SPX Credit Spread Trader

scoobie27 · Sep 19, 2006

Quote from tplast:

Looks like is going to work out in your favor

Was it only IB? Everything seemed to be moving on slow motion, so maybe GLOBEX itself went down.

Yup its working in my favour at the moment

It was working again for a brief moment and crashed again before I could pull the trigger on my long Calls :mad:

Not sure how it all works, but its only Globex and NYMEX on IB. SPX, SPY etc are all working fine.

If i was doing 300 contracts like Coach, this would be similar to a black swan for me :eek:

El OchoCinco · Sep 19, 2006

I would have crapped my pants if my system crashed after getting filled on 300 short put legs lol...

It is a risk of legging unfortunately but so far no crashes of X-trader (knocking on all the wood in my house...).

Quote from scoobie27:

Yup its working in my favour at the moment It was working again for a brief moment and crashed again before I could pull the trigger on my long Calls

Not sure how it all works, but its only Globex and NYMEX on IB. SPX, SPY etc are all working fine.

If i was doing 300 contracts like Coach, this would be similar to a black swan for me :eek:

segv · Sep 19, 2006

Quote from scoobie27:

Oh crap :eek: Globex on IB crashed as soon as I filled my sell leg of my ES Put Diagonals. But now i can't fill my buy leg as Globex is still down. So i've got naked PUTS as the moment

But its only two contracts Trying to scale in as the market moves around.

Always put on the "hard side" first when you are legging a spread. In this case the hard side is the deferred contract where there is less liquidity. If you are forced to take the market, you want to take the market with the smaller spread.

-segv

scoobie27 · Sep 19, 2006

Quote from optioncoach:

I would have crapped my pants if my system crashed after getting filled on 300 short put legs lol...

It is a risk of legging unfortunately but so far no crashes of X-trader (knocking on all the wood in my house...).

Ha ha...I was sort of crapping my pants with two contracts.

Alls good. IB's up again and im filled on my long call.

Now I can go to sleep. Sun's nearly comin up here.

scoobie27 · Sep 19, 2006

Quote from segv:

Always put on the "hard side" first when you are legging a spread. In this case the hard side is the deferred contract where there is less liquidity. If you are forced to take the market, you want to take the market with the smaller spread.

-segv

Great point. Thanks for the tip

Not sure why i didn't think of it earrlier.

I've got the shaving of the bid ask down pat thanks to Coach and now I can add your tip to further refine my legging of ES options.

Really getting used to ES and liking it.

Cheers

tplast · Sep 19, 2006

Quote from optioncoach:

I would have crapped my pants if my system crashed after getting filled on 300 short put legs lol...

Coach, do you do full size on one side first? I've never done more than 20 contracts but have been thinking about doing half long, half short, half long, half short. Possible in more steps if I ever get to your size.

El OchoCinco · Sep 19, 2006

I do full size one side first. I really do not scale in unless I went in with a small position and conditions are such that I would enter the position again at those prices and therefore do another position.

Look at my diagonal above where I scaled into a larger position because I felt we were near a top and oversold and would have entered the diagonal as a new position at that point.

Quote from tplast:

Coach, do you do full size on one side first? I've never done more than 20 contracts but have been thinking about doing half long, half short, half long, half short. Possible in more steps if I ever get to your size.

ryank · Sep 19, 2006

Just got this email from ToS::

Hello Swimmers,

We're getting hitched! The rumors are true, but don't worry. We haven't lost our cool. You know those sappy cards that newlyweds send out that say "1 plus 1 equals 1?" We hate those, too. That's why in our pending merger with INVESTools we made sure that we kept separate bedrooms. thinkorswim is still going to be cranking out the coolest tools, staying up 'til midnight answering your toughest option questions and continuing to push retail option trading technology to the edge. With our new partner we won't have to worry about morphing into a marketing company like most of our online competitors. We can continue to focus on what we know and do best: Teach it - Trade it - Manage it.

Here's what this means for our existing swimmers. As part of this deal, we've doubled the size of our development team, we'll be adding tons of new classes in the coming year and we've launched our new web-based paper-trading platform for you to explore. And in true appreciation of your support, trading style and successes over the last 6 years, starting Friday you will be able to cover (buy to close) short single options at $.05 for no commissions (null, goose-egg, diddly-squat). Wow.

We thank you for your continued support and welcome with open arms all our new Swimmers.

thinkorswim

Hybone · Sep 19, 2006

Just got an email from TOS. They've merged with InvesTools....

Hello Swimmers,

We're getting hitched! The rumors are true, but don't worry. We haven't lost our cool. You know those sappy cards that newlyweds send out that say "1 plus 1 equals 1?" We hate those, too. That's why in our pending merger with INVESTools we made sure that we kept separate bedrooms. thinkorswim is still going to be cranking out the coolest tools, staying up 'til midnight answering your toughest option questions and continuing to push retail option trading technology to the edge. With our new partner we won't have to worry about morphing into a marketing company like most of our online competitors. We can continue to focus on what we know and do best: Teach it - Trade it - Manage it.

Here's what this means for our existing swimmers. As part of this deal, we've doubled the size of our development team, we'll be adding tons of new classes in the coming year and we've launched our new web-based paper-trading platform for you to explore. And in true appreciation of your support, trading style and successes over the last 6 years, starting Friday you will be able to cover (buy to close) short single options at $.05 for no commissions (null, goose-egg, diddly-squat). Wow.

We thank you for your continued support and welcome with open arms all our new Swimmers.

thinkorswim

El OchoCinco · Sep 19, 2006

Add futures on options and I will take them on as my mistress

Quote from ryank:

Just got this email from ToS::

Hello Swimmers,

We're getting hitched! The rumors are true, but don't worry. We haven't lost our cool. You know those sappy cards that newlyweds send out that say "1 plus 1 equals 1?" We hate those, too. That's why in our pending merger with INVESTools we made sure that we kept separate bedrooms. thinkorswim is still going to be cranking out the coolest tools, staying up 'til midnight answering your toughest option questions and continuing to push retail option trading technology to the edge. With our new partner we won't have to worry about morphing into a marketing company like most of our online competitors. We can continue to focus on what we know and do best: Teach it - Trade it - Manage it.

Here's what this means for our existing swimmers. As part of this deal, we've doubled the size of our development team, we'll be adding tons of new classes in the coming year and we've launched our new web-based paper-trading platform for you to explore. And in true appreciation of your support, trading style and successes over the last 6 years, starting Friday you will be able to cover (buy to close) short single options at $.05 for no commissions (null, goose-egg, diddly-squat). Wow.

We thank you for your continued support and welcome with open arms all our new Swimmers.

thinkorswim