SPX Credit Spread Trader
- Thread starter El OchoCinco
- Start date
Quote from Aardvark:
I put in an order for 1/2 my allotment at 1250 and 1/2 at 1245 the 1245's got filled firstnot sure if 1250 will fill. I'm thinking we are at the top of the range and down is sure to come...but I've been thinking that for the past two months and have been wrong so far
above posted on the 10th...I did get filled on the 1250's for $2.60, my 1245's filled for $2.50
4am woke up trying to figure out how to play the trade..
I could sell 2X the 1250's for a nice looking 5 pt credit spread....then thought there was only a 10cent diff in price so why not sell 2X the 1245's...buy the 1225 then if mkt move further down sell anywhere between 1225 up to(thru)1245 for an unbalanced condor or PG B-fly.....which with the futures down I think I'll go for...that way I'll have some protection for the credit spread below the 1245's and a margin charge equal to a 15pt spread so later can sell a 15pt bear call for no extra margin chg.
no wonder I couldn't go back to sleep
IN the prop account I grabbed 350 MAY 1250/1255 Put Spreads for $.20 a few weeks ago. It is pretty much at even but I do not want to waste the commissions closing it 
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For the account here, I am loaded in MAY so will pretty much wait until next week to get out at expiration and look for JUNE positions. I would love to grab some today on the dip.... perhaps 1230 strike in the puts or thereabouts..
.For the account here, I am loaded in MAY so will pretty much wait until next week to get out at expiration and look for JUNE positions. I would love to grab some today on the dip.... perhaps 1230 strike in the puts or thereabouts..