Selling puts

I have been selling Weekly puts on Thursday that expire on friday the next day.

I have been using Barchart.com for my screener which is fine but it is not real time. But it gives me an estimate of some options to look at Thursday morning. Then I use TOS to look at the pricing once the market opens.

For some reason TOS does not include in the screen the stocks that come up in Barchart.

Its been working out well so far. I have had 208 trades....192 winners and 16 losers. That is a 92.31% win rate and a profit factor of 3.65.

The drawdown has been minimal, but, the sample size is small.



This is the graph so far.

My question is I have been looking for a better real time scanner. Does anyone have any ideas. Once I screen for my candidates, with my filters, I need something that shows the pricing in real time quick and easy. Also ideally the next morning being able to do a screen intra day with my criteria....which is at least 20% over strike price and no earnings, among other things.

Any help would be appreciated. I am a sports handicapper and worked on this while sports was down because of covid.

Rick

 

Is there any reason you're not using a scanner in ToS? You haven't mentioned your scan criteria, but it's pretty good about letting you build whatever filter you want.

 

How much can you possibly make in a one-day time premium?

 

That's a good question...It seems like there is very little risk if you have only 24 hours to expiration. What's the catch?

 

You can try TradingView's scanner. Data subscription is not that expensive, if you are not OK with the delayed data.

Others:

Trade-ideas
Finviz

 

The usual. No free lunch. If sold significantly OTM, then you are making pennies. And then an overnight down spike, or halt, or whatever...and you give back many many gains.

 

Just for grins, I am looking at DOCU 205 puts selling for .76 expire in one hour. Still, I would not want to own this over the weekend. Of course, you can sell it aftermarket...One hour away for a nice dinner for two...any takers?

...Just as I was writing this DOCU sold off and the puts are ITM.

 

If they expire in an hour, why would you own it? I thought expired meant done, kaput, finito?

 

The downside of this strategy of owning the shares if they expire in the money. I was not specific.
If the puts expire in the money you get assigned 100 shares of DOCU.

 

And this is where it keeps getting fuzzy for me. I thought buying an option gives you the right, but not the obligation, to do what the option is. If I buy a put and it expires in the money, as you say, why do I HAVE to be assigned shares? And I thought buying a put gives you the right to sell shares, not own them?