I ran several regressions of the OEX on the SPX and found that the correlation between the two is about 97% and that at the time I did the regression, APRIL, the multiplication factor of OEX to SPX was about 2.1. So you can sort of use 2 as a quick comparison of the two to get a general range since regression is not perfect but the best estimate. Another easy way to do this without any math is simply look at charts of OEX and SPX and compare resistance and support points and equate them to find approximately equal levels. Sometimes just looking at the support line for SPX and comparing the chart pattern to the OEX chart to find the same spot will give you a general idea. I advise if you do that, add nother 5-point strike OTM to be really sure. Phil
Grabbed 0.50 for 1095/1110. Thanks for the idea guys. I'm also short the 1235/1245 call spread. I took in 0.70 on that one. I really appreciate these posts. I would not have looked that OTM. I took 0.7 on 3 c ontracts yesterday for 1120/1130, but had to leg into it. Feel much better another 15pts below that.
I used TOS, but the spread dropped almost instantly after that. I caught the bottom of a drop, I guess.
at 11:55 AM the SP futures bottomed out and reversed so I assume the SPX did the same thing and might explain the great timing of that fill lol. Good news for today is that market just broke up through a wedge formation on the futures so perhaps we will turn north the next hour or so. EDIT: knew it seemed too weak to last, back down again. 1200 resistance is strong, fear the bear move I do, begun the clone war has... sorry got carried away. Phil
Weird, I had that order in all morning. I wonder if they didn't have enough contracts to fill my order. How many contracts did you trade?
I've been trying to get filled on the 1120/1130 since yesterday and can't get filled either. Depending on the quote of the moment, my limit is .05 or .10 under the mid of the b/a. ryan