OX raised GC margins from 20% over SPAN to 30% over. SI from 10% to 20%. NG from 20% to 30% over.

To anyone interested, I am trying to sell off my remaining LONG May CL 78 Puts which were cover for a calender.
Got 3 away at 0.04 today and have orders in for 1 @ 0.05 and 2 @ 0.09

Thought these were doomed to expire worthless but drop in CL has sparked some interest.
Pretty good returns with just 2 more days left?

Have I traded with you again Ron? Anyway watch out if interested.

I'm not in any GC at the moment but I'm really curious as to how folks might handle a major move like this if they were in GC puts.

The gold futures markets opened in New York on Friday, April 12 to a monumental 3.4 million ounces (100 tonnes) of gold selling of the June futures contract (see below) in what proved to be only an opening shot. The selling took gold to the technically very important level of $1,540 which was not only the low of 2012, it was also seen by many as the level that confirmed the ongoing bull run which dates back to 2000. In many traders’ minds it stood as a formidable support level... the line in the sand.

Two hours later the initial selling, rumored to have been routed through Merrill Lynch's floor team, was followed by a rather more significant blast when the floor was hit by a further 10 million ounces of selling (300 tonnes) over the following 30 minutes of trading. This was clearly not a case of disappointed longs leaving the market — it had the hallmarks of a concerted 'short sale', which by driving prices sharply lower in a display of 'shock & awe' — would seek to gain further momentum by prompting others to also sell their positions as they hit their maximum acceptable losses or so-called 'stopped-out' in market parlance — probably hidden beneath the unimpeachable $1,540 level.

The selling was timed for optimal impact with New York at its most liquid, while key overseas gold markets including London were open and able to feel the impact. The estimated 400 tonnes of gold futures selling in total equates to 15% of annual gold mine production — too much for the market to readily absorb, especially with sentiment weak following gold's nonperformance in the wake of Japanese QE, a nuclear threat from North Korea and weakening U.S. economic data. The assault to the short side was essentially saying "you are long... and wrong."

What he said. It's a week too late to be selling calls.

Reducing the cash excess the last 14 days from 2X to 1X at 14 days (if the option is still far OTM) and then 0X at 7 days reduces the excess factor from 2X IM to 1.4.

...

Does that calculation look correct?

I wasn’t able to get 1.4x excess, I must have misunderstood something. Can somebody check this calculation, please.

If we use 2x excess until 14 DTE, then 0x excess from day 7 until expiry and if the entry was at 56 DTE we would have:
56-14 days x 2 = 84
14-7 days x 1 = 7
7-0 days x 0 = 0
And the average excess would be (84 + 7 + 0) / 56 = 1.625

So that’s ( (DTE – 14 x 2) + (7 x 1) + (7 x 0) ) / DTE

It gives 1.65 excess at 60 DTE, and 1.58 excess at 50 DTE etc

Chris