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Diversified Option Selling Portfolio
Updated: Views / Replies:120,548 / 1,495
Created: by myrrdin Attachments:90

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Diversified Option Selling Portfolio

 
Cleveland, OH
 
Trading Experience: Advanced
Platform: QST
Broker/Data: QST, DeCarley Trading, Gain
Favorite Futures: Options on Futures
 
Posts: 3,003 since Jul 2011
Thanks: 924 given, 5,495 received


myrrdin View Post
Rolled the SF C10.4 into the SF C10, taking a loss of approx. 15 - 20 % for the SF C10.4 . Will exit on a close above 10.

You rolled into a lower strike?

 
 
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,530 since Nov 2014
Thanks: 1,894 given, 1,996 received


ron99 View Post
You rolled into a lower strike?

Yes, harvest is progressing, and the high estimates for yield get more and more reliable. Whereas some weeks ago I assumed that $10.20 are in the cards, my actual assumption is that we will not close above $10.00 in October or November. Thus I raised my small position (50 %) to a full position by rolling into a lower strike.

I could have doubled the number of call options, but decided to roll for the reasons I described recently.

Best regards, Myrrdin

 
 
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,530 since Nov 2014
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Current short options positions:

SF7 C10
LCZ6 P100
LCG7 P100
CLF7 C58-63
CTH7 C0.8
EW1X6 P2100

Best regards, Myrrdin

 
 
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,530 since Nov 2014
Thanks: 1,894 given, 1,996 received

Current intentions regarding short options:

I will sell the SN P9 before the USDA report which will be published next Wednesday, 11 am Central Time. I intend to hold this "strangle" through the report.

In all recent years when price was relatively low in October (like this year) there was no further major draw down. I do not think that SX will go below 9 this year. There is a major bullish force (large exports) and a major bearish force (yield), which more or less compensate each other. To me it looks like much is already priced in. But the October report is always good for surprizes ...

In case of a bearish reaction to the report the SF C10 should expire worthless, and compensate the loss of the SN P9. (I sell 3 SN P9 for 2 SN C10.) In case of a bullish reaction to the report I will probably have to buy back the SF C10, possibly with a loss. Volatility should come down significantly after the report anyway.


I am also waiting to sell Gold puts in November or December, but will wait for a bottom to form. Inflation should rise in early 2017.


Best regards, Myrrdin

The following 3 users say Thank You to myrrdin for this post:
 
 
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,530 since Nov 2014
Thanks: 1,894 given, 1,996 received

Rolled the CLF C58-63 to the CLG C63-68, taking a loss of approx. 100 %.

Size of the new position is a little bit more than the original position. That means the only target is now to end up with a minor profit on this trade.

Best regards, Myrrdin

 
 
westhills california US
 
 
Posts: 88 since May 2015
Thanks: 122 given, 19 received

CLG. I do not see that on TOS platform?

Can some brokers not offer that month yet?

 
 
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,530 since Nov 2014
Thanks: 1,894 given, 1,996 received


rajab View Post
CLG. I do not see that on TOS platform?

Can some brokers not offer that month yet?

CLG is the February contract for WTI Crude Oil. All large brokers should be able to offer this contract. (But perhaps your broker uses a different abbreviation for this contract.)

Suggest you contact your broker.

Best regards, Myrrdin

The following user says Thank You to myrrdin for this post:
 
 
westhills california US
 
 
Posts: 88 since May 2015
Thanks: 122 given, 19 received

So TOS (Thinkorswim) tells me because of liqidity issues they only offer CL options 3 months at a time. When November expires they offer Feb.
Thoughts?

 
 
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,530 since Nov 2014
Thanks: 1,894 given, 1,996 received


rajab View Post
So TOS (Thinkorswim) tells me because of liqidity issues they only offer CL options 3 months at a time. When November expires they offer Feb.
Thoughts?

During regular trading hours (former pit hours) I never had a problem to get a fill for CL options 4 to 6 months out. There are problems to get a good fill during the overnight hours - but this is the case for all expiry dates of CL options.

I am afraid you have to change your broker if you want to sell these options.

Best regards, Myrrdin


Last edited by myrrdin; October 11th, 2016 at 06:16 AM.
The following user says Thank You to myrrdin for this post:
 
 
Market Wizard
Linz Austria
 
Trading Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,530 since Nov 2014
Thanks: 1,894 given, 1,996 received



myrrdin View Post
Current intentions regarding short options:

I will sell the SN P9 before the USDA report which will be published next Wednesday, 11 am Central Time. I intend to hold this "strangle" through the Report.


Sold the SN P9 for 24c in addition to my existing short position in the SF C10.

Best regards, Myrrdin


 



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