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Selling Options on /ES
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Created: by blb014 Attachments:5

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Selling Options on /ES

  #51 (permalink)
Elite Member
Dallas, Texas
 
Futures Experience: Intermediate
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Favorite Futures: AAPL, /ES, IWM, SPY Options
 
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Chubbly View Post
Is anyone selling more options with the high VIX? I wanted to on Friday but was at work at my day job. I managed to do it a few weeks ago when CL was going crazy after the first big drop and made up enough to cover loses, but I am only trading very small so it is easy to have confidence and make moves like that.

I am regretting not buying VIX calls when they were super cheap. I had read an article somewhere that said to buy them when they hit lows which they were a week ago.

It's the best time to sell or roll down. I sold some Oct 1920 Thursday afternoon when VIX was around 18. But I have always been bad at timing now the VIX is 28 and the option has almost doubled. Starting small to gain confidence is good for learning how to react on days like Thursday and Friday.

I read about someone that would buy calls everytime VIX went below 12, but the trick would be knowing when to sell! They would have been selling on Friday

How are those SPX spreads doing that you had mentioned?

Volatility is good for the market and trading.

Preservation of capital is the most important concept for those who want to stay in the trading game for the long haul. - Van Tharp
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  #52 (permalink)
Trading for Fun
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This position was opened last Monday. It is oddly in the green at +$180 (four IC's intial credit was $3.80 and are now at $3.40) I was watching as best I could on friday on my phone and the balance was fluctuating wildly
I am using a 2x max credit as my stop loss point which I am strictly adhering to

I also have a a single Dec ICondor which I put on 1.5 weeks ago only because I wanted to directly compare it and it is intial credit was $4.70 and are now at $4.25)

Here is a useful link if you want to download Option chains into a Excel format to do analytics on them if your broker doesn't support an export

http://www.cboe.com/delayedquote/QuoteTableDownload.aspx

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  #53 (permalink)
Elite Member
Dallas, Texas
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: AAPL, /ES, IWM, SPY Options
 
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The market is prime for put selling


Going to roll down in the morning when the fills are better. Hopefully the sell off will hold but I'm thinking there will be a bounce when Europe opens,who knows?
Unrealized -100k been here before on other positions. This is not some rare event, these type sell-offs happen. I feel for those that were misled,I preached against it and I was put on ignore. Will update in the morning

Volatility is good for the market and trading.

Preservation of capital is the most important concept for those who want to stay in the trading game for the long haul. - Van Tharp

Last edited by blb014; August 24th, 2015 at 02:13 AM.
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  #54 (permalink)
Trading Apprentice
Vlaanderen Belgium
 
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How are you on this (red) day?

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  #55 (permalink)
Trading for Fun
Ottawa
 
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Platform: Many
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Posts: 87 since May 2015
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I ended up bailing and taking a loss on the CL as I had already rolled once on it.
The Nov SPX IC's are fluctuating right now at about 30-50% of where I will take a SL.
If it drops another 30-50 points my SL will be hit. If so I think I will reopen the position in another 1-2 days

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  #56 (permalink)
Trading for Fun
Ottawa
 
Futures Experience: Advanced
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Favorite Futures: Options
 
Posts: 87 since May 2015
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Well, that was a wild ride. The option chains on my platform were going absolutely nuts and prices were fluctuating madly. Then VIX hit 54, highest since the 2008 meltdown.

I had my stops at 2x Max credit in place and I was actually still below them. Then Vix dropped and spreads widened and my stops got hit. So overall I took a 7% drawdown. I had calculated that there would be a 7% drawdown approx 1.5x/year. So I am not that upset by it. Hopefully will make it up in 2-4 months

So we can safely say this was the worst event since 2008

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  #57 (permalink)
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Still alive


jawadde001 View Post
How are you on this (red) day?

Not going to chase to close a position, so I haven't roll down yet. It was a been a wild ride this morning.

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Volatility is good for the market and trading.

Preservation of capital is the most important concept for those who want to stay in the trading game for the long haul. - Van Tharp
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  #58 (permalink)
Elite Member
Dallas, Texas
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: AAPL, /ES, IWM, SPY Options
 
Posts: 208 since Oct 2012
Thanks: 440 given, 101 received


Chubbly View Post
Well, that was a wild ride. The option chains on my platform were going absolutely nuts and prices were fluctuating madly. Then VIX hit 54, highest since the 2008 meltdown.

I had my stops at 2x Max credit in place and I was actually still below them. Then Vix dropped and spreads widened and my stops got hit. So overall I took a 7% drawdown. I had calculated that there would be a 7% drawdown approx 1.5x/year. So I am not that upset by it. Hopefully will make it up in 2-4 months

So we can safely say this was the worst event since 2008

Pretty incredible indeed.

Thanks for the update, sticking to a plan and surviving to trade another day.

Volatility is good for the market and trading.

Preservation of capital is the most important concept for those who want to stay in the trading game for the long haul. - Van Tharp
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  #59 (permalink)
Elite Member
Dallas, Texas
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: AAPL, /ES, IWM, SPY Options
 
Posts: 208 since Oct 2012
Thanks: 440 given, 101 received

TD Ameritrade

https://twitter.com/TDANSherrod/status/635794209258123264

and apparently some TD ameritrade customers are having problems

https://twitter.com/TDAmeritrade/status/635824283118366720

Volatility is good for the market and trading.

Preservation of capital is the most important concept for those who want to stay in the trading game for the long haul. - Van Tharp
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  #60 (permalink)
Trading Apprentice
Vlaanderen Belgium
 
Futures Experience: Advanced
Platform: IB
Favorite Futures: Oil, spy, es, estx50
 
Posts: 19 since Jul 2015
Thanks: 1 given, 3 received



blb014 View Post
Not going to chase to close a position, so I haven't roll down yet. It was a been a wild ride this morning.

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Are you going to hold them if they go ITM?

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