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Weekly Option Trader
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Weekly Option Trader

  #171 (permalink)
Elite Member
Luxembourg, Luxembourg
 
Futures Experience: Advanced
Platform: TWS
Broker/Data: Interactive Brokers
Favorite Futures: Stocks
 
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mgtrader View Post
Great thread Viking1.

One question: When you day trade weekly options, are you subject to the pattern day trader rules for stocks, i.e. minimum $25K account?

I think it depends whether it is a margin account you are trading from. If you are trading from a margin account, then the PDT rules apply to the account.

On the other hand, if you are trading from a cash account, I don't think the PDT rules can apply. However, I would still check with your broker, and if it present a problem, just check with another broker to get a 2nd opinion.

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  #172 (permalink)
Elite Member
Indianapolis, IN USA
 
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grausch View Post
I think it depends whether it is a margin account you are trading from. If you are trading from a margin account, then the PDT rules apply to the account.

On the other hand, if you are trading from a cash account, I don't think the PDT rules can apply. However, I would still check with your broker, and if it present a problem, just check with another broker to get a 2nd opinion.

If you buy an option and sell an option during the same trading session, it's a day trade and day trader margin requirements should be enforced - unless your broker is willing to break the rules - in which case, I would change brokers. Good luck.

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  #173 (permalink)
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timefreedom View Post
If you buy an option and sell an option during the same trading session, it's a day trade and day trader margin requirements should be enforced - unless your broker is willing to break the rules - in which case, I would change brokers. Good luck.

Did some more research and found this:

FINRA - Day Trading Margin Requirements: Know the Rules

Quoted from the above link:

"Does this rule change apply to cash accounts?

Day trading in a cash account is generally prohibited. Day trades can occur in a cash account only to the extent the trades do not violate the free-riding prohibition of Federal Reserve Board's Regulation T. In general, failing to pay for a security before you sell the security in a cash account violates the free-riding prohibition. If you free-ride, your broker is required to place a 90-day freeze on the account."

I assumed that PDT rules only apply to margin accounts, but I guess I was wrong. Thought that was the way my broker handled it, but couldn't find anything to substantiate this.

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  #174 (permalink)
Elite Member
Minneapolis, MN, USA
 
Futures Experience: Master
Platform: ninjatrader, TOS
Favorite Futures: Weekly Options
 
Vikings1's Avatar
 
Posts: 188 since Oct 2011
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Weeklies just rocked today...

Market was flat but these weekly options weren't. A very good day especially on them. A lot of Tuesday targets were hit and off they ran. (AAPL, BIDU, GOOG, NFLX, PCLN).

Not a bad day on oil either.

PS: A Big shot out to "Edge", he is a fantastic Ninja programmer!

Have a great day tomorrow.

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  #175 (permalink)
Trading for Fun
Bay Area, CA
 
Futures Experience: Intermediate
Platform: Think or Swim
Favorite Futures: YM, ES, 6E Futures, Weekly Vertical Spreads
 
Allistah's Avatar
 
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Hi there...

How do you get those tags to print at the top of your charts for ADX strength? Mind sharing any code for that? I wouldn't mind having some of those at the top of my three charts I use for trading weekly options.. I stay in mine for the entire week though but it would be nice to be able to use that as a better visual when scanning.

Another thing I noticed on the 4th of July was that the ToS spread scanner doesn't scan for weekly options. Also the stock scanner doesn't make use of any code that's half way complicated which is a bummer. :-( So anyways, I'm always looking for stuff to help me find the direction of the stock until the following Friday. Do you have anything that you can share that you'd recommend?

Thanks,

-Allistah

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  #176 (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

Hello Allistah,

TOS's scan, IMO, isn't worth a damm. I see numerous complaints about it and I have totally given up on using it. The scans it returns are almost worthless to me at least.

But in my case, since I only play a limited amount for stocks with weeklies, and futures, I don't need a scanner. Though I trade the weeklies completely different that you do, I like what you are doing and it just shows there are options in options.

Here is my code for the ADX Strength Box: (note: if your stock is not here you will need to add it to the code; secondly you will have to select that stock for every stock you are in manually) (you select your own period length)

PS: I use the ADX Box just to get an overall feel of direction, it in NO ways decides whether I get into a trade or not. My three main indicators do all of that for me.... The other tags are simple "addchartlabels" in my other indicators...

Take care and keep up the great work....

