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Ok, understood, if you have an edge, strategy or information on a particular ASX stock, then by all means leverage up. I only trade them (as covered calls or the occasional naked put) because I am living here for a couple years, and the time difference is a killer. I mainly traded US options in...

Sorry, I use IB and although the charting is substandard, for my needs it's ok. Good luck on the ASX. I have been trading it for six months and don't particularly care for the SPI nor the fact that options contracts are for 1000 shares instead of 100 nor the small price of many of the stocks...

Are the ES futures and options cash-settled simultaneously? Or could one be left open after the other is settled, hence creating some naked risk.

I thought the generally all expired on the same day. Hence, triple and quadruple witching days? I think my ES futures for March and the options on it both expire on the same day. Do you mean the options expire at a different, earlier, time on the same day?

Imagine if you were long a futures and long an option on it, and the broker sold your futures position three days before the expiration date. You would then be naked for three days? Can this be true?

Thanks for the numerous, and apocraphyl, anecdotes about taking delivery. But what I was wondering about, actually, two things were: Making a delivery? Supposed I was short corn? It shot up, imagine that, and I for got to cover/close or even hedge? Do I just get a bill and the cash in my...

... expires? If I'm long I get a certificate saying I own some whatever and it's being stored somewhere at such and such a cost (and money is taken from my account), right? But what if I am selling?

Let's say, I have, essentially a covered future: Long ES and an Short ATM ES option, both March expiration. Come March 19th, I am ITM on the option. I assume the short option simply calls away the ES futures at the option strike price (and I keep the premium I collected), just like a stock...

Just curious: How can an option go below intrinsic value? Doesn't that create an arbitrage opportunity?

Thanks. I understand that a short strangle from the get-go makes this entire trade less complex with, roughly, the same risk profile. I just like the added protection of an underlying, I guess. Or am I fooling myself? I'll look into the ratio back spreads, haven't thought about them.

Write a new CC, turning the suddenly naked call into a ratio bull call? Not eliminating risk. But reducing it. Thoughts?

If an underlying is trading at 100, and I write a naked ATM put for, say, 10, and the vol goes to 250 from 20 in a day, wouldn't that put, pardon the pun, me out of business or at least prompt a margin call? And isn't that riskier than buying the stock for 100 and writing an ATM call. No...

So why is a covered call considered a synthetic short put, if the risk profiles are different? My downside risk on a covered call is either opportunity cost or the underlying going to zero. My downside risk on a short put is theoretically unlimited, as it is uncovered, and volatility is...

Isn't my risk greater with a short put, as I have volatility risk. A put could, while falling downward, spike higher than falling future, no?

In case one, the maximum profit is the ATM call premium sold. How is that the equivalent to a short put, where the maximum profit would be the (presumably higher) ATM put premium sold.

I can. IB allows it, as do some others.

Let's say I buy the ES futures an sell an ATM call, near month -- capping my downside risk with a stop equal to the amount of premium collected. Simple, not fool proof, of course. Sudden gaps, sharp rebounds after being stopped. But a fairly ordinary covered call. Now, at the same time, let's...

Where the heck are the Forex cash positions and SSF positions? Can't find them anywhere nor can I get an answer out of the IB help system.

Enlighten or correct me on this issue: If I notice a pattern in the AUD/USD versus the NZD/USD is there a way to capture it other than going long one pair and shorting the other? Will the AUD/NZD cross essentially give me the same spread?

Jeeze what a pain! I was trying to sleep in, now I have to get up even earlier!