atticus' "ship it" vol trading journal

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Almost nobody dares to speak his name, instead referring to him by epithets such as "You-Know-Who", "He-Who-Must-Not-Be-Named" or "the Dark Lord"
 
Quote from atticus:

Almost nobody dares to speak his name, instead referring to him by epithets such as "You-Know-Who", "He-Who-Must-Not-Be-Named" or "the Dark Lord"
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The pile of rocks holding down the cape is a nice touch.

ws8ndg.jpg
 
Quote from diaoptions:

atticus .... If you need an assistant I'm available, my salary is negotiable. But I do require 6 weeks paid holidays per year.
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The offer is still open. I'm packing my bags and be can there with just a couple days notice, do I need my laptop?
 
Quote from diaoptions:

The offer is still open. I'm packing my bags and be can there with just a couple days notice, do I need my laptop?
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Not for the fluffer position. You can leave the PC at home.
 
so any of your "assistants" know anything about looking for good tickers to trade flys on? I'd love it if someone had something to say other then atticus that was intelligent on the matter. i'm definitly not say don't answer though..
questions like..

are single digit tickers completely out of the picture.. and for what reason?
like bac etc...

if you wanted to get long the stock.. would you get better long exposure going long a butterfly that is close to your target price for the stock.. or is a butterfly not a good way to get long.. its a better neutral trade?

everything is measurable right.. so at what point does the "idea" of a butterfly being a good price come into place.... when volatility is been excessivly high and starting to wire down? or when implied is just always priced higher then realized? does anyone look at probability distros based on historical volatility to figure on how to spread wings?

theres definitly a ceiling in a butterfly.. for example you would almost never exact a strike pin at your center strike.. and it would be crazy to trade for a strike pin when you can get into good profit and get out..

so what kind of params are good to buy. and what parameters make good exits.. exits i mean like.. sure half your theta position gets wacked you get out.. but what about when things do go your way..

my thoughts are.. the crime has to pay for the time... you only need a ticker to drop way out of your wings one time and its going to take a long time to make that up just scalping 7 to 10 percent each trade..
 
Other than delta (per name) your portfolio theta is all the risk measure you need. After a time you'll know when your thetas are onerous. IOW, if you're a month to exp and you're running 3% daily thetas then you're long a lot of risk.
 
Quote from cdcaveman:

so any of your "assistants" know anything about looking for good tickers to trade flys on? I'd love it if someone had something to say other then atticus that was intelligent on the matter. i'm definitly not say don't answer though..
questions like..
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Look for high IV options, while the position is open you want IV to drop and the stock to trade relatively flat.
 
Quote from diaoptions:

Look for high IV options, while the position is open you want IV to drop and the stock to trade relatively flat.
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No shit.............. high iv is relative .. plus liquidity and being able to get all granular with widths is important
 
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