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It looks like we both have a similar read on Cotton as we have shorted in some of the same strikes! I'm short calls at 70, 72 and 75, and similarly for puts I'm short at 60, 58, and 57.
With the erratic price action over the past weeks, I'm about to start flattening my positions and book my profits. Time to look for another opportunity where ever it comes up!
Cordially,
PM!
Can you help answer these questions from other members on NexusFi?
When I am out of my office, or on vacation, I take my lap top with me to keep up with positions.
More than once I have placed orders at airports between connecting flights.
Dan Sheridan who worked with market makers for more than 20 years trading on floor n who has his mentoring firm has said in his few videos on CBOE that market makers start suppressing vols on thu aft noon, so option sellers don't have any advantage of time decay over weekends assuming there are no other major events.
I am also in oil. I am neutral right now so have an IC on. I am also in oil because sadly I am still with IB (it is almost impossible to find a good futures broker who allows selling options for Canadians) and the IM is better with with CL than ES at IB
I am at 40% after 7 days and was tempted to take it off today but will let it go to 50%
Myrrdin - Sorry I am quoting your post from March but I am rereading the thread. When you mention your limit of double premium. Is that the double of the maximum premium for the position or double the premium of your intended take profit level (eg 50% of max prem)
That is double the amount I received when I sold the option. Thus, I need (a little bit more than) one winner to compensate for one loser. (I liquidate winners in the commodities often at 10 %.)
Best regards, Myrrdin
PS: Excellent idea to reread the thread. There is a lot of valuable information. No problem to ask questions regarding older posts.
68 degrees sounds great Ron! It is 98 here in Houston! Ewwwww!
Hello everyone! Sorry I have not posted in such a long time but I do follow this thread on a daily basis. Glad to see that most are all doing decently with premium selling.
I took a full time job at a major hotel in my area as a Concierge. My schedule was a mess for awhile. Worked two AMs and two PMs and was on call one day a week. But I finally was able to get the schedule that I wanted for PM only. (3:30PM-10:30PM) Perfect for selling options!
I tried to put in a couple of extra positions to begin my experiment about expiry dates and how long they take to reach 50% but have a question.
OESX5 P1700 which expires on Nov. 20th is the standard monthly contract has 0 open interest and 0 volume
OESW5 P1700 which expires on Nov. 30th seems to be a weekly contract has 320 open interest and 0 volume
Here's my question. Is there a difference or issue trading the Nov. 30th rather than the standard monthly contract? Are there liquidity issues as they ramp up over time? I'm tempted to wait until the standard Nov. 20th builds up some volume before trading but wanted some feedback.
