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Murray, Has your group looked at call diagonals using weeklys? For example May 1270/June 1320 is one I just picked out of the air. No black swan problem, liquidity looks like it stinks and is close to the money and would need some nimble adjustments on an upward move. I'm looking really...

I paper traded an Apr/May call diagonal with good results and I'm now paper trading a June/July call diagonal that is well out of the money with the recent pullbacks. I might move to real money for a July/Aug call diagonal next month, we will see. I don't know that the 5 point close to the...

Murray is talking about call diagonals. If you do a ratio call diagonal for a small credit or break-even then a black swan is no issue. If the market crashes you keep your small credit or break-even and live to trade another day. Now, there is good sized risk to the upside but there are...

[/B] I think Sailing said you have to send it to the order desk if you don't want to risk the leg in.

Did you leg into this? The mid right now is .65, 1.2 is a great fill!

Just post it out here for all to see, use your ignore button if need be. You can learn a lot from all the positive and even the negative comments that you get.

Hey Murray, How about an update on your diagonals.

You know the MMs read this thread, you should have known better! They will now punish us all! :p

Good luck on getting out at .05, I've been trying for a week with no luck. :mad: According to TOS today the mid is -.05 so maybe I can get a credit while buying back my spread :p

You big wuss, come on trade like a man, chase that premium! :D Just kidding, just kidding! Trying to lighten up the mood in here today.

The b/a spreads on XEO aren't really any better than SPX, what makes you uncomfortable trading the SPX vs XEO?

Rallymode or Cache, Did either of you pull the trigger on a June 1240/1245 put spread yesterday with the drop down to 1270? I'm paper trading the 1245/1250 with a $1.10 fill to further my education on this particular strategy.

Exactly, that is what I am trying to get used to.

I'm paper trading for a little bit so I can practice adjustments and see how the position reacts to the various moves in the market. I might do what Coach does and put on a small position with real money to up the pressure a bit.

They are much less the "set it and forget it" type of trade than FOTM. But as you mentioned, the upside is the when you are right you can take a good profit quickly.

I paper traded a May 1335/1340 call spread that obviously did well so I closed it out the other day for peanuts. I am now looking at a June 1240/1245 put spread to see what that might be like.

I'm having way to much fun on this board and learning a lot about a new strategy (to me) from you so please keep typing :D . Between you and Cache, I am just about converted to the near the money 5 point spreads :cool: .

We are getting closer! Are you still thinking of going with this one? The mid is at a whopping .60 right now. EDIT: looks like the .60 was bogus from TOS, it is now $1.10

Even with all this downward action the last several days I still can't get out of my June 1380/1390 call spread for .05 (I'm way to stubborn to bump it up to .10). I put in an order late last week and still no luck (I actually forgot I made it a GTC order). At this point I'm going to just let...

The videos are on the CBOE website under Learning Center tab. Here is the link: http://www.cboe.com/LearnCenter/webcast/archive.aspx Dan is a little nutty but I thought he was really good.