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Yes and no. Under normal circumstances, one closes the position by selling the options. I don't know if today's closing quotes are valid. If they are then buying the stock and exercise of your long puts will get you a better result since selling at the bid is a 17 cent haircut. I'm...

I'm teaching because I love helping others and want to share my knowledge is a valid explanation only when the lessons are free :)

As atticus noted, the price of equivalent positions should be approx the same. So if you sell a put equiv against its call equiv, you're just racking up commissions and a lot of B/A slippage, most likely, a losing proposition.

No, there are none since indices, stocks and futures never move enough to make money with options. Buy mutual funds and hold for 20 years. :D :eek:

Delisting does not preempt the ability to make closing transactions. The 2 brokers are the idiots. :) If a stock fails to maintain the minimum exchange standards for being optionable, that class of options may be "delisted." In this case, no new option series will be added at expiration, but...

Nothing works consistently in the market... but if there was also a decent amount of horizontal skew, I'd take a look at calendar straddles/ strangles, slightly ratioed on the long side. If close to expiration and 2nd month has elevated IV, possible reverse calendar straddles/strangles...

I'm no tax expert so I'm just asking... If you do not have Trader Status and therefore do not use mark-to-market accounting, how does doing that deal with wash sales (if you have them)?

No one says you have to buy some software. You can prepare it yourself, if so inclined.

Everyone here has more than 50k and makes hundreds of thousands of dollars per year trading :)

If you trade a lot, I can't imagine a tax preparer not costing you an arm and a leg to reconcile everything. I've done my Sched D for decades but when I began trading heavily in '07, I was overwhelmed when I had to deal with the wash sale rules. If you scale in and out of positions, it's a...

If you sell those options you eat like a mouse but shit like an elephant. Buy sheep, sell deer!

Going to church doesn't make you a Christian any more than standing in a garage makes you a car. :)

C'mon, don't exaggerate. It's only $495,000 risk on a 5 pt strike. :)

Don't confuse equivalence with risk.

What's best depends on what the underlying does. Deep ITM call has low TP and will make something on smaller up moves (or lose very little) but will lose more if totally wrong and UL drops big time. OTM is all TP but provides leverage (a big move up is a lottery ticket). No move up is a...

MORTGAGE THE HOUSE !

LOL. Who needs money if that's all I need? I'm giving up trading !!! Ummm, what if she's an amputee??

FreeCell is a good game for checking mental status since it's more cognitive compared to a game where you mindlessly shoot non stop at moving targets I've had days where I've traded non stop for 6-1/2 hours w/o pause ('08-'09) and more recently, days where it's like watching paint dry. I set...

http://www.gamesforthebrain.com/game/colorlines/ It may sound silly but before the reg market opens, sometimes I play a game or two of this (or others) to see how alert I am. If I'm sluggish, I make a mental note to check market decisions 11 times instead of 10 :D

It's a lottery ticket