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Entered the following butterflies this morning. X 1:3:2 20-24-26 Call Fly @ $1.32 playing OI in strikes and rally RIOT 1:2:1 26-30-34 call fly @$0.72 classic structure around OI NIO 1:3:2 56-60-62 call fly @$0.91 playing OI again IWM 1:2:1 213-210-207 put fly @$0.32...

I have one dog named Butters. I'm eying a new one and will name it Sticky Delta.

Thanks for sharing this and the rationale behind the set up.

I shouldn't have brought it up. SMH. But rivalries make things more fun.

I roll positions as well. But lets be honest about it. When you close and roll the first one it is a losing trade so record it as such as a loss. If the roll works you'll be closing that trade as a winner and just record it then as a winner. Or take the loss and roll again. IMHO

I've seen a few on my meandering through Canada on some vacations. I'd agree with your assessment. My lessons learned from my wanderings. Why the Canadian obsession with Rotisserie chicken? I mean it's delicious but really two whole chains around it - St. Hubert and Swiss Chalet? Poutine I...

LOL nah I'm a Notre Dame fan. Grew up NE Indiana for a while just can't bring myself to root for The Ohio State. Although I was sending them good vibes against Alabama. All for naught. Biggest beef I have with Ohio is why do they have so many state troopers with those ridiculous hats?

Another reason to hate Ohio State.

Interesting. I need to ponder this. My thoughts were often the 1:3:2 can net you a credit similar to a broken wing fly 1:2:1 with the same R/R.

Trades I'm eying putting on tomorrow for the weekly pin strategy and some rationale behind it for 1/22/21 EXP Am widening the wings based on some reflections from last week. Weekly IWM 1:2:1 210-205-200 put fly @ $0.59 - pullback mood in the market and looking for some protection NIO...

I'm becoming more of a fan of the 1:3:2 put on for a credit on the put side around earnings. After earnings if there are three equally likely scenarios - stock rallies, stock falls, all info already built and no movement but neutral drift. The vol collapses after earnings and this structure...

I like the 2:3:1 on high IV longer term 30 DTE plus. You can then sell a vertical against it and turn it into balanced 2:4:2. My thinking at the moment.

1:3:2 i believe is the same as a broken wing or skip wing.

This book is a classic has been on my shelf for years and have read and reread it numerous times.

I've worked in schools for a number of years mostly the prep school, boarding school, and most recently the university level. It's always an entertaining endeavor to ask students about the future they are after and then to follow up with the question "why?". It's interesting the students from...

What was the OI like at each strike? Was one much higher than the other? Sometimes that can explain stickiness of prices and their responsivity.

Interesting question. I've seen this same type of movement or lack of movement while trading options. My guess is the market maker spread is only so much and and the overall market bias can impact pricing. I think just because we have models for prices it doesn't mean conditions always mimic...

A butterfly is a hedged straddle.

This makes me chuckle. I have the same issue. I buy these shit companies a number of them mysterious ones out of China like IDEX that are most likely a house of cards but hey they bounce around with incredible juicy high implied volatility and I can cost base them down to close to zero buy...