Mike (vikings1)



declare upper;
input symbol = {default "AAPL", "AMZN", "BIDU","GOOG","NFLX","PCLN", "SPY", "USO", "/TF","MA", "/NQ","SINA", "WYNN", "CAT", "GS", "/ES", "EUR/USD", "IWM", "GLD", "SPX", "QQQ", "/DX", "/CL","$ADVN/Q-$DECN/Q", "$UVOL/Q-$DVOL/Q", "LVS"};
input length = 14;
def hiDiff = high(symbol) - high(symbol)[1];
def loDiff = low(symbol)[1] - low(symbol);
def plusDM = if hiDiff > loDiff and hiDiff > 0 then hiDiff else 0;
def minusDM = if loDiff > hiDiff and loDiff > 0 then loDiff else 0;
def ATR = WildersAverage(TrueRange(high(symbol), close(symbol), low(symbol)), length);
def "DI+" = 100 * WildersAverage(plusDM, length) / ATR;
def "DI-" = 100 * WildersAverage(minusDM, length) / ATR;
def DX = if ("DI+" + "DI-" > 0) then 100 * AbsValue("DI+" - "DI-") / ("DI+" + "DI-") else 0;
def ADX = WildersAverage(DX, length);
def BullishCondition = "DI+" > "DI-";
def BearishCondition = "DI-" > "DI+";
def ConditionA = ADX > 0 && ADX < 20;
def ConditionB = ADX > 20 && ADX < 25;
def ConditionC = ADX > 25 && ADX < 50;
def ConditionD = ADX > 50 && ADX < 75;
def ConditionE = ADX > 75 && ADX < 100;
AddChartLabel(yes, concat("ADX: ", concat(
If ConditionA then " Accumulation " else
If ConditionB then " Weak " else
If ConditionC then " Strong " else
If ConditionD then " Very Strong " else
If ConditionE then " Extremely Strong " else
" No Strength ",
If BullishCondition then "Strength" else
If BearishCondition then "Weakness" else
"& No Trend")),
If ConditionA && BullishCondition then color.lime else
If ConditionA && BearishCondition then color.magenta else
If ConditionB && BullishCondition then color.light_green else
If ConditionB && BearishCondition then color.pink else
If ConditionC && BullishCondition then color.green else
If ConditionC && BearishCondition then color.red else
If ConditionD && BullishCondition then color.green else
If ConditionD && BearishCondition then color.dark_red else
If ConditionE && BullishCondition then color.yellow else
If ConditionE && BearishCondition then color.plum else
color.white);
plot null = double.nan;



Allistah View Post
Hi there...

How do you get those tags to print at the top of your charts for ADX strength? Mind sharing any code for that? I wouldn't mind having some of those at the top of my three charts I use for trading weekly options.. I stay in mine for the entire week though but it would be nice to be able to use that as a better visual when scanning.

Another thing I noticed on the 4th of July was that the ToS spread scanner doesn't scan for weekly options. Also the stock scanner doesn't make use of any code that's half way complicated which is a bummer. :-( So anyways, I'm always looking for stuff to help me find the direction of the stock until the following Friday. Do you have anything that you can share that you'd recommend?

Thanks,

-Allistah


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  #177 (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

Allistah,

Here is one of my plays today (AAPL): From my post on the 3rd you could clearly see that AAPL was headed UP with 618 being my next target. I had also mentioned in Tuesday's report I hung onto 1/2 of my position in AAPL and that 1/2 position did very well today. Therefore, when I got a clear opportunity to get into AAPL again, with another position, I was in...

I am out of all positions, as I do not want to be holding anything prior to that jobs report tomorrow.

Again, take care and keep up the great work.

Mike

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  #178 (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

Ranges for Friday the 6th

Ranges for today are as follows:

AAPL $ .78, AMZN $ .38, BIDU $ .29, GOOG $ .84, NFLX $ .28, PCLN $ 1.34,
SPY $ .09, IWM $ .07, QQQ $ .05, /CL $ .17 (conservative), $ .08 (fast), /Tf $ .70, /ES $ .75

Take care and have fun....


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  #179 (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

Some stocks to pay attention to

Some nice plays to start today in the weeklies and then flat. Oil was work, but still productive.

I will post today's action tomorrow, but from here on out I will also be giving some stocks to watch and these can be played with options or out right buys/shorts.

Take care and have a great weekend.

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  #180 (permalink)
Elite Member
Los Angeles, CA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Rithmic
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plethora's Avatar
 
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Vikings - thanks for this thread. Although your trade secrets have not been revealed -- and why should they? -- you have been truly inspirational! Thank you.

And for those who have been contemplating their own version of your ADX, consider this:

View Download Details - Big Mike's Trading Forum

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