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Day Trading Options
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Created: by ESFXtrader Attachments:50

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Day Trading Options

  #31 (permalink)
Elite Member
Philadelphia
 
Futures Experience: Intermediate
Platform: SierraCharts, Ninja
Broker/Data: Optimus (Rithmic)
Favorite Futures: Futures (ES, TF) Options
 
Posts: 10 since Jun 2011
Thanks: 19 given, 6 received

Good Options Day Trading Platforn?

ESFX,

I see that you use Tradestation for trading options. How do you find it in terms of flexibility with making rapid changes to existing orders? I am looking for an options trading platform where I can adjust my oco orders in real time and update them quickly. So, if I want to change my stops and targets quickly, I just update the fields without canceling my current order, hit submit and it's done and the order is updated. It should also be capable of complex oco orders. So, if I have 10 contracts on a trade, I can set it to sell 5 at my first target which will then automatically trigger a new target/stop order for the remaining 5. This is for fast day trades. ThinkorSwim does this but their software crashes continuously for me. Anyone know of any other good alternatives?

-Glenn

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  #32 (permalink)
Elite Member
Florida
 
Futures Experience: Intermediate
Platform: NT7
Favorite Futures: CL, NQ, NG
 
Posts: 456 since Jun 2009
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TradeMonster

Glenn,

Check this out. They have a paper trade demo which works with different strategies. (Not sure how the datastream works.) I've only started so not too sure on all the features of their website/program...

www.trademonster.com

Market News, Options Education, Trade Ideas | optionMONSTER

HTH, Kirk

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  #33 (permalink)
Elite Member
Barcelona, Barcelona, Spain
 
Futures Experience: Intermediate
Platform: NinjaTrader, TWS
Broker/Data: IB - AMP/CQG
Favorite Futures: Futures, Options
 
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Posts: 40 since Oct 2010
Thanks: 581 given, 49 received

IB do that



gtrader View Post
ESFX,

I see that you use Tradestation for trading options. How do you find it in terms of flexibility with making rapid changes to existing orders? I am looking for an options trading platform where I can adjust my oco orders in real time and update them quickly. So, if I want to change my stops and targets quickly, I just update the fields without canceling my current order, hit submit and it's done and the order is updated. It should also be capable of complex oco orders. So, if I have 10 contracts on a trade, I can set it to sell 5 at my first target which will then automatically trigger a new target/stop order for the remaining 5. This is for fast day trades. ThinkorSwim does this but their software crashes continuously for me. Anyone know of any other good alternatives?

-Glenn

Hello @Glenn,
With Interactive Brokers itís easy to have your trades on screen with live orders and change the Price to another you want to send, and when you want just click the update button.

Also make complex oco orders and even choose to use them as default.

IB is very cheat with options. The trick is that they charge you when you modify a live order. At this time I have calculated that my average cost is less than $0,80 for trading more than 1 thousand options. I trade an average of 5 options each time and modify 1 executed order every 2 trades.

I think is may be the best platform for execution and for available option liquidity, but you need something else for charting and also if you want to analyze greeks or complex strategy. TOS is the best relation quality/price for that. OptionVue is the more complete (and expensive).

Hope this help.

DaveTrading.

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  #34 (permalink)
Elite Member
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Futures Experience: Intermediate
Platform: SierraCharts, Ninja
Broker/Data: Optimus (Rithmic)
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DaveTrading View Post

The trick is that they charge you when you modify a live order.

Thanks guys.

How much do they charge when you modify an order?

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  #35 (permalink)
Elite Member
Barcelona, Barcelona, Spain
 
Futures Experience: Intermediate
Platform: NinjaTrader, TWS
Broker/Data: IB - AMP/CQG
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gtrader View Post
Thanks guys.

How much do they charge when you modify an order?

Commissions depends on the exchange your order is send to (IB use a proprietary algo call SMART to choose the best exchange to fit your need -execution price). So each trade isÖ a "commision surprise!" I pay from 2 cents for 2 options on AAPL or GOOG to more than $1 other times. Thatís why I follow my average commission because each trade is different and not "commission representative".

