Skew is a complicated trade. It takes a big notional position to make moderate dollars. My experience is that if I profit from sticky delta, I would have made money trading delta in 1/10th the notional.
@BeautifulStranger, excellent post. Very informative. I'm curious why you like to see the bid/ask in terms of vol as opposed to actual prices? Another format maybe to show the vol as well as the option prices, which is what I normally use :
I like to see what the relative difference in vola for each strike for selection purposes. I might think something like, “Damn, I can get 50 basis points more vola for moving my the body one more strike ATM and it is only costing “X” vola more on the single DOTM leg, deal!”. I’ll see the actual prices when I select a particular option. From there, if I like my greeks, I’ll add the spread to my watchlist and maybe place an order.
Love the concept,used to live by it,but I have found "gut trading" short term verticals to be a better approach.. As painful as it is,I buy in all my pennies,and I buy in short verticals for pennies... 9 days and in,if I am trading any type of fly structure,I don't even look at vol..
Did Covid change your plans for attending the Inauguration? If your still going please be safe, I know you could smack down any sock puppet but there are some bitter ass looney tunes so again, please be safe Sensei!