Dest's "Trade Against a Pro" Trading Challenge

[nooby_mcnoob]

I don't know what you're getting at then, he traded the 231P fly.

Where did any of what he said translate to a butterfly with a 231 put.I'm not saying you're wrong but I fail to make the connection

 

[Hivey]

If someone feels like writing out exactly the calls and puts that were bought, that would be much appreciated and I would send you good vibes through the computer.

231P = 2-3-1 Put: he buys 2 puts of the lowest strike, sells 3 puts of the center strike and buys 1 put of the upper strike. See it as 2 credit spreads + 1 debit spread combined, with the same short leg.

In this case, I expect, he bought 2x 3105 Put, sold 3x 3120 Put and bought 1x 3135 Put. That's different then yc47ib mentioned above by the way.

132C = 1-3-2 Calls. The same, but then from the Call side.

 

[nooby_mcnoob]

231P = 2-3-1 Put: he buys 2 puts of the lowest strike, sells 3 puts of the center strike and buys 1 put of the upper strike. See it as 2 credit spreads + 1 debit spread combined, with the same short leg.

In this case, I expect, he bought 2x 3105 Put, sold 3x 3120 Put and bought 1x 3135 Put. That's different then yc47ib mentioned above by the way.

132C = 1-3-2 Calls. The same, but then from the Call side.

THANK YOU. The good vibes are in the mail

 

[Baozi]

It is my understanding that Dest trades these flies with equal risk on the upside/downside. In order to do so, the body distance from the expensive single put has to be twice the distance of the body from the cheap 2 puts. So if you have the body at 3120 and the 2 cheap strikes at 3105, then the expensive strike is at 3150 (3120+15*2).

 

[destriero]

Yeah, it was a wide 231 done as a synthetic.

 

[destriero]

So where does the terminology 231P or 132C come from

231P = B1000(2) x S1050(3) x B1150(1) It's used to denote the natural (all puts) but can be traded as calls or the synthetic.

132C = B1000(1) x S1100(3) x B1150(2) Also can be traded as all puts or as a synthetic.

231P meaning the body was below the mkt. Was done as a synthetic.

 

[destriero]

I was grabbing coffee when the Trumptard tweet was posted. I am done with this experiment.

Lost >$15K on the tweet. Went from up $12K to down $3K on the week. I refuse to chase anything here.

2019 PNL at start of comp: $444,826.70
ending: $441,758.06
Loss of $3,068.04

 

[nooby_mcnoob]

231P = B1000(2) x S1050(3) x B1150(1) It's used to denote the natural (all puts) but can be traded as calls or the synthetic.

132C = B1000(1) x S1100(3) x B1150(2) Also can be traded as all puts or as a synthetic.

231P meaning the body was below the mkt. Was done as a synthetic.

Thanks buddy. It is helpful. Good vibes your way too.

I was grabbing coffee when the Trumptard tweet was posted. I am done with this experiment.

Lost >$15K on the tweet. Went from up $12K to down $3K on the week. I refuse to chase anything here.

2019 PNL at start of comp: $444,826.70
ending: $441,758.06
Loss of $3,068.04

View attachment 215100


View attachment 215101

Nothing you can do with the black swan of a Trump trade tweet. This tweet took out a lot of people. There is a guy on reddit in for $160K on SPY $310 puts expiring Monday.

 

[poorloser]

I was grabbing coffee when the Trumptard tweet was posted. I am done with this experiment.

Lost >$15K on the tweet. Went from up $12K to down $3K on the week. I refuse to chase anything here.

2019 PNL at start of comp: $444,826.70
ending: $441,758.06
Loss of $3,068.04

View attachment 215100


View attachment 215101

Brutal. Thanks for the education on flys though

 

[destriero]

https://www.elitetrader.com/et/threads/will-new-tariffs-hit-on-dec-15-vote.338617/#post-4977344

I went long yesterday in Mar vol (work) but figured I had a day to cover my short deltas and trade into a bull diagonal. I had long futures on the above (post 167) or I would've been out 8K net (competition, not work).