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Weekly Option Trader
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Weekly Option Trader

  #101 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 407 received


Cloudy View Post
Hi Vikings, I've noticed in the recent charts you've changed to range charts at various cents value for AAPL, /CL
and GOOG. Do you think they are easier to trade on and help filter out spike and noise from the time charts?
Thanks, Cloudy

Cloudy until recently TOS did not have range charts. Range charts IMO are the only thing you should be using as they are pure price, no time or volume, only price. If you look at most of your indicators, oscillators, and such they are all price based, not time.

It took a little experimenting to see what ranges worked best and I have standardized on ATR for a 5 minute interval and a shorter one (1/2 of the previous range) in order to get me into a play that is already running.

My ranges right now ar $ .13 & $ .065 for oil, 1.47 for aapl, .66 for amzn, .40 for bidu, 1.475 for goog, .34 for nflx, 2.20 for pcln, and 1.34 for ES.

I realy like the $ .065 for OIL, obviously.

Another thing with range charts as my set-ups are setting up I can quickly calculate where to take my trade as I know the bar I need to fill is $ .065 for oil (as an example) and thus have my trade all locked and loaded ready to be filled.

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  #102 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
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Posts: 188 since Oct 2011
Thanks: 26 given, 407 received

My weeklies from today

Here is what my weeklies look like today, for those that are interested.

Have a great night...

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  #103 (permalink)
Elite Member
Buckeye Nation
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Amp/CQG, TOS
Favorite Futures: CL, 6E, YM and ES
 
Posts: 199 since Jul 2010
Thanks: 142 given, 234 received


@ Rutherfordk

To add an options chart on TOS, go the option chain you want to chart, right click on it, then ADD TO WATCHLIST, and then choose the watch list you want. I personally have created a watchlist = OptionCharts. After I add it to this watchlist, then go to that watchlist and charts, then link that watchlist with your charts. Then select the option on the watchlist to chart it.

I will make a short video this weekend if this isn't clear enough for you.

Cheers, Kulu



rutherfordk View Post
Gisfor, can you tell me how you loaded an option chart in TOS. I have never seen this before. I have been trading options on TOS for years and never knew this was possible.
Thanks,
Kim


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  #104 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
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Posts: 188 since Oct 2011
Thanks: 26 given, 407 received


kulu View Post
@ Rutherfordk

To add an options chart on TOS, go the option chain you want to chart, right click on it, then ADD TO WATCHLIST, and then choose the watch list you want. I personally have created a watchlist = OptionCharts. After I add it to this watchlist, then go to that watchlist and charts, then link that watchlist with your charts. Then select the option on the watchlist to chart it.

I will make a short video this weekend if this isn't clear enough for you.

Cheers, Kulu

Hi Kulu,

Was that message meant for me? I follow my options on E-trade, not TOS. Secondly I rarely pay attention to the option chart, just my main chart to tell me when to get in and out.

V

 
  #105 (permalink)
Elite Member
Buckeye Nation
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Amp/CQG, TOS
Favorite Futures: CL, 6E, YM and ES
 
Posts: 199 since Jul 2010
Thanks: 142 given, 234 received

V,

No that message was for Rutherfordk. He had asked how to plot an options chart on TOS a while back.

Kulu


Vikings1 View Post
Hi Kulu,

Was that message meant for me? I follow my options on E-trade, not TOS. Secondly I rarely pay attention to the option chart, just my main chart to tell me when to get in and out.

V


 
  #106 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
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Posts: 188 since Oct 2011
Thanks: 26 given, 407 received

I am tired, had to work for my money today

Wow, what a day. Once again more Crappy news before the open but the market goes up, sideways, and then down until the so-called rumor came out. QEIII is baking in as we speak, but what's another month with a deficit of $ 137 billion?

Anyhow, 17 trades on CL today for a whopping gain of 202 total ticks using 4 contracts. I am not going to show them all as it would take forever to post them all, but I did have four max losers today (total of 64 tits each, ouch), but I had some good trades as well so it all worked out in the end.

Weeklies had some very nice moves in them like GOOG, PCLN, NFLX, and AAPL. They were headed to REALLY great trades until the great rumor popped. Some great examples of using the smaller range chart to get into a trade that is already running, or giving a strong reversal, on the longer range chart. Pcln options went from $ 3.80 to $ 10.69; GOOG had two reversals $ 1.65 to $ 3.10 and $ 1.19 to $ 2.35; AAPL's play went from $ 2.40 to $ 4.00...

Have a great day tomorrow, it should be an interesting one as more rumors will be sure to be flying all around tomorrow.

V

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  #107 (permalink)
Elite Member
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Platform: ninjatrader, TOS
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Posts: 188 since Oct 2011
Thanks: 26 given, 407 received

A very good day

Today was a very good day even with a big mistake on one trade in oil today. I was 7-6 on my trades in oil today, but still finished up with 208 total ticks (using 4 contracts). I did make a clear mistake though that cost me 64 ticks on one trade, (I have enclosed a pic of that trade). I could/should have been 7-5 on my trades instead for a possible total of (272 ticks). Lesson learned.