Cancellation work same way, depend on exchange plus IB algo. You could find more info here:
http://www.interactivebrokers.com/en/p.php?f=otherFees

But in fine I found that my option commissions including cancellation fees are well below $1 per trade. I also suppose it will lower as I'll execute more size on each trade.

DaveTrading

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  #36 (permalink)
Trading for Profit
West Coast of Florida
 
Futures Experience: Intermediate
Platform: TradeStation, Danials Trading
Favorite Futures: TF, CL, & HO HOs
 
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Posts: 505 since Jul 2010
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Day Trading Options

Diagonal Spread Trading
For those interested in diagonal spread trading of options, here are two trades opened and closed this past week. When placed properly, there is little risk and neither ever went in the red.
CAG spread was purchased when price was at $27.95: bought $27 Jan calls and sold $28 Dec calls for only .79 and sold for 25% gain in two days.
CMCSA spread was purchased when price was at $36.36: bought $36 Jan calls and sold $37 Dec calls for only .79 and sold for 12% gain in three days.
One can easily make several hundred dollars per month on similar trades month after month.
Good trading.
WK

Attached Thumbnails
Day Trading Options-diagonal_trades_opened_-_closed_11-30_week.png  
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  #37 (permalink)
Trading for Profit
West Coast of Florida
 
Futures Experience: Intermediate
Platform: TradeStation, Danials Trading
Favorite Futures: TF, CL, & HO HOs
 
ESFXtrader's Avatar
 
Posts: 505 since Jul 2010
Thanks: 56 given, 2,283 received

Day Trading Options

As for making rapid changes in Trade Station Platform, I only wish it were possible for spread trades. It is easy for single option trades, but spreads must be cancelled and reopened at the new desired price, which can be time consuming, although, I do have it down where I can get it done quickly when needed. I have never had TS crash in all my years of trading.
WK

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  #38 (permalink)
Elite Member
Florida
 
Futures Experience: Intermediate
Platform: NT7
Favorite Futures: CL, NQ, NG
 
Posts: 456 since Jun 2009
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OptionMonster

Hello ESFXtrader,

did you ever try OptionMonster?

just curious...

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  #39 (permalink)
Elite Member
The Moon
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: ZF
 
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Posts: 44 since Jun 2010
Thanks: 91 given, 17 received

ESFXtrader thank you for the information.

Do you buy Jan calls and sell Dec calls at the same time or buy today and sell tomorrow? Because in the beginning of your thread I read that you buy call option and later sell call option.

What you mean by "When placed properly"? What would you recommend to look at when placing a trade?

Please recommend inexpensive stock options having enough action and good spreads during a day. I mean cheap stocks in a price range of $10-$20 so that ITM call/put options would cost about $0.50 - $1 but having the same trading power like expensive stocks - Google, etc with good volume, good spreads and so on.

Hey zeller4, I am trying demo of their trading platform. Looks not bad. Though read bad reviews about their customer service. Also planning to try OptionsExpress.

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  #40 (permalink)
Trading Apprentice
Monrovia, California USA
 
Futures Experience: Intermediate
Platform: TOS, optionsxpress
Favorite Futures: options
 
Posts: 8 since Jul 2012
Thanks: 26 given, 4 received


ESFXtrader, thank you for being so generous in sharing this very nice system!
I've set up my TOS charts ( simplified, however) and I just wanted to check in if what I'm doing is right.

1. If the trend is UP, I buy an ITM call option on a further-out month;
2. Then, I can either do a simultaneous or leg in to an OTM or ATM call option on the front month;
3. If trend is DOWN, I do the reverse by buying/selling puts;
4. The position of the 20EMA vs the 20SMA determines whether the trend is UP or DOWN;
5. The CCI -45/45 triggers/confirms the trade.

Question 1: what adjustments and how does one make the adjustment in case the market goes the opposite way?
Buy back what I sold and sell another OTM?
I realize that, by careful and judicious money/risk management, losses can be minimized. However, to complete the trading of this system, which I like very much, I just wanted a "what if " scenario as a way of putting my mind at ease.
Question 2: How many days to expiration would still allow me to enter the trade?

Thanks again!

VR

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