SPX Credit Spread Trader

[zman7854]

Quote from DonnaV:

however if it is GTC would not that carry over to the next day? so your order would be finished perhaps the nxt trading day? At Harris this happened a couple of times for me.

Yes, that's true Donna providing the market doesn't go against you.

 

[burrben]

I'm looking to close out the 1200/1190 I have for a nickel. Any opinions on rolling up to the 1245/1255's in Jan? 8 days left and that would be a 45pt move down. I'd like to scalp some extra premium if possible. The ATM straddle is ask at 18 for a implied move of 1272 or 1308.

sd

 

[feydnaway]

Quote from Drofman:

Has anyone had experience with partial fills with Options Xpress? I have order to close 1205/1195 put spread for .05 and got 1 of 10 partial fill. Since initial credit was .50 this will mean $45 net income with a commission of $29. I know that I could have used the option for "full fill only" but did not even think about it until now. Any way after the fact to call someone to encourage completing the full fill.
What do all/some of you do with respect to "partial fills".
Thanks, Jack

With TOS if you dont change the order no matter how many trades it takes to fill the whole order its treated as one transaction. This is company policy no need to contact them for it to happen.

 

[RichardRimes]

Given the nature of the strong move up, unless Q4 earnings are a real disaster I think your pretty safe, can you still get decent prem?

Quote from skdoyle1:

I'm looking to close out the 1200/1190 I have for a nickel. Any opinions on rolling up to the 1245/1255's in Jan? 8 days left and that would be a 45pt move down. I'd like to scalp some extra premium if possible. The ATM straddle is ask at 18 for a implied move of 1272 or 1308.

sd

 

[RichardRimes]

sold (partial # of contracts due to BP limit) 1340 Feb call 1.4 (net
.8)..living on the edge I guess

 

[Synaptic]

Mr. Doyle,
With the straddle @ 17 right now you'd want to look at selling the 1250 right ? Looks like it might be worth about 15 cents right now ... maybe more later today if we keep dropping.

Quote from skdoyle1:

I'm looking to close out the 1200/1190 I have for a nickel. Any opinions on rolling up to the 1245/1255's in Jan? 8 days left and that would be a 45pt move down. I'd like to scalp some extra premium if possible. The ATM straddle is ask at 18 for a implied move of 1272 or 1308.

sd

 

[Sailing]

Quote from skdoyle1:

I'm looking to close out the 1200/1190 I have for a nickel. Any opinions on rolling up to the 1245/1255's in Jan? 8 days left and that would be a 45pt move down. I'd like to scalp some extra premium if possible. The ATM straddle is ask at 18 for a implied move of 1272 or 1308.

sd

 

[Sailing]

Yesterday the 1200/1210 closed for .05 It took most of the day... but someone needed the contracts....

Murray

Quote from skdoyle1:

I'm looking to close out the 1200/1190 I have for a nickel. Any opinions on rolling up to the 1245/1255's in Jan? 8 days left and that would be a 45pt move down. I'd like to scalp some extra premium if possible. The ATM straddle is ask at 18 for a implied move of 1272 or 1308.

sd

 

[El OchoCinco]

Took advantage of the down dip today to grab some FEB premium with 37 days left to expiration.

Sold 125 SPX FEB 1190/1205 Put Spreads @ $0.45 (.05/1.05 B/A)

Margin = $187,500

Credit = $5,625

Real Risk = Margin - Credit = 181,875

Return on Risk = Credit/RR = 3.09%

I think 1205 is relatively safe for FEB with several areas of support beofre it. If themarket moves back high today I may add some XSP puts at 125 or so as a partial hedge. If the market moves lower after that I can roll them into free bear put spreads and keep tiering the hedges on the way down.

But at 1285 and 37 days to expiration, 80 points OTM is a good strike. FEB ATM straddle is about $36 so this is more than double that and the delta of the 1205 strike is .07.

 

[El OchoCinco]

New chart of SPX with new support at the top of the price channel around 1282 or so. This line will tell us short-term if the trend continues or we have a deeper pullback back into the channel and thus a false move higher.

Also notice on the chart how the price breakout to the downside last week or so was on lower volume and the huge surge back into the channel and above was on much higher volume. Looks like the fed minutes turned a lot of sellers into buyers real fast .