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@Delta_Panther, thanks for the suggestions. I use Interactive Brokers (IB). The screenshots are IB TWS. I use Ninja for charting and trading, but never used NT for stock (index) selection for an Iron Condor, only Delta and six weeks. I always use limit orders. I always executed trades in halves or wholes, mostly wholes. I quit doing Iron Condors and I am doing the collared option strategy as I described above. My only advice for option players is to do credit spreads. Maybe option traders have a higher burn rate than futures traders. While we have many successful futures traders here on futures.io (formerly BMT), I know not of option traders. Tiberius
Below is my basic set-up for my IB TWS option window:
You can see the Greeks and my positions. I have a collared option startegy in place. I have had this strategy for many weeks. Because I have the puts and have been writing weekly calls for many weeks, I am at the point were I can't lose money. If I don't do any thing stupid, I can collect call premiums for many more weeks. During the first half of February, I will roll my puts out into the future, six months. Option premiums decay quicky during their last 30 days. And?
Today the Jan 6 '12 option series preview. The point of this post and my strategy is to close out my Dec 30 '11 calls and sell the Jan 6 calls. If nothing changes with SDS, I can buy back my Dec 30 20 calls for $1 Friday afternoon, like the 21s are listed now. And then sell the Jan 6s. My dilemma now is that I have to deal with the Delta. SDS is an inverse ETF and the market is rallying today, so SDS is drifting lower. In round numbers, if SDS declines $0.10 then the Dec 30 20 call will decline $0.01 but the Jan 6 20 call will decline $0.03. And?
In conclusion, I would like to net $25 per calendar spread. Market is at $15, bet I could get $16. Should I go for it or wait???
From my above post I didn't go for the 6Jan12 20 call, weekly series. I sold the 20Jan12 20 call, monthly series. I wanted more premium. That was on Friday, the last trading day of 2011.
This is Tuesday, the first day of trading for 2012. So, what I did on Friday is worth much less today. I like to ding the weekly options, so I grabbed the profits for the 20Jan12 20 calls and sold the 20Jan6 19 calls. I hope I can make more total premiums jumping back to the weekly. I still have the puts overhead as a hedge, but I have to protect the 19 calls so not to be called away or my strategy breaks down. I will trade against the 19 strike.
Found this new strat. Actually, someone gave it to me. If anyone wants to review it, test it or comment on it, please do. I did a tracking spreadsheet on it as I did the first trade for the option strategy.
Interesting strategy. Will check the idea on my matrix to see the analyzing picture. Do not like to take trades witch I not at least once have visualized in advance.
What I wanted to ask you or any body else: Binary Options. Any comments on them ? Doe's any body here only trade with them ?
@Delta_Panther : I have two of these strategies going (IWM and SPY) And I read that @zsike has this strat for SPY in her journal. Guess we will see if they can produce over the next many weeks. I am in testing phase ............
Delta, My belief from my readings here at nexusfi.com (formerly BMT) is that you are more knowledgeable in option strategies then myself. So keep you comments and ideas coming. I am always looking for new ideas .......................
And my latest STUUD excel template needs to be upgraded. I figured out the profit potential for STUUD that needs to be edited into the template.
