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Thanks Coach regarding the papertrade, now it makes sense to me! I think I just need to remember papertrading is a lot more forgiving than the real trades. Based on what you were saying regarding taking the mid point, so the assumed debit to close the position would be: $2.75/2 = $1.37...

It time was Pacific Standard and the bid/ask info are all on the transaction attachment. As you can see from the transactions, the options were for the month of July. I don't know what the VIX were at the time I placed the orders.

Okay, the result of my 1st papertrade last Friday really confuses me. I used TOS, please see the attached transactions. My question is since Friday was a down day, I made a profit doing a Bull Put Spread? Why was I able to buy back the Puts at a lower price, when the SPX went down?

Thanks much for the explanation, it is making more and more sense to me now....

Don't want to get off topic, just wondering if Bear Call spread a better strategy than Bull Put spread in a bear market?

Thanks Coach, appreciate your time! I am doing a lot of reading on my own and started my 1st papertrade with TOS and download TOS desktop (played around with the application, like the analysis tool). I have also been analyzing the trades from thread SPX Credit Spread on this forum, learning...

Don't mean to get too ahead of myself here, however, the SPX has been going down since 2007 and the economy is getting worse.... seems Bear Call spread would be a better strategy to use than Bull Put spread for the current financial climate?

Thanks for the info, I will check these out. I am really appreciative of so many people's willingness to help!

Got it, thanks! Now I understand why selling OTM Puts is better because of the low delta and time decay both work in your favor.

Thanks for the illustration. Question: The $20 strike with delta .92 - is saying there is a 92% probably that the stock will trade ITM by expiration (2008)? How much can we rely on this probability, since the market changes all the time and the delta changes with it? and there is a 2...

Thanks for the explanation. On the Puts side, delta for deeper ITM approaching -1, and deeper OTM approaching zero? delta (+/-) 0.5 ATM (Call/Puts). The negative sign on the Puts side is throwing me off a little.

Please ignore my earlier question, I believe you already answered it, thanks.

This is where I get lost, how about if you get assigned?

Thanks Coach. You hit it right on the nail, I use delta a in the past but the other ones, I know them on an intellectual level, but have no experience nor practical understanding of how to use them to actually aid me. I look forward to our 1st lesson.

Sure.... I am ready to get started!

I appreciate all the inputs, however, I don't really need lectures on how clueless newbies are, and it will take x number of years to make any money, the fact that I am here seeking mentoring is proof that I know it is not easy, the fact that I want to be mentored is that I don't want to spend...

So the next question is how effective is a bull put spread. Can someone offer a real life example of: Actual max lost from a bull put spread trade when the trade gone real bad

I know Greeks from what I read on investorpedia, but never applied them. Just a background of my trading history and myself. I've got a math degree from a top school, so the math part is not hard for me to understand, I absorb the info fairly quickly, applying them is yet to be seen. My...

Thanks for the info, I will check it out. I heard many good thing about TOS, I currently do papertrade with CBOE but will switch to TOS for papertrade.

Any recommendation of a good modeling/risk options analysis software?