SPX Credit Spread Trader

Well I took advantage of the surge and closed out my JAN Put position.

Original Position:

- 120 SPX JAN 1165/1175 Put Spreads @ $0.45

Credit = $5,400
True Risk = $120,000 - $5,400 Premium = $114,600

I closed for $0.05 for a profit of $0.40 or $4,800 (befor commish)

Return: 4.19%

WIll be looking for FEB PUT positions on pullbacks....
 
Was filled today on Jan 1300/1310 call spread for .75 to complete an IC.

1200/1210 - .70
1300/1310 - .75

Hoping the resistance holds up here!

Murray
 
I'll be holding my breath for you Murray...1300 does seem like a psychological barrier..... but is only 32pts away. :eek:

..
Quote from Sailing:

Was filled today on Jan 1300/1310 call spread for .75 to complete an IC.

1200/1210 - .70
1300/1310 - .75

Hoping the resistance holds up here!

Murray
More...
 
Quote from Sailing:

Was filled today on Jan 1300/1310 call spread for .75 to complete an IC.

1200/1210 - .70
1300/1310 - .75

Hoping the resistance holds up here!

Murray
More...

The 1300/1310 is a little too close for my comfort but only time will tell. Good luck!

ryan
 
Donna,

Let's hope TA holds true for a few weeks.

Interesting.... the 1210p was only 35 points away yesterday. It's amazing what a day can do to your short term trading mid-set.

M~
 
Coach,

Assuming a pullback you mentioned you would be looking at FEB puts. (I'm targeting the FEB 1165/1155 for .50 or more if possible). When would you consider FEB Calls if at all ?
 
As long as the chart below shows what it shows I will be reluctant to grab some calls unless I can go pretty deep OTM (50 points hopefully but not easy to do so with calls and the skew). Since I still have over 40 days to expiration I can grab some deep OTM puts and just ride them for the rest of the month. I just do not feel comfortable as of today with call positions with this upward movement.

Notice on the chart we tested the 4 year high we hit in mid December.



Quote from Synaptic:

Coach,

Assuming a pullback you mentioned you would be looking at FEB puts. (I'm targeting the FEB 1165/1155 for .50 or more if possible). When would you consider FEB Calls if at all ?
More...
 

Attachments

I did notice that test of 1275 and I wonder how many times you want to see that tested before you might want to take advantage of far OTM Calls. Using the double-straddle rule of thumb we'd be looking at the 1345/1355 for what ... 20 cents right now ?

Quote from optioncoach:

As long as the chart below shows what it shows I will be reluctant to grab some calls unless I can go pretty deep OTM (50 points hopefully but not easy to do so with calls and the skew). Since I still have over 40 days to expiration I can grab some deep OTM puts and just ride them for the rest of the month. I just do not feel comfortable as of today with call positions with this upward movement.

Notice on the chart we tested the 4 year high we hit in mid December.
More...
 
I actually like the 1350-ish strikes, but the premium sucks donkey... If you have put spreads, perhaps adding the extra $0.20 to boost returns might be worth it but as an opening position...... kind of stingy.

Quote from Synaptic:

I did notice that test of 1275 and I wonder how many times you want to see that tested before you might want to take advantage of far OTM Calls. Using the double-straddle rule of thumb we'd be looking at the 1345/1355 for what ... 20 cents right now ?
More...
 
There is quite of bit of interest in Feb 1350...fwiw I got filled on the calls.... .60 (this afternoon)decided that even though lightning doesn't strike twice :D I want to wait until my BP clears to enter spreads...not sure if I will do a call spread or just play with this option...
Quote from optioncoach:

I actually like the 1350-ish strikes, but the premium sucks donkey... If you have put spreads, perhaps adding the extra $0.20 to boost returns might be worth it but as an opening position...... kind of stingy.
More...
 
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