SPX Credit Spread Trader

Quote from rdemyan:

Spoke with Joel Blum at TOS about options on futures. He reiterated that he expects (hopes) to have these available by the end of the year.
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There are no MM and no pit trading in the ES, so it will be interesting to see how they do spreads. My futures broker (using RAND) does not allow spreads on the ES.
 
Yeah I hear a lot of people do not do spreads due to how ES is traded but I find it pretty easy to leg in so it may not be a problem not having a spread order feature.
 
Closed my ES SEP 1250/1260 bull put spread for -0.20 debit for a 0.8 profit.

Opened a ES OCT/NOV 1220/1235 put diagonal for -2.7 debit

My position is now ES OCT 1335/1350 bear call spread for +5.5 credit plus the diagonal.

I'm now delta negative, theta positive and vega positive. Unless we get a huge rally, I think I can now let my position be for a few weeks.

The only thing I don't like about the ES options are the future rollovers. I already had a very good picture in my mind for all the levels on the september contract and now I'll have to start thinking in december. Oh, well :)
 
Coach,

Why don't you use the ThinkPipes platform from TOS in your VTrader Account? They can clear with anyone. Then you have the best of TOS and haircut.

What program are you currently using to trade options with VT?

burr

Quote from optioncoach:

Yeah I hear a lot of people do not do spreads due to how ES is traded but I find it pretty easy to leg in so it may not be a problem not having a spread order feature.
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The real underlying reason I went to prop was to daytrade futures in addition to being able to have more flexibility in entering spread positions through legging in and cross margining.

So I use X-Trader which is great for daytrading because it is practically instantaneous execution from my clicking.

So if you are nto going to daytrade or need that kind of speed, then by all means use the ToS platform as it is excellent for option trading.

Quote from burrben:

Coach,

Why don't you use the ThinkPipes platform from TOS in your VTrader Account? They can clear with anyone. Then you have the best of TOS and haircut.

What program are you currently using to trade options with VT?

burr
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Quote from rdemyan:

Every time I talk to them I mention the thread and how there's a lot of talk about options on futures.

I have a couple of days to fund my new IB account before they cancel it. I think I'm going to let it die and wait for ToS.
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bob an easy way to practice those diagonals would be to use the EOM quarterly's with reg exp on the spy...cost/risk cheap and doing them a few months might help determine their viability before proceeding (and while waiting for TOS) to use the ES/EW. We still have good tools to make money with while we are waiting. dj
 
Quote from rdemyan:

Every time I talk to them I mention the thread and how there's a lot of talk about options on futures.

I have a couple of days to fund my new IB account before they cancel it. I think I'm going to let it die and wait for ToS.
More...

bob an easy way to practice those diagonals would be to use the EOM quarterly's with reg exp on the spy...cost/risk cheap and doing them a few months might help determine their viability before proceeding (and while waiting for TOS) to use the ES/EW. We still have good tools to make money with while we are waiting. dj
 
Yeah, I read your earlier post on using the SPY quarterly and it sounds like a good idea. Have you done any trades on these that you'd care to share.




Quote from RichardRimes:

bob an easy way to practice those diagonals would be to use the EOM quarterly's with reg exp on the spy...cost/risk cheap and doing them a few months might help determine their viability before proceeding (and while waiting for TOS) to use the ES/EW. We still have good tools to make money with while we are waiting. dj
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Quote from rdemyan:

Yeah, I read your earlier post on using the SPY quarterly and it sounds like a good idea. Have you done any trades on these that you'd care to share.
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I'm looking and planning to try one either exp week or the week after if I get to an oversold point...ex sell EOM perhaps 1270 s or 1280 and buy Req Oct 1250 SPY contract 10 lots to try on for size..I think total initial risk may be around 2000K but have to wait until I get home next week (gone this weekend) so time/price has to be figured in and I would really like to see how this coming week shakes out.
 
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