I was posting all these trades before them happened to my Skype friends, but was amazed when I was told by one of the "friends" that I should not be taking some of those trades because on a longer time frame the TTM-Squeeze was still in a squeeze. But why should I care when I am NOT trading off that range?

My rules again are:

My Rules:
1). Price must be two candles above/below of the 50EMA. (one has to be higher or lower than the other)
2). Those two candles must be same color
3). TTM-Squeeze must be blue/red along with a "green" dot
4). My "A-study" (solid blue/red line on upper graph) must be the same color as the candles
5). My "B-Study" (dots green/red on upper graph( must be the same color as the candles
6). My Laquerre Study (dashed blue/red line on upper graph) must be the same color as the candles
Those are my RULES and they are NEVER broken, (no butt I think it might reverse; no thinking, just buy or short when these are ALL met).

If you have a system, you better have rules and then FOLLOW those rules, don't start making excuses for not taking trades. This is exactly why 95% of all would be traders fail, no rules, consistantly changing them, always looking for the "magic" oscillator, NEVER making a REAL commitment to a system.

PS: After that comment about how I should be sitting on the sidelines until I get confirmation from a larger time frame I had MY biggest trade of the day for 120 TICKS!!!!! But maybe he was right, I should have waited for the yearly to show me the way.

So much for sitting on the sidelines.

Weeklies were good today, especially PCLN.

PS: I have changed my range charts on my weeklies to the following ranges: AAPL $ 1.11, AMZN $ .50, BIDU $ .30, GOOG $ 1.11, NFLX $ .255, GOOG $ 1.11.

Have a great weekend.

V

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  #108 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
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Posts: 188 since Oct 2011
Thanks: 26 given, 407 received

What range should I use

This is a question that I am asked a lot and I have to be honest here, it is one I too have been working hard to figure out, but I think I am there now.

First pull up a daily chart of whatever you are interested in trading. Pull a ("7"-interval) ATR on that daily chart. Next take that number and multiply it by .08 (conversative interval). DO this on a DAILY basis as your range needs to be dynamic, or it will become useless, IMO.

Example AAPL's current 7-interval on the daily chart is $ 9.372. Therefore the range I will be using on Monday will be $ 9.372 * .08 = $ .75

Next Monday's Ranges will be as follows:

AAPL: $ 9.372 * .08 = $ .75
AMZN: $ 4.0625 * .08 = $ .325
BIDU: $ 3.7457 * .08 = $ .30
GOOG: $ 10.244 * .08 = $ .82
NFLX: $ 2.6014 * .08 = $ .21
PCLN: $ 17.757 * .08 = $ 1.42

As far as Futures go you can use 8%, 5%, or 2.5% (like I use) of the Daily ATR. This all depends on your style of play, conservative to very aggressive. I like to be very aggressive on Oil.

As far as Trailing stops go: I am now using A great little program of Big Mike's, his "SuperTrend" program that he put together for TOS.

Therefore, I have made some slight changes to my charts which will make me even that much more effective, IMO.

I will be posting as usual.

V

Some sample charts with the new ranges and "Supertrend" (black and white dotted line)

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  #109 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
Thanks: 26 given, 407 received

A very nice start today

Experiment continues to churn along and doing very well. Today I took every trade given me in oil, 14 total. Final record was 10 wins & 4 losses. One of those losses was from an add I did on an existing winning trade and I nearly got my 1st fill on that add (missed it by 1 tick); still won a total of 26 ticks on that overall trade.

Final total for the day, based off of 4 contracts was 420 ticks. Best plays of the day were for 106 & 104 ticks each. Worst trades were -52 & -48 ticks respectfully. No mistakes today and that was because of some of my upper boxes I added for my wife's sake. (They helped me too, shhhh.)

Again, I was posting all these trades before they happened to my trading friends, some of whom are in here, via Skype.

Weeklies today:

I played GOOG and AAPL today, unfortunately I missed the 1st entrance on AAPL as I was involved with some other matters at the time, but I did NOT miss the re-entry.

My rules again are:

1). Price must be two candles above/below of the 50EMA. (one has to be higher or lower than the other)
2). Those two candles must be same color
3). TTM-Squeeze must be blue/red along with a "green" dot
4). My "A-study" (solid blue/red line on upper graph) must be the same color as the candles
5). My "B-Study" (dots green/red on upper graph( must be the same color as the candles
6). My Laquerre Study (dashed blue/red line on upper graph) must be the same color as the candles
Those are my RULES and they are NEVER broken, (no butt I think it might reverse; no thinking, just buy or short when ALL of these conditions are ALL met).

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  #110 (permalink)
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Minneapolis, MN, USA
 
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Platform: ninjatrader, TOS
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Posts: 188 since Oct 2011
Thanks: 26 given, 407 received

Ranges for tomorrow


Oops I forgot to add the GOOG pic.

Ranges for tomorrow 6/19/2012:

AAPL: $ .87
AMZN: $ .36
BIDU: $ .28
GOOG: $ .87
NFLX: $ .20
PCLN: $ 1.38

/CL: $ .062

Have a great night!

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