SPX Credit Spread Trader

Jeez, put on one little SPX PUT butterfly and the market goes crazy higher....

C'mon... I know at least one or two of you were thinking of going long when I slapped on that Put Fly....

Well I am going to get back at you and look into putting on the Call Fly to do more Baby FLY selling.....

So Thhhhhhhhhhppttt!
 
Thanks for the bump,
95xMar 1325/1335 for .55

PS: I still don't buy all this fly stuff. Seems a little overly complex to me, but I'll wait and see. But then again I can't watch the market all day.

Quote from optioncoach:

Jeez, put on one little SPX PUT butterfly and the market goes crazy higher....

So Thhhhhhhhhhppttt!
More...
 
another donna alert...with the mkt up I decided to scalpe the earlier sold 1195 and bought back 25 contracts for 1.90 (had a limit order in for 2) netting 1.05 on the deal...love driving the mm crazy:D
 
Donna,

What are you doing with your 1175p.... it's going to bleed terribly unless the market changes quickly.

Murray

PS For clarification for our 'lurkers and newbies' would people be opposed to including the "p" and "c" next to their strikes. It may just help a few of the others.

ie, 1195p / 1175p
 
Thanks Mo for your detailed reply.

The last 2 months I have legged into narrow IC on XEO.
Started at about .20 delta at support/resistence.

Around 30% profit each month.

Of course, XEO has been in a range...............
 
Quote from piccon:


Entry is key. When the market is going up, you wait for overbought situation to enter to write call.
More...


Piccon, thanks for sharing your strategy.

1) What indicator (combination of indicators) do you use to determine overbought/oversold?

If stochastics, do you use slow/fast (14)????

2) Do you look for just crossovers or above 70/below 30


Thanks
 
SELLING BABY FLYs

On the upmove today I decided to add a Call FLY at 1265/1285/1305. I used narrower strikes than the put fly because I do not see as much upside potential as I see downsside potential. Remember this is not trying to be a double butterfly position. I am trying to play both directions to sell of BABY FLIES.

The total cost of both FLYs is $10.25 or $1,025.

All positions and costs, as well as all the BABIES inside I am looking to pawn off are in the chart below.

nqsa4o.jpg
 
Quote from Sailing:

Donna,

What are you doing with your 1175p.... it's going to bleed terribly unless the market changes quickly.

Murray

PS For clarification for our 'lurkers and newbies' would people be opposed to including the "p" and "c" next to their strikes. It may just help a few of the others.

ie, 1195p / 1175p
More...

Hi Murray...since I already had made 1.05 on the scalp today I'm leaving the 1175p (at least the 25 I have free) alone...don't really care if there is bleed...next downturn I'll sell against them again.

edit: not Free as in "no cost" free as in single/unmarried:)
 
Come to think of it Murray...now that I have some profit pocketed...I guess I like to have some puts on the spx as an over-all portfolio hedge with so much time remaining until Mar exp.
 
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