SPX Credit Spread Trader
- Thread starter El OchoCinco
- Start date
Yesterday morning that spread looked as fugly as it gets. It had VERY significant M-t-M loss.
But alls well that end well, I suppose.
Nice hold OC.
But alls well that end well, I suppose.
Nice hold OC.
congratulations Coach.
PS great thread!
PS great thread!
Hey Everyone..
I am currently out of the country until Sunday so I may not post as often this week.
Last Friday was quite an interesting ride huh. I usually do not cut myself that close on expiration but when I opened that 230 spread, I admitted it was riskier than my normal spreads.
THe settlement was around 1226 so the spread expired worthless. It therefore reached the maximum profit.
The position was
50 JULY SPX 1230/1245 Call Spreads @ $1.00
Credit = $5,000
Margin = $75,000
My AUG Iron Condor is still open and while I am away I am simply montoring it.
Take care all and will check in soon.
Phil
I am currently out of the country until Sunday so I may not post as often this week.
Last Friday was quite an interesting ride huh. I usually do not cut myself that close on expiration but when I opened that 230 spread, I admitted it was riskier than my normal spreads.
THe settlement was around 1226 so the spread expired worthless. It therefore reached the maximum profit.
The position was
50 JULY SPX 1230/1245 Call Spreads @ $1.00
Credit = $5,000
Margin = $75,000
My AUG Iron Condor is still open and while I am away I am simply montoring it.
Take care all and will check in soon.
Phil
Hey Phil,
Glad that trade worked out it was a close one, that was some nice credit you collected. I actually had the 1235/40 Bear Call Spread on and it was white knuckle time for a bit when the index was rallying at 1233 earlier in the week, lol. Enjoy your trip, BTW if your going to be in my neck of the woods LMK.
Hi Coach. In OX when you place an order for a spread, do you watch both options, or do you watch them as a spread and one price? Under chain type you can chose call spreads and make them 10 or 15 or 20 wide. Is that how you watch and enter orders? Just curious on the mechanics of it.
Thanks
Thanks
Phil,
You mention several times in this thread that you don't want to give away all your secrets (although you have been quite generous so far, so thanks much).
I'm wondering if the rest of your secrets are in your book? If not, can you suggest an alternative way to tap your grey matter to unlock those secrets?
You mention several times in this thread that you don't want to give away all your secrets (although you have been quite generous so far, so thanks much).
I'm wondering if the rest of your secrets are in your book? If not, can you suggest an alternative way to tap your grey matter to unlock those secrets?
I use the OX put or call spread option chain screen and look at the 10 and 15 point spreads to see the different prices and look for strikes I like with respect to potential fills. I do not leg into each spread one option at a time but rather work on splitting the spread bid/ask spread as much as I can.
Phil
Phil