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I think his cost basis is $184.47 Current price of GS is $154.16 so the entire $5 premium for the OTM 180 strike is time premium.

I don't think IV is a consideration when his position is 30 pts underwater.

There's something wrong with this picture. If you sell a straddle 2-3 strikes below current price to "protect a portfolio", effectively the ITM calls are covered by the portfolio but you've also sold naked puts which increases your downside risk. Got milk?

Pattern day trader rules give you 4:1 leverage intraday. You can go 100K of equities with 25K (minimum) and be able to turn it over as often as you like. I've never gone out 4X but I have turned it over several times in a day - it's more than enough for me.

I don't know if it applies to options but with illiquid stocks, in the pre-market you see some outrageous spreads and if you're careless, can pay through the nose (or sell poorly) if you enter your order hastily. Conversely, you're happy as can be if the dumb money hits your outrageous bid or...

Fairmark is a reliable source of tax info. You can do a search on the site and if you can't find the answer, post a question on their message board. http://www.fairmark.com/index.htm

Trying to figure it out will only confuse you :)

Not familair with their program but look for words such as alerts, alarms, stop loss, etc.

I call it trading not to lose Winners almost take care of themselves. It's the losers that really need all of the attention. :)

I'd go with gain or loss divided by the net purchases (not sales) aka ROI.

That's a big +1

Yes Would I? No

You're not allowed to trade options overnight until you become proficient on the Black Scholes software. :D

Find an option modeling program (your broker, option program, web site such as the CBOE which provides "The Toolbox".) Input various combinations and pick the one with the risk/reward that suits you.

Advising people saving for college not to blow it in Vegas ranks right up there with Charles Manson, Jeffrey Dahnmer, Pol Pot, tsunamis, earthquakes and jock itch. OK, scratch the jock itch! :)

Oh the humanity of it all !

As someone else mentioned, consider looking into diagonal spreads (sell a 1-3 month hgiher strike call against your LEAP). It will defray the time decay. What's best really depends on how good your are at identifying stocks that will move, in what time frame and your risk tolerance.

1) I don't know what's current but there are programs that backtest (TradeStation comes to mind) and probably trading platforms as well. 2) I've made good money trading for the past few years and I don't know a thing about programming. B/T an old charting program (Metastock) and...

Why do you think that you need to learn how to use Black Scholes?