have never been able to make a backspread work on the call side. Unless it is a very large move up, your longs just don't make enough to cover the loss on your short. In...

Your long hedge is expiring prior to the shorts right? With the way we have moved down and the uncertainty, I would close the position.

Didn't seem like a very big move in USD compared to the move down in the market. How would you play this as a hedge?

I think they should add Option Abusers as a category too. Probably would fall under the substantially lower assets group.

Forget about the ratios for a minute. Are you saying that having -264 gamma against 164 theta in the SPY is not a risky position? 3 pt SPY move down (give or take) and your position is delta positive and vega negative, double whammy. You are not earning enough theta to offset the risk you are...

So you are ok with your neg gamma being that much higher than your theta?

And the market doesn't turn just because a line on the chart says it is "support" or "resistance". Edit: "keystone response?" really?

If commissions kill any trade in this day and age you need a new broker. Your margin requirements as well as your 99% of the time statement show you don't really understand the iron condor or how to trade it. That being said it is just one tool in a toolbox and selling iron condors in this...

This is all great but none of it has to do with the original purpose of the thread. That being s/r lines drawn on a chart are useful (and my coin flipping graph being a counterpoint). In fact you are helping my argument because your edge is not in reading the chart but cutting losses and...

This is spot on. Unless you are trading in nanoseconds, there is no such thing as a mispriced option.

Exactly, probability being 50/50 heads vs. tails no matter what your chart is telling you.

Please tell me you are kidding. Are you saying that based on the lines you have drawn you can predict the next coin flip??

What you are seeing in your software is the bid/ask and mid value of the spread. With verticals, I have found to never trust what the software is showing. You can pull up the call equivalent spread and see what it is going for (ex. if you are buying a put debit spread, see what the equivalent...

You did get the part where I said that the chart I posted is based on coin flips right?

Fortune favors the bold! If things get rough just put on the Karen trade. Roll everything out a couple of months and pack a bag for Mexico.

Unfortunately, you will find that support/resistance is in the eye of the beholder. I am afraid you are curve fitting with the rules you are outlining trying to make sense of the data. For example, looking at the chart below you would think you have obvious points where you can draw lines and...

Buy a /VX future or get synthetically long VIX and sell call spreads against VXX every time it pops and begins to move back down.

She seemed to be an accountant who thought she had a unique way to defer losses and keep earning a paycheck every month. For example, apparently she would donate a portion of the profits to the charity which would then put the money back in to her fund. Seems like a tax loophole she was trying...

Hot Rod the Superdupertrader?