prvtrader 9:38 am on Thursday, November 12, 2015

STO SPX Nov 13 2045/2035…

STO SPX Nov 13 2045/2035 for $2.30 crd. Stop at 2050.30

deltavsgamma 10:03 am on Thursday, November 12, 2015

Great looking trade, prvtrader. I have a Nov2Weekly SPX 2045/2040 PUT trade on now. (A day and a half to go). Sweating a few bullets now and then. I have a question concerning your stop at 2050.30. If SPX drops to your 2050.30 mark is a buyback order automatically issued to buy back the trade at the market value? Thank you.
- prvtrader 11:36 am on Thursday, November 12, 2015
  
  Yep, it will close the trade at Market. SPX is pretty good with fills. The thinking is that if it breaks below 2051 it is going down to 2038 or so, and I don’t want to be on the trade then.
  - deltavsgamma 2:35 pm on Thursday, November 12, 2015
    
    Thank you, prvtrader. It’s always challenging for a trader to decide if the buyback should based on a specific buyback price (2 to 3 times selling price) or on a specific underlying asset value which is “close” to one’s short strike. Sigh … no perfect answer yet. Still searching for one.
    - prvtrader 5:37 am on Friday, November 13, 2015
      
      We’ve been using 2x or 2.5x profits to get out; but lately, I’ve been leaning towards Fib-Nodes levels of support or resistance before exiting a position.

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