one/off

atticus · Sep 30, 2011

That's weird. IB convention, but I am long the natural.

Bought the ES 10/07/11 1100-1200 fly at 16.00 risk.

atticus · Sep 30, 2011

Quote from atticus:

That's weird. IB convention, but I am long the natural.

Bought the ES 10/07/11 1100-1200 fly at 16.00 risk.

Neutral price to 1155 (bot the 10/60/10 fly as well, same size)

atticus · Sep 30, 2011

Quote from atticus:

Neutral price to 1155 (bot the 10/60/10 fly as well, same size)

Sold 20D in ESZ1 against the twin-flies (each at 20D) at 32.00.

atticus · Oct 2, 2011

Quote from atticus:

Sold 20D in ESZ1 against the twin-flies (each at 20D) at 32.00.

Just covered hedge at 24.50 for a gain of 7.50. Hedge gained reduced avg. entry by 1.50 on the flies (20-deltas per).

atticus · Oct 5, 2011

Out of the 00/50/00 fly at 19; out of the 10/60/10 at 16.

jtrader33 · Oct 5, 2011

Quote from atticus:

Out of the 00/50/00 fly at 19; out of the 10/60/10 at 16.

With the 1200C no bid, do you just unwind the 1 x 2 and keep the 1200 in your back pocket...or do you submit it as a fly because it increases the odds of executing/decent fill?

atticus · Oct 5, 2011

Quote from bs2167:

With the 1200C no bid, do you just unwind the 1 x 2 and keep the 1200 in your back pocket...or do you submit it as a fly because it increases the odds of executing/decent fill?

I was in the irons, but use the natural debit as the MTM. It's easier to quote the natural, but I often own both. You calc the market based upon the iron or via the synthetic (OTM put, synthetic ITM call) on the DITM call and place your order accordingly.

atticus · Oct 5, 2011

Netted 3.00 per fly based upon the hedge. Horrible trades as I should have kept the ES hedge as it was ITM the entire hold. Always learning something.

atticus · Oct 5, 2011

I am in a small position in the Oct 21 1050/1125/1200 fly from 24.00 (8 lot). Will not hedge, only offset.

atticus · Oct 5, 2011

Quote from bs2167:

With the 1200C no bid, do you just unwind the 1 x 2 and keep the 1200 in your back pocket...or do you submit it as a fly because it increases the odds of executing/decent fill?

Sorry, misunderstood your question. I typically trade flies delta-directional so it simply another risk to leg into it. I always trade naturals as a single order and irons as a strangle -> straddle.