Protecting a DITM call spread

JackRab said:
This doesn't make any sense either.
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Well, there's a newsflash. Go figure.
But hey....at least he has a heated driveway. His wife's parents gave it to him.
If the truth were known....I bet she's the type that sleeps with the boys in the band.
Its an escape.
The lonely wife syndrome..........Married to an idiot.
 
JackRab said:
This doesn't make any sense either.

2200/2260/2320 at that time was doing just over 40... I don't care what you've traded when... the price is 40.... You can't buy it for 16, or for 30 or 32...... it's 40

You do a trade, than later you re-evaluate your position.... and decide what you want at that time.

If I bought Apple at 30, and if I can now buy more at 120 does that make it a good trade because I've averaged it at 75? No, the initial trade was great... but now you evaluate and decide on what to do now at this price... not 75.
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It was at 31 mid. WTF are you smoking? The fly was 40 with the 2200/2260 VERTICAL at 43?
 
JackRab said:
At this time @xandman, I would like to apologize for this back and forth BS... I don't know why some people can't just take some rightly placed criticism.
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Np, mate. The testosterone is common. Back at the Merc, I used to wonder if traders would go to fisticuffs. Then, I would see the same two downstairs at the bar arguing about sports in the same fashion.

Both of you have provided valuable knowledge.
 
vanzandt said:
Well, there's a newsflash. Go figure.
But hey....at least he has a heated driveway. His wife's parents gave it to him.
If the truth were known....I bet she's the type that sleeps with the boys in the band.
Its an escape.
The lonely wife syndrome..........Married to an idiot.
More...

Why have a heated driveway? I thought he had about 20 loaded automatic weapons under his bed... surely he can threat some dude in the street to clear it for him... That way he could've spend the 1mio on butterflies at prices of 1968....
 
JackRab said:
No this again...

I've been an options market maker for 10 years. Headed desks in equities/index/fixed income...
I'm definitely not out of my depth.

I said traded the 30/60 putspread... not the 00/60, do yourself a favor and get some glasses.
A long synthetic is a reversal and a short synthetic is a conversion, indeed if you trade the underlying, but if the underlying falls away if you have them both on now isn't it?

The last week of trading IV doesn't mean shit anymore... just look at dollar values... and therefore I said look at the straddle value, which is less than 1%... meaning that you only need 1% move for that straddle to be worth while buying.... which IMO isn't that much with 7 days to go. A point being made right now, since the future just hit 2280 a few hours ago....

I'm not legging into any fucking box... and IMO selling atm at these levels aren't really worth it either...

You really need to get a grip and stop being a dick.... Just because you know some exotics, doesn't make you the only one who knows options. If you do want to start a pissing contest... I'm 100% sure I've traded way more than you did in volume/position size.... so back the fuck off... go suckerpunch some poor schmuck in a Walmart parking lot
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A market maker that can't add and subtract? (40 fly value)

A market maker that doesn't know the difference between a box and a conversion?
 
JackRab said:
2200C at 64 ish,
2260C at 11 ish
2320C at what... a couple of dimes

Do I need to send you a calculator?
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ES was 2259x60

The 2200P was trading 4? How do you figure that one, lol? The 2215P is about a buck.

Do you need a calculator for put-call parity with a week to expiration?

You were a friggin market maker and you assign a value of $4 to the 2200P? Rly?
 
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The natural fly doesn't quote due to the DITM call. The (short) iron went off at a credit of 25, so the debit on the natural is at 35.

I quoted the natural last night and it was 32-mid on TOS. There was no mkt in the 2200C, but you really believe the 2200P was at $4? So the fly lost $5-6 today?

Jack, stop making sh!t up. There is a pretty large distinction between a conversion and a long synthetic. Umm, one involves the underlying.

So either you've never traded ES options or you didn't look, but the thing was worth 1.50 yesterday (moneyness) as the 2015 today is at a buck.

You must have been one hell of a MMer.
 
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destriero said:
The natural fly doesn't quote due to the DITM call. The (short) iron went off at a credit of 25, so the debit on the natural is at 35.
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Zandy gotta run for now...
I'll say high to your wife.;)
She's really not too bad lookin'.
E plurbis unum.
 
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