SPX Credit Spread Trader

I did put an order for 1275/1265@2.00. The market was positive before 11:00. I was supposed to go do my 10K Run at 11:00. So I reduced my order for 1.75.

I came back and S&P was down 4.5 and my order 1275/1265 was filled @1.80 credit.

So I take 1/3 of that credit and bought SPY129 MAY PUT @0.60 as hedge.

So I have:

SPX1340/1350@1.50
SPX1275/1265@1.80

Hedges

SPY129 JUNE PUT@0.70, Closed@1.40

SPY129 MAY PUT @0.60, Still Open to hedge 1275/1265.

I will probably close the BULL PUT sometimes Wednesday or Thursday.

Good Luck with yours.

Quote from scienter:

Piccon,

Did you place any bull put's today? Could have probably got something decent in the 1270 to 1260's for a 3 day hold. I'm Still hanging tough on the 1280's....nice bounce at the end of the day:)
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Quote from rdemyan:

Well, I guess the SPX MMs must have been following my posts on SPY vs. SPX. They just filled me at the midpoint.

June SPX 1355/1370 bull call filled at midpoint of $0.70.
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You did better than I did:( Trying to leg in I bought the 1370 at .55 then when the mkt turned around very late in the day sold the 1355's at 1.15 for only a .60 credit. Nice trade! actually I THOUGHT I was selling the 1360's:eek:
 
Yeah, I thought I got a good credit for today's conditions. But Rally is right, my timing on entries is not stellar. OTOH, it's always easy to say that with 20/20 hindsight. It's also the reason I don't put all my trades on at once. If the coming days show that my timing today was poor, I still have powder to put on additional trades as the SPX goes up.


Quote from Aardvark:

You did better than I did:( Trying to leg in I bought the 1370 at .55 then when the mkt turned around very late in the day sold the 1355's at 1.15 for only a .60 credit. Nice trade! actually I THOUGHT I was selling the 1360's:eek:
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I was wondering what kind of commissions you guys are paying on your spreads. Right now I am using OX. I see where think or swim is not any cheaper. I'm hoping to find something cheaper than OX.
 
Well the cheapest around for OX and ToS is $1.25 an option if you do more than 10 contracts so $2.50 a spread in. IB may be cheaper since they are $1.00 per option but I still like OX/ToS screens for the extra $0.25...
 
Quote from optioncoach:

www.washingtonbusinessradio.com :D

By the way, look for my article on Call Ratio Spreads and Stocks in the June's Option Trader Magazine. It is free and sent out as PDF so sign up if you are interested. It is put out by the same people as ActiveTrader Mag :)

Seacrest OUT! lol
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Looking forward to it Coach! I always check it out...
 
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