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you forgot OMEGA and maybe even some SADDLE GAMMA

new Greek: ULTIMA

looks like $ZM wants to push down to the 200ma. Price is slightly above my support area. Most likely this fly will be a wash, but I may re-enter with adjusted strikes.

Do you recommend always initiating a natural fly slightly OTM at order entry? In the direction of your price/vol bias? Instead of ATMF?

i think he meant wing/deepvert is synonymous Use the wins (realized gains) to finance the wings on deep ITM verticals?

Ironically all I had to do was study a bit of the Greek language and a tad of Latin and all of a sudden riskarbconvexxdownprufatticusdesterio‘s post became more clear, like a veil lifted.

Long $BEST

Eyeing the TLT 15 JAN 21 150/53/56 natural for $1.04

Currently still in all my stock positions. Adding AMC and BXRX to that list. Update on my ZM fly. Quoted at $2.75 on Sunday night. Well, ZM price action this week confirmed why I chose the 15 JAN 21 expiration instead of the weekly. $360 is the area i kept my eye on, thus being the choice for...

yeah, and he obviously evolved his strategies over time. He recently posted (in this thread I think) about moving his expirations to the monthly cycle, instead of weeklies. He didn’t clarify if this meant for fly spreads, but yeah Dest trades it all

Market doesn’t know you exist. And your interpretation of the reality around you is probably false. But that’s okay, we are all on this journey, keep analyzing. it seems the top of the rising wedge was glazed last week. IMO, the way I interpret the reality around me, a correction/consolidation...

Week 1 of 2021 was an interesting one... for some reason, as time permits.. it "SEEMS" as if time is convex. It feels like its moving faster ever more so.. and Taleb warned us about the regularity of tail events. Every other week we see +3 st.dev events. Its a bizarre time right now. $SPY...

but remember, dest also trades a lot of 121’s. There’s nothing wrong with 121, but to take advantage of the skew the 132/231 is sometimes a better option. 121’s are symmetrical but CAN be directional if placed OTM

@wrbtrader bro............................................................................

I get the odd feelin' you're the one who bought this course

this is not true. Dest has traded many directional flies. In fact, almost all of his flies are a prediction of price @ time.. implicitly a delta trade in vol. Hence, the reason he constantly ratio’ed and broke the wings.

Iron nice trades! and @qlai i have hundreds of books on options/trading and I’ve noticed when it comes to fly spreads a lot of books OMIT this options strategy. It amazes me, the book will have an entire chapter on synthetics... and talk about all the different types, yet not a glint of mention...

Accurate? You mean efficient? And I’m going to disagree here. Definitions should be clear but.... accurately priced premium = no possible profits (arb) Correct?

this expired at 0.6 despite the massive run up in spot

Interesting. So the etymology of volatile is volare, which originally meant “a creature that flies”... and now in today’s volatile markets we call strategic option plays “wing spreads” or iron condors or butterflies etc... If someone thinks these terms are completely random are in for a surprise.