Jeff 10:05 am on Tuesday, November 20, 2018
Tags: SPXcampaign ( 2,265 )

SPX 1-dte

#SPXcampaign Sold to Open $SPX Nov 21st 2550/2570-2740/2460 condors for .85. Expires tomorrow.

elitethink 11:26 am on Tuesday, November 20, 2018

do you use stop limits for these?
- Jeff 11:39 am on Tuesday, November 20, 2018
  
  Yes. I’ve been closing if SPX gets within 10 points of one of my strikes. That’s happened about 4 times in recent weeks… twice I got out for about breakeven, the other two I paid 2.50 & 3.75. I also will close for cheap in the morning if possible. I’m going to adjust the strategy to exit if the expected move touches one of my shorts, which should make it possible to exit with profit or only a small loss. Only a major gap would result in big loss.
  - john4419 4:43 am on Wednesday, November 21, 2018
    
    Would appreciate if you would explain how allowing the short to be touched, could result in exiting with slight profit or only a small loss?
    I was in the Mondays 2670/2690 – 2790/2810 and closed out when it dropped to 2690 for a good hit.
    - Jeff 5:40 am on Wednesday, November 21, 2018
      
      Not the short touched… 10 points before the short, and then usually wait for a bounce to get out cheaply. If you miss the bounce or the fall is quick, it is not always possible. I took a loos on Monday, too.
      
      And the sentence you refer to above says “exit if the expected move touches the short.” That’s the expected move on the TOS options chain.
    - Jeff 5:43 am on Wednesday, November 21, 2018
      
      Right now, for today’s expiration, expected move it 22.49. So if the SPX hits 22.49 within either short, I’ll look to close. That number may go up and down based on volatility, but will slowly be dragged toward zero at the close.
      - john4419 5:56 am on Wednesday, November 21, 2018
        
        Thanks Jeff, Does anyone know where to find the expected move with Schwab’s Streetsmartedge?
        
        Jeff 6:37 am on Wednesday, November 21, 2018
        
        I closed my short calls for .05, and order in for the puts for same. I think it will expire worthless today, but closing it releases a lot of margin to sell other things, as well as another 1-dte later today.
        
        elitethink 11:29 am on Wednesday, November 21, 2018
        
        I took a model live this week selling es 24 hour spreads for 1.00, using a stop limit to exit at 3.00. as an IC losing days will be -1 point, winning days will be +2. i originally build the code to trade binaries on nadex.
        
        Jeff 11:31 am on Wednesday, November 21, 2018
        
        How did it do Monday with the big move down?
        
        elitethink 11:44 am on Wednesday, November 21, 2018
        
        stop triggered at planned price.
        
        for your numbers on yesterday’s trade, if every daily bar were traded, collecting .85, and exiting one side for 3.00, with exit trigger estimated at 1 atr away, it would make $2090 per contract for the year.
        
        Jeff 11:51 am on Wednesday, November 21, 2018
        
        Can’t do every day because expirations come only 3 times per week, sometimes 4.
        
        My exit price will tend to be breakeven, since I will now be using expected move.
        
        Entry price from .75 – 1.20.
elitethink 11:52 am on Wednesday, November 21, 2018

agreed, just giving you stats.

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