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Yup, you can set each leg's IV separately in Hoadley's.In TOS you can set each expiration month's IV separately, but not each strike separately, if you have multiply strikes in the same month. In other words, you can only model parallel shifts in the smile.

Let me try one more time as well. You can either use the ticks and then multiplying it by the tick value ($12.50) to calculate the value of a contract, or just take the outright quote, which is 0.00015 in this case and multiply it by 12,500,000, which is the contract size and you would get...

Ok, fair enough, but then again, it is hard to believe that a seasoned trader like you (profitably trading options for 13 years) would even say something like this... :confused:

Hmm, yeah, your suspicion may be right, maybe there's a multiplier for YM...if only someone knew what it is... I don't get it, is it really that hard to look up contract specs on CBOT's website, given that you do have much experience trading ES and ER2!?

As the OP mentioned, estimate what the spread is gonna be worth at your exit level and then setup a conditional order by first setting up an order to buy the spread and then clicking on the blue arrow next to the "day" in the "rule" column. This would bring up a new window. In there you can...

I really don't see what the problem is. Japanese Yen futures contract is for 12,500,000 JPY. 1 point = $.000001 per Japanese yen = $12.50 per contract. So an option trading at 0.00015 is $1,875.

My guess would be that the underlying itself is not exactly highly liquid, hence the interest in options is even less.

Thinkorswim has this feature and it's completely free for customers, of course. Hoadley's tool also has this ability. Or you can always go to OptionVue or some other relatively expensive package.

Now that we got that straightened out, what was the question!?:D If you don't feel like rolling up gives you a good risk/reward then just don't do it and move on to the next trade.

First of all, let's get the underlying and strikes right. You keep talking about SPX, but the strikes are not SPX strikes. So which one is it? Also you intially had 150/160 now you wanna roll up to 147/148, how's that rolling up? Care to clarify?

Yes, writing means opening a new position with a sell (i.e. sell-to-open).

As it has been mentioned by other people, Thinkorswim is a great broker not only for a beginner, but also for an experienced trader. They have great support, one of the best platform, if not the best, and reasonable commissions. I wouldn't recommend going with Interactive Brokers as their...

I agree. Once again I'm not saying there's no correlation, just that there's no direct mathematical relationship between HV and IV.

Whether you did the right thing or not depends not on what people at ET think, but what your risk/position management plan said and whether you actually followed it or not.

There was a discussion on this not that long ago, try searching for it. The advantage of SPX is bigger size, which means higher premium for OTM options. For example, an option trading at 0.05 in SPY would be equal to 0.5 in SPX. So clearly SPY options lose the pricing flexibility at the OTM...

Chicago trio shakes up markets By Anuj Gangahar Published: March 19 2007 18:41 | Last updated: March 19 2007 18:41 Three publicity-shy Chicago-based groups are emerging as a potent global force in trading across almost all asset classes. The trio use complex technology and...

Well, of course, IV correlates with ATR to some extent, during most of the time. After all, ATR is just another measure of HV. However, the point is that there is no mathematical relationship between HV/ATR and IV.

Yes, when the option is trading below parity you could exercise it, assuming the exercise fees and commissions don't eat away the advantage, but at 0.6 under parity it would be hard to lose out even with an exercise fee and commissions on the stock trade.

Small correction/clarification, TOS does NOT offer options on futures yet, just the futures outlined above and E-mini EuroFX.

Thinkorswim offers conditional orders as well.