SPX Credit Spread Trader

If you got a profit and tomorrow is an up day you might want to consider it. I do not see a SET of more than 10 or 15 points even on the wildest of swings. So if we hover around 1300 near the close, I think you are safe. If we are close to 1310 then a strong opening on Fri morning can bring 1320 into play.

If tomorrow is a down day then no worries. Let's see what happens in the morning ;)
 
I've got a question for you TOS users. Is there an options calculator on their platform that will let you enter 4 legs, number of contracts and price for each contract and give you a P/L graph or sheet? I use Optionsxpress and you can enter the 4 legs but you have to enter the credit/debit of the whole position. This makes it difficult if not impossible to get a p/l for a prego butterfly or other unbalanced spreads. Maybe there is a way to do it at Optionsxpress but I haven't found it yet.

ryan

p.s. - I will be switching to TOS after I close out my April positions.
 
Quote from ryank:

I've got a question for you TOS users. Is there an options calculator on their platform that will let you enter 4 legs, number of contracts and price for each contract and give you a P/L graph or sheet? I use Optionsxpress and you can enter the 4 legs but you have to enter the credit/debit of the whole position. This makes it difficult if not impossible to get a p/l for a prego butterfly or other unbalanced spreads. Maybe there is a way to do it at Optionsxpress but I haven't found it yet.

ryan

p.s. - I will be switching to TOS after I close out my April positions.
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You can do this on the analysis page of the TOS desktop platform. You can further analyze the position by locking in the fill price of each leg and then adjusting the volatility and date to determine the effects of the different greeks' changes on your position. I think you'll be delighted with what you can do with their platform. Just a few more additions and they will have everything I could ask for.
 
Quote from Cache Landing:

You can do this on the analysis page of the TOS desktop platform. You can further analyze the position by locking in the fill price of each leg and then adjusting the volatility and date to determine the effects of the different greeks' changes on your position.
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Sweeeeeeet! :D

ryan
 
I get out of my 1330/1340 for 0.05 early this morning

Quote from rdemyan:

Coach:

I've got a March 1320/1335 bear call. Given that this is quadruple witching expiration, what do you think? I'm thinking I should probably try to get out tomorrow.
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Quote from optioncoach:

Well today is a very interesting day. Back to back positive news has sent the market out of a consolidated traingle which now appears to be a long pause from the Oct surge. The true test whether this breakout has any legs will be if the 1295/1297 support/former resistance holds on a pullback.

Looking forward let me caution you on call spreads since we are in new 5 year high territory and overhead resistance is hard to peg. I do not have any April positions yet and looking to add calls only at 1370 if I can since I really do not want to get close if SPX stays above 1300. If that line holds, then, contra to most people expectations, the market may continue its bullish push.

Select call strikes with caution...


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You got me nervous with my 1360/1375 call spread....a little nervous, but not a lot. I have 150 SPX 1360/1375's on now for a net of 65 cents....
At what point would you consider rolling? I know it's WAY early to even consider this, but I want to be proactive on this position. I personally see us pulling back a bit and then a push to one more new high before a sell-off into April. What concerns me is that everyone seems so bearish for April, so being the contrarian that I am, I'm naturally thinking we're all in for a surprise.
What do ya think?
 
With the market surging a bit I am getting nervous about my April 1345/1355 call spread already. With all the adjustments we have been discussing the last few months my head is spinning! I'm looking at the prego fly idea and now Murray has made me start thinking about rolling into a double diagonal (although I haven't run the numbers on that one to see if it would make any sense). I'm also thinking about buying an ATM call, letting the market move higher and then moving into a butterfly for a small debit or I could hedge by purchasing an XSP call. Lots of options for my options! :D

ryan
 
Today is an upday so far and more important an upday today helps us form a base OVER 1300 which puts us into some new territory. For those of you in the 1300 + call spreads, now is the time, with calm and no pressure, to map out potential partial or full hedges all day while there is no immediate threat so you can avoid rushing into anything later should we push over 1310 next week or the week after.

Before you start crapping your Calvin's, I am just putting this out their to get you thinking, not to alarm you or make you think we are exploding to 1350 in 3 days.
 
Coach,

We need your help. Please open up a call spread and buy some hedges too .... that should turns things around in a hurry !



Quote from optioncoach:

Today is an upday so far and more important an upday today helps us form a base OVER 1300 which puts us into some new territory. For those of you in the 1300 + call spreads, now is the time, with calm and no pressure, to map out potential partial or full hedges all day while there is no immediate threat so you can avoid rushing into anything later should we push over 1310 next week or the week after.

Before you start crapping your Calvin's, I am just putting this out their to get you thinking, not to alarm you or make you think we are exploding to 1350 in 3 days.
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:p
 
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