Hello Folks, Great forum here. Excellent contributors and quite a bit of solid knowledge floating around. I will be recording the trades generated by an equity options system I have been trading sporadically over the years. Working on "the street" limits my ability to trade with the frequency required by this system. I'll post the rationale and some system rules over the coming days. In the meantime, there is a trade for tomorrow, January 16th: Trades for January 16th, 2007: BUY February 180 PUTS on SHLD -- (KDUNP) at the Open. I am starting with an Account Balance of $150,000 and a risk per trade of 2.5%. Thus, each trade is for a number of contracts which total to the relevant trade size; currently $4500. The trade size is adjusted on the First of each month. Positions are executed at the open--within the first five minutes of trading. Commissions are set at Fidelity Silver Account standard for 120 annual trades ($8.00 + 0.75 per contract). Trades are held until the underlying equity moves 7.0% in our direction or until day of expiration.