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Well if I bought an AA Long Calendar it would have had a bearish bias at the 9 strike, so I did a double diagonal instead: Sold 10 July 10 Calls Sold 10 July 9 Puts Bought 10 August 10 Calls Bought 10 August 9 Puts .76 Debit Benefits from no movement. Although long calendars...

For the delta neutral long calendar, it's still negative at -$1364. The only positive is that AAPL volatility has been steadily rising, up to 44.03% from high 30s last week. ToS chart says around 46.23% vol, the position is breakeven. Guess I'll find out soon enough, AAPL earnings are on July...

Hey mike, yes I want to play volatility, but it obviously has more elements to it...for example with reverse (short) calendars an important element is your positive gamma, giving you a long straddle type of position (benefit from a large move in either direction). As far as what 'MyEdge'...

Yes, Quotetracker for the win. Use the the FAQ/Help function on the quotetracker website for getting proper tickers.

Hey SpreadSeller, thanks for the words of encouragement :) These next two months will definitely be all about understanding options better before I have to go back for fall semester :( But even during the semester I'll have time to watch the markets. Approach/method, I'm undetermined...

Earnings season is coming up. Alcoa (AA) kicks us off Wednesday the 8th. I've been backtesting entering long calendars (short frontmonth, long backmonth, nearest ITM-ATM call) the day of earnings release, and they have all been profitable back to their 11/06 earnings. Didn't go beyond that...

The short calendar (long August, short October) got hammered today. The greeks were right about negative vega! lol. It's showing a loss of $1,930. *Without the delta hedge (long aapl stock), obviously the loss is reduced, but even without it, the position took a loss today. I read a...

Naked long calls/puts on a short time frame as pure directional plays can probably be done if you understand the leverage and risks of being naked (but if you're are that good on direction, probably just use the underlying). Anything combining two or more positions though, like straddles...

OK, with the strong selloff today the current values are: SPY Dec 09 107 Put = 18.825 18.825 - 17.15 = Gain of +$1,675 SPY Jul 09 90 Put = 1.90 1.91-1.27 = Loss of -$640 NET = Gain of $1,035 The initial position was $17,150 Debit - $1,270 Credit =$15,880 total Debit. So...

There is a lot of discussion about this by the option greats of ET, including Mav74, riskarb, etc. in the archives. Good lengthy discussions about it, try the search button! If you have time to read, the classic "SPX Credit Spread Trader" thread has a good roundup of the question, somewhere...

SPY chart, near term. Note, I don't have much TA skills or anything like that, so you don't indicators, channels, lines, etc. but I'm working on it :)

SPY Chart, long term outlook.

Alright well I'm still working with these calendar spreads, was up all night manually backtesting. Going to expand it out to RIMM and others, and also try the double calendars. It's a lot of fun! Out to the broader market, I want to take a neutral/bearish outlook. For the rest of the year...

Oh, okay. What I'm doing right now is searching for a volatility holy grail: long vol, no directional risk. I guess this is what most n00bs do, cause my natural thought process went straight to this: 'oh wow, buy earnings vol, no direction risk, make money!'. Alas, no free lunch. Adding...

Is IV Trader still around? I've been reading lots of his old posts in the archives, good stuff. I wonder what he would think about the current vol environment going into next earnings season.

Hey atticus, thanks for the first reply! Did you determine the position will get killed just from looking at the greeks? If not, what then? :)

note for reference: August 150 Vol: 34.84% October 150 Vol: 34.80%

Hey there!! So, I ordered Natenberg's Volatility book on Amazon yesterday. This should be a blast to read!! Funny how before I read on volatility, I'm trying to trade it lol. OK, so I don't think my previous position will hold up. The overall greek numbers make 'sense', but maybe only...

Ok the more I look at this, I think the position is fubar. Although the overall greeks are long vega, individually i'm short vega in august (when I want it to go up), and long vega in october (which shouldn't see much of an increase). Yeah, so, think I'm going to just take the whole position...

Some people did this in the legendary journal, SPX Credit Spread Trader. Indeed, premium is less and much closer to the money than you would want to be in a bull market (or bear market rally for that matter). Even getting .50 cent credit. It's probably best to write bear call verticals on...