iron cockroach

How can I get rid of 1000 long/short in my Fido account?

I wrote a covered put on AMZN, which I allowed to be assigned, thinking the shares would net out. When I realized they were carrying the position I called the trade desk. They said I had to send them a letter. I went to a local office and they couldn't help (but it's a fancy office). I sent email, but didn't even get a reply. So much for "Private Access".

 

Seems like this strategy has a very good yield to broker. Slippage on a butterfly is bad enough, I bet after slippage and commissions it is difficult to break even with all these legs. Don;t people use boxes for price discovery, instead of a cash flow strategy?

 

Never mind. It's a joke post. I should have read the later pages.

 

Eliot!? That was kind of obvious from just looking at what you quoted. There is a lot of p!$$ taking goes on over there that seems to be taken seriously over here. . .hmmm

I will assert again that this is not an "Optionetics" invention - as if anything in options is. . .! - doesn't matter how many phone calls they are making.

For the 'technically' inclined it is just a way of trading around support and resistance numbers where vol is high (& it doesn't have 8 legs, rather a head and a body)

 

In-a-gotta-da-vita baby.

 

elegantly put!

 

Thanks everyone for your contributions but I still don't have the answer to what makes up the component legs of the iron cockroach.
db
P.S. nice to see you back Marnie.

 

Thanks!

OK now c'mon db - inagottadavita (. . .Iron Butterfly) was a very clever hint! Have you been at the sleepy drugs again?

it's just a variation with one of the spreads a strike wider than the other. You want a 'credit' that is more than half of the strike width between the shorts. The knack is getting a good enough credit to make it work.

 

I used to love clients who used to trade the condors and butterflys used to make bonus time that much better

 

This cockroach doesn't resemble a fly.