Meh... not really. Now it's "visit lmgtfy.com and type <query>" - not nearly as amusing as in the past.
lmgtfy.com? No, but what about letmegooglethat.com? That's the good/normal/old one. I tried lmgtfy.com and it's terrible.
Using your link here, it worked. When I clicked on the link that I generated and posted, it gave me the same strange query page that @BlueWaterSailor probably got. Maybe it was a temporary glitch. Funny website. Anyway, it would be good to have a thread to discuss straddles, strangles, verticals, diagonals, fly's. Lots of great theory and practice buried in the old pages and journals of this forum, but it's always productive to look at some real time action. Ooooops.... I didn't even notice! I was on Lmgtfy, which used to be like that too.
I am short a 4100 straddle for Friday 5th on ES, and I have some narrow wings for Monday. (Short double diagonal?) Might have to buy more tail and maybe re-centre, til fed rate on Wednesday.
I think - and correct me where i am wrong - one approach is to create some sort of expected probability payoff diagram from what you expect and basically build/optimize your structure around this. You probably already l did something like that, at last unconsciously. So i think the best starting point is to share your view for next week price path ( with probs for different price paths) and bounderies?
Disclaimer: I am still learning and trying to understand volatility For what I have grasped here on ET, I understand it is more of a volatility than price view that I need with certain structures. I try not to look at price too much in terms of view and forecast. Although I do when modeling, picking wings, delta adjusting etc I sold 5th of may because IV was a bit higher on term structure, compared to other dates. Speaking of price and what to do if... This position has a couple of days. I had a similar structure selling the same date, and I closed for little gain when it tested a wing, on the rally, and I re-entered. Delta is slightly negative, so if price comes back to my straddle, I might exit for gain or buy more wings. If price keeps going up, I should be in gain around 4220 by Monday. Between 4180 and 4220 I would be suffering some drawdown, and I would look at either closing and rev-evaluating, buying more wings or re-center the straddle and hedge again.
Correct. At least I try to. Although I am not focusing on delta neutral adjustments. More concerned about tail risk, and understanding vega and IV changes and effect on premiums.