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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
Can you help answer these questions from other members on NexusFi?
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
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
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
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
selling on Friday
