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IC,with all due respect,you going along with Ravars haze of unconsciousness is a bad look. What trader in his right mind buys a "longer dated" option and hopes for a vol contraction?? Keep in mind BW said he will stop himself out on a fixed loss on the option price.There is no doubling down on...

Here's my question...Why didnt you focus on an end of the day approach where you could have kept your job as well??? Either way,it's no bid deal as you are going enough to jump back on the saddle and get a job...

maybe its just me,but I prefer not to be dead wrong on my vol assumptions and double down to make up for my stupidity,especially when I have a fixed dollar stop:)

I quickly looked at the put fly .. Did not check to see when the next Div was,and didn't want to get into a potential div risk discussion on the call fly.. If there is no div,doesnt matter if it's the put or call fly

RaVar, it's an equity index option.. The term equity describes what type of index it is,or what it's comprised of...."Equity option on an index" describes your lack of understanding of the basics... My apolgies in advance if this is a language thing,I.e. English your second language..

Raver,why on earth would you start a beginner with spreads?? Harvesting theta on longer dated options???? WTF??? And this beauty is beyond comprehension "Once they see the drawbacks of equity options if they are on the Indices, move them on to Futures." Equity options on the indicies??? In...

Not only that,hes looking for 5-10 percent upside on a stock that he believes is in an UPTREND,but looking at a 90-120 day RSI below 30??? AAPL traded down 100 points and never broke 35 on long term RSI..and no,I dont look at that shit:) Dude needs to read a basic book on options and TA...

Spot on Wheez. There is alot of home made option theory being spewed,and Dest is giving a remedial course in option theory to a guy who has no option understanding.. OP,you need to up your game.. Put the time in to comprehend what Dest is saying,and more important to spot when people are...

He's questioning 6 month calls vs 2 year...he needs to get the basics down... Profit target 5-10 percent,which I am assuming is on the underlying. He hasn't said what percent of the move he hopes to capture.. He's going to stop himself out based on a predetermined loss on the option.. There...

Before you get involved in the more advanced nuances of options,you need to answer a couple of questions or should I say have the answers:) Is 5-10 percent your target and you are out? If its up 5 -10% are you going to trade with a trailing stop? Are you punting,i.e. you place the trade and...

Let me lead you from the path of ignorance.. Joe and Mark Ritchie founded CRT,which was the largest option market making firm in the world and enormously successful... If your idea of "working in some capacity at CBOT" entails making hundreds of millions and selling your company to Nations...

I should have said Mark Ritchie II.You googled his Uncle if I am not mistaken... If you are a good trader,why would you post your trading record??

You are dead wrong in your assessment of Minivini and Ryan.... Cant speak on Zanger.. Here is what i do know.... Mark Ritchie speaks very highly of Minivini,trained with him,and Mark Ritchie is the son of Joe Ritchie,the founder of CRT...Ill take his word over yours

Hey BW,you have learned a shitload. In the time I have seen your posts... Dont be too hard on yourself:) Ive been at this for a while,trading on the floor,and upstairs at different investment banks/hedge funds.. Im sure you know this,but floor guys have a different way of approaching trading...

Not trying to be a dick,but I would love to have to worry about Pin risk on some punt of a spread..Yeah,its a "risk",but it also implies that I maxed out on a -.01/-.03 delta bet...

Im have no access to a screen,but take a look at the 12/6 SPY put spreads that are short the 297 strike.Look at the 1 pt vertical.the 2 pt vertical,3 pt vertical and so on.They trade somewhere around .13-.25....Its up to you to figure out what R:R you prefer... As for 10-1 or more,that will be...

Hi there, I was referring to an option position known as a butterfly.I quickly looked at the screen and noticed the 12/6 301/297/293 Butterfly was trading around 17 cents. If you are correct and the SPY closes at 297 on 12/6,the butterfly will be worth 4 dollars.. Google Butterfly option and...

One would think if the index was slotted to close at 297,that would be the strike to be short.Looks like there are several apx 10-1 plays.Or why not slap on some 4 -5 point wide 297 flys for .15.

But that's not really what he's saying.He wants a position that will return 3x if the market is off 10 SPY pts (apx 3 percent lower) by Dec 7... Why he picked 10 points as the max correction is another story,(compounded by the 30 day terminal payoff ) He's a spreader

So you are saying that you want a payoff based on the close 30 days from now,not an immediate move n the near future... If so,that would obviously limit us to options expiring 30 days from now,which in all probability would require a spread as opposed to a single option. From a quick...