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Take a look at a 10 lot Sep 1225p/Oct 1200p diagonal. Cost at mid right now is $2.85. Assume market opens at 1175 tomorrow, how high will vol go? Let's say 10 points to about 24 (anybody's guess). Your loss would be around $3500. If vol jumps up about 14 points to 28 (hey, about 100...

The first post by riskarb that I understood without having to reread it! :D

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!" - Jesse Livermore Maybe a lesson I need to learn. :p

You are probably right, need to be more patient. Just trying to take risk off the table when I saw the drop down to .20. I'm sitting on a good profit and don't want a rally next week to take it away. Can't complain when I am showing a 1.20+ profit (on paper anyway since I can't get a fill :D)...

Looks like I don't have a choice. :D I want to free up some margin to put on some Sep positions but may wait it out at this point. Mid on the spread right now is .55, probably have to buy it back at $1.00 to get a fill :p.

Tried closing my Aug 1295/1300 spread for .40 this morning while the mid was at .20, no luck again. What does it take to get a fill around this place? :mad:

Doesn't SPX technically expire on Friday? You can't trade them after 4:15 on Thursday, they settle on Friday. So once the settlement number comes out expiration on those options is complete and you can get your margin released right?

Your downside breakeven goes up quite a bit if you do this, you would have to be somewhat bearish to do this as you say.

The ATM put diagonal does seem counterintuitive but does seem to work. With the lower end puts you are a little limited with Oct strike choices so you are looking for the market to go no lower than roughly 55-60 points (depends on vol of course) by Sep expiration. I played with changing...

Still holding onto my Aug 1295/1300 call spread. Tried to close it at .85 on the dip today but couldn't get a fill. Will have to see what the MMs and the market will give me over the next few days.

It has seemed this year that whenever there is some sort of big announcement of some kind (Fed, unemployment, etc.) that the more of a big deal is made of it beforehand, the more it feels like "good news is bad news and bad news is bad news". With the Fed announcement out of the way I will be...

Here is the email I received from TOS today about options on futures: We are hoping to add them by the end of the year but are waiting for the products to be better supported on an electronically basis at the exchange level. All the best, Scott Scott Sheridan

Check out the Vertical Spreads for Aggressive Growth in the Journal section here on ET. Cache and Rallymode have a lot of experience with this type of trade. I've papertraded a number of them and have traded a few live and I like what I see.

Probably a good thing I have been away from the computer all day so I didn't see the move up to 1292 :D . Will sit tight through the Fed rate announcement next week and see what happens. Cache, you might be onto something adding that September bear call spread, I just don't have the time to...

Did you mean 1325/1330?

Looks like a good jobs report as far as the futures are concerned. My Aug 1295/1300 is going to go well into the red this morning I'm sure but the question is, will the market hold at the higher levels? I guess another concern is what will happen if the Fed does pause next week. Might have to...

I forgot you were looking at Sep, mine is for Aug. I'm holding tight for now.

What spread and credit were you looking at? My 1295/1300 SPX is bouncing around breakeven right now with this being an up day.

I have never been able to take advantage of a situation like this. I have tried many times but never gotten a fill. I think it is as you said, "false positives" that throw the mids off.

I opened this on 7/17 with SPX at about 1234 (look at a chart, I really called the short term bottom didn't I :p)). The VIX was at 18 (after thinking about this more, this level is probably a bit high for putting on a diagonal with current conditions, live and learn). I was looking for the...