My Options Play
- Thread starter Multioption
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There is a so called high probability / low risk strategy called "iron condor". If interested you could follow Phil's ET journal on his SPX iron condors, a very active thread.
Although perceived as low risk, this November expiration served a probability lesson to many of the iron condor fans. If they used appropriate position sizing they're still fine, if not ... it's sad.
You could follow Chris's journal on TheOptionClub.com, from which I post the following excerpt:
Although perceived as low risk, this November expiration served a probability lesson to many of the iron condor fans. If they used appropriate position sizing they're still fine, if not ... it's sad.
You could follow Chris's journal on TheOptionClub.com, from which I post the following excerpt:
Rob on Business asked:
Could you tell me how to find the underlying by your quoting "XLNX"? Thanks.
I was short 31 contracts on both Call and PuT Xlnx in October that the stock went down from 27.5 to 22 and I shooted PUTs to Jan 2006 but I doubled the PUTs and reduced the strike price from 27.5 to 25. So I am short 62 PUT for Jan 2006 and so far it has been doing great. I am also short 27.5 Call for November.
I will keep selling PUT December at 0.35 and above as long as XLNX stays over 26.
Could you tell me how to find the underlying by your quoting "XLNX"? Thanks.
I was short 31 contracts on both Call and PuT Xlnx in October that the stock went down from 27.5 to 22 and I shooted PUTs to Jan 2006 but I doubled the PUTs and reduced the strike price from 27.5 to 25. So I am short 62 PUT for Jan 2006 and so far it has been doing great. I am also short 27.5 Call for November.
I will keep selling PUT December at 0.35 and above as long as XLNX stays over 26.
Thanks, Hajimow. I thought you had stated the option symbol "XLNX" and I don't know how to find options by their symbol, hence the question to be able to track it by knowing the underlying. But you WERE talking about the underlying all along - my mistake. You say you keep on selling more and more puts - does that mean you have a huge acc't with which you can cover them, using your funds or a large margin? Or does your acc't allow you to sell without having to have the funds to cover? I don't know much about selling (or writing), but assumed one had to be able to buy the calls or puts written, or the underlying, to cover, in case of being called away.
Thanks CNMS2 - great site!
Will Multidork be back? I miss his comical posts. 
Thanks, Hajimow. I thought you had stated the option symbol "XLNX" and I don't know how to find options by their symbol, hence the question to be able to track it by knowing the underlying. But you WERE talking about the underlying all along - my mistake. You say you keep on selling more and more puts - does that mean you have a huge acc't with which you can cover them, using your funds or a large margin? Or does your acc't allow you to sell without having to have the funds to cover? I don't know much about selling (or writing), but assumed one had to be able to buy the calls or puts written, or the underlying, to cover, in case of being called away.
No my account is not that big. About 80K. If the market goes against me alot, IB does the job for me and liquidates my positions for me. If I see that I get assigned, I shoot the positions to the next month(s). I have done a couple of trades that I will post tonight. Not a big deal.
No my account is not that big. About 80K. If the market goes against me alot, IB does the job for me and liquidates my positions for me. If I see that I get assigned, I shoot the positions to the next month(s). I have done a couple of trades that I will post tonight. Not a big deal.
Thanks @cnms2. Still on the move - travelling- but I pop in to read contributions! I'll continue posting my options play.Quote from cnms2:
Good luck Multi!
I guess, as you wrote in a previous post, this loss was due to your not following your own rules when you opened the short position.
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