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So an option on UVXY, a leveraged ETP on whatever it is -- index? futures? -- would be a what-order derivative? Fourth-order?

ETFs, in this case, SPY, are second-order or third-order derivatives? What about ETFs that follow the VIX? Fourth-order?

One can short the ETPs -- and hopefullly hedge. But what other ways are there using options, futures or ETPs, do any have any better track record than the others? Was thinking about just always selling deep OTM put credit spreads on UVXY.

Anyone know what the best place is for a US citizen / resident to set up an only off-shore account with IB?

Let's say I, an American citizen living in the U.S., want to run managed accounts or even pool funds. But I don't want to deal with any of the U.S. or state regulations. Can I simply set up a fund off-shore, solicit non-U.S citizens and be in business without running afoul of any U.S. laws or...

Ok, Thanks for the thoughts and encouragement. I didn't know I could automate with Excel, even with VBA on IB. I also heard IB has some automation product out now. If so, I may try.

Ok, I'm 65, still trading, options mostly, on IB, SPX iron condors weekly, long LEAPS puts on bound-to-lose leveraged ETFs covered with OTM short puts, and some short vol trades. Now I like the idea of automating my trades, especially the ICs and the weekly Far OTM short puts on the long LEAPS...

Maybe I'll just email Hoenig and see if he has any left around. I know the jackets sold out.

Traders Library used to sell them, but no more. Need for a Halloween costume. Thanks.

Interesting cast. Another young teen actress on the show, I recall, became a porn star and Tiger Woods conquest.

There must be a reason it is dismissed so. I would think the risk management required takes some skill beyond market return, no?

Well I looked at your short list of quarterlies, and I can see right off that at least one ETF with LEAPS (UVXY) is not on it, so I'm not sure about your assumption that every LEAPS must have quarterlies.

I can go through the various ETF databases of optionable ETFs one by one but a lot of them have only options up to nine months or less. I'm looking for a presumably short list of 3Xers that have LEAPS, although a list of all ETFs with LEAPs might do. Thanks.

I have this DUST LEAP Put Jan 2021 now in the money and heading deep into the money and, I presume, based on past performance, a reverse split. Should I hold the new LEAP that comes out of this until expiration? Should I execute it now and roll into the 2022? Or execute the day before the split...

Any brokers offer long LEAPS with 75% margin? What about with a covered OTM call? I recall reading a while back that the regulators now allow this, at least the former.

Tks. Makes sense.

Ok, maybe I am plugging the data in wrong, but with the call half of an iron condor way out of the money, say, with a delta on the short of about -97 (and the long wing a little further out), and a 97% win rate, risking say 5,000K to make $20, how would I do the Kelly? I can't believe there is...

Having brain farts, but when I plug in the numbers, I get gigantic figures which cannot be right. Let's say I have a $10,000 bank roll, a 95% win rate with average win of $20 and average loss $5,000, I sell ES OTM credit spreads that expire in 24-48 hours. What's my Kelly number?

As a position sizing / risk management tool, obviously.

Is the Kelly Criterion useful for avoiding total blowups in writing iron condors? If so, how to calculate it? The online calculators as me for odds as in 10 to 1. If my shallowest delta is -95, would that be 20 to one in the odds calculator or one to 20?