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One way or another you gotta pay to play... or accept something that has a limited payoff with a limited risk. Depending on the strikes utilized, an OTM iron condor could achieve roughly a 1:1 R/R that you mentioned in one of your replies (sell 2 OTM spreads).

Don't get a book, get a life :) Like all option positions, where you get hurt depends on time remaining until exp. At exp, you get hurt outside the strikes. Before, inside. Eliot described it accurately. It's equivalent to 3 short puts at two different strikes with an extra short call...

I don't care who trades where and what they pay. I don't make a lot of cancel/adjustments so the extra fees don't hit me. The commish for closing a 5 ct option is 25 cts and assignment and exercise are free. Tho it doesn't apply to me, their 70 cts per contract scales down to 50/25/10 cts...

What kind of quality executions are you getting that warrant paying higher commissions?

I think juicy is when the near month premium bumps up nicely due to pending news. Looking at a historical high IV UL isn't "juicy" to me since pemium is a reflection of IV so

The exchanges charge the cancel fees. IB provides a credit for executions so if you trade cleanly, there are no cancel/modify fees passed through. Most brokers overcharge you on the commission side and eat the cancel fee. So for someone who modifies/cancels orders a lot, IB may not be the...

What's so juicy about that?

The risk is that if the stock drops, you will get peanuts for the OTM strike that breaks you even. If you write a lower strike, you lock in a loss if assigned. The more the stock drops, the less likely that you'll ever get back to breakeven unless you become a B&H type or you increase the size...

How come you only update winning positions and the losers are ignored?

Again I repeat, why would you want to close a spread and simultaneously open the same one? OTOH, if any of the legs were different then it would be not the same spread. If there's a limitation, place the synthetic combo that gets you from A to B in one spread trade instead of two. Not only...

10,000 contracts per month?? An awful lot of ET-ers have trouble trading 10 contracts a month out of mommy's basement :)

I don't follow your order placement. If you are short one spread and you want to close it and open the same spread long, place an order to buy 2 spreads. I don't know if it still exists but in the old days, some brokers made you execute the 2 spread order as two separate orders, one to close...

I would hazard a guess that the paper trail is readily tracked by computers rather than having to do real person audits.

Limited upside, maximum downside. Eat like bird, sometimes shit like an elephant :)

Look for an edge :)

Whether you agree with it or not, the the SEC thinks day trading is risky and the therefore requires minimum account size to back up that risk. Since small accounts tend to be less sophisticated, big brother is protecting you from yourself as well as brokers from you. The nice thing is that in...

One of the really serious problems with naked put selling on equities is that when very bad news hits your underlying, you end up eating shit (buying it). :)

A zero cost collar usually means that you're somewhere near the midpoint of the collar. If you want better protection (eg. keeping "the put strike nice and close to the current level"), the collar will be a debit. Collaring individual issues is more time and commission intensive but it's...

Some fine descriptions of naked put selling that I've read here are: It works until it doesn't You eat like a bird and sometimes shit like an elephant Collect peanuts in front of a steam roller :D :eek: :p

Can you share with us which firms do not enforce PST rules?