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You came to the wrong conclusion..... Forced to realize losses? How long have you been trading options??

A mechanical system on daily timeframe MAY have gotten you in SPY around 425 and NOT shaken you out on Wednesday... Think like a wealthy client who became wealthy by being his own funds manager

Fyi,Intelligent Investor and Ben Graham are the antithesis of the Technical crowd....And yes much different era as far as the Valuation of companies and stocks trading at discounts to Graham based "models".. As I mentioned,Warren Buffet is a Graham guy, mixed in with Fisher... And I am sure...

Wow,Trend following and "The Intelligent Investor".... I'm not saying you can't combine the methods,but they are very different approaches... Ben Graham was the pioneer of Vaue Investing. Are you a deep value guy??

What stock is this and what Fly?? It sounds like you are a directional guy and quasi punting with options... This is a 1x2x1 structure but you tightened up the short vertical to get long Deltas??

He doing the opposite and basically buying cheap lottery tickets with low win rates.. My question is it it worth selling the upper vertical or is he better turning it into a split strike fly and selling a wider one..What has the most edge??

Why dont you look at some programs that can determine if your selected trade has theoretical edge and what the win rate is ??

Have you looked at Optionstrat? Not overly complex,but very good at simulating positions and PnL graphs

Burry is a unicorn and dont understimate his intellect ( he's brilliant and an MD). Burry is Graham and Dodd disciple and a strong advocate of Investing only with a Margin of Safety.. Different beast

You must have very smart balls and a really low IQ

Bill Gross selling GME calls?? Steve Cohen?? Are you nuts??

Yes,you are right,it could get hairy on expiration close,but if you know the risk,cover it.. Some of the other posters concerns about early exercise should not be a concern..

A modicum of skill is all thats necessary.. The only scenario off the top of my head is being short a straddle and the stock gets pinned at the strike.. With that said,there are worse things in life than to be short straddles and have the stock pinned at strike...Its a good problem to have...

This thread illustrates why 99 percent of traders lose money.. Listen to Newwurlddmn.. Once again,an option is worth more alive than dead.. Yes,in isolated cases of Div vs carry,or hard to borrow stocks,one could get assigned early and pay the piper..But you should have seen the Div play...

Im not off topic.. Im planting the seed :)

The Quanto fund...What's your management fee??

Why would you ever do that?? You are wrong directionally, then short the strangle?? Why wait?? What does being wrong on a directional bet have to do with shorting a strangle?? Completely independent bets that should stand on their own..

That would make sesne on an 8 lot for a 9 dollar stock..

An 8 lot would max out your delta at long 800 shares. That gamma is on roids

I am a HUGE paper trader :)