#ironbutterfly Here is some info on butterfly and broken wing butterfly options
https://www.tastytrade.com/tt/daily_recaps/2016-01-14/episodes/mike-and-his-white-board-01-14-2016?locale=en-US
Daily Archives: Thursday, January 14, 2016
$UVXY #ShortPuts – Sold UVXY…
$UVXY #ShortPuts – Sold UVXY Feb 19 2016 19 Puts @ 0.34.
Also Sold UVXY JAN 22 2016 85.0 Calls @ 0.79 and UVXY JAN 29 2016 85.0 Calls @ 1.80
$XOM #ShortPuts – Bought to…
$XOM #ShortPuts – Bought to close XOM JAN 15 2016 70.0 Puts @ 0.01. Sold at 1.40 and 1.62
$SPX
Sold to open Jan 29th 2020/2030 BeCS @ 0.80 A small toe in the water position. My thinking is there will be a lot of resistance over the next two weeks to push this well above the 20dma.
UVXY puts
BTC $UVXY Jan 22nd 22 puts and 22/20 put spreads for .02. Sold for 1.00 and .55 respectively on 12/31.
STO UVXY Feb 5th 27 puts for 1.18
STO UVXY Jan 22nd 30 puts for .52
SPX in rally, but VIX not plummeting and UVXY sideways
on 12/18 STO UVXY 25/20…
on 12/18 STO UVXY 25/20 BuPS for 1.90 closed today for .27. Trying to follow you guys
KOLD snap
Sold Feb 19 270 call @ 2.70. Strike price over 110 points higher than current price and 2 standard deviations away. Not that standard statistical measures and probabilities have as much relevance with reverse leveraged ETFs based on commodity futures but it’s something. The more important factor here is the tracking error headwinds that will keep this ETF down; because of that it likely won’t get back to its December high of 223 even if natural gas gets back down to the corresponding low it reached then.
and another…
#SPXcampaign STO $SPX Jan 22nd 1995/2020 call spreads for 1.25. This is the third I’ve sold today. Cutting it a bit close, especially if rally continues into expiration tomorrow. But I believe call spreads are still the safest bet.
$SPY sold Feb. 19 197/204…
$SPY sold Feb. 19 197/204 BeCS @ 1.63
$SPX
Just popping in to say I ain’t dead. I’ve been sitting on my hands watching, studying and learning. Being very cautious with a cash position. Best of luck to all. Jon
More calls
#SPXcampaign STO $SPX Feb 5th 2025/2050 call spreads for 1.45
$TLT Tilting down
STO $TLT Feb 19 126/130 BeCS for 0.80. Has about 70% probability of profit.
Resistance at 1926-30; 1940; 1955-62;…
Resistance at 1926-30; 1940; 1955-62; 1975-77; 2002-05 and finally at 2014.
Reversal
#SPXcampaign Put spread stopped at the bottom again! Always seems to work that way, aye? I mentioned this the other day, but 22 of the 25 biggest rally (up) days in the Dow have been during corrections, with Dow beneath its 200 dma. Huge rallies now are a good chance to short the market. I’m looking for the high today to sell more call spreads and UVXY puts.
ETF Webinar – January 20, 2016
A new webinar next week for what I call #ContangoETFs; the bull and bear 2x and 3x ETFs and ETNs that always head toward zero; how they work, and how to keep an edge in trading them. It will be Wednesday, January 20 at 5pm ET, 2pm PT. Limited spaces available; reply below this post if you’d like to attend.
some trades…
STO $UVXY Jan 15th 55 calls for .60
STO $TZA April 85 call for 5.05, added to the one I sold for 4.05 yesterday
BTC $BOIL Jan 15th 25 calls for .05, for no other reason than I forgot I had a GTC order in. Sold for 1.10 in November
$UVXY
BTC Jan 22 $25 puts @ $0.03, sold for $0.40
Puts stopped
#SPXcampaign Hand slapped again… tried selling my first put spread in a week yesterday, but did it too early and already stopped out. Need to stick with call spreads.
BTC $SPX 1810/1785 put spreads for 2.90. Sold yesterday for 1.25.
TZA calls
Sold $TZA Jan 29 75 call @ 1.30
$SPY #ironbutterfly closed the Feb….
$SPY #ironbutterfly closed the Feb. 19 put iron butterfly I sold on Jan. 8, small gain of .55 per contract
$CMG #ShortPuts – Sold CMG…
$CMG #ShortPuts – Sold CMG Jan 15 2016 400.0 Puts @ 1.05. Offsetting short calls. These expire tomorrow
Call spreads
#SPXcampaign STO $SPX Jan 29th 2000/2025 call spreads for 1.35.
Managing options positions through max Payne
I made a presentation last night to a local Options Trading group about #ContangoETFs, and I included the recent $KOLD trade through the swing from 90 to 220, where many of us held ITM naked calls on the whole ride up. I shared @fuzzballl‘s tactics of selling ITM puts, and of selling the long leg of a way-ITM spread while it was riding high. One member said you need to have “ice in your veins” to handle these types of trades without panic.
It is true that the way many of us trade UVXY and other naked options is not for everyone. I stressed last night and I stress again now, you must know the products you’re trading and you MUST control position size so your account can handle worst case scenarios.
For new members or followers to Bistro, be sure to ask any of the traders here any questions about their positions. This is a good group, always willing to offer advice. I learned much of what I do from many of these people, including @optioniceman who first taught me the tricks to selling naked premium.
(And if you want to see some of the KOLD trading, use search box in the right column and enter the term “KOLD”)
Options Bistro 