Wow. That is a mess of a chart. After searching through it for a the last 15 minutes I think I finally found what you are getting at.
While I think the bottom has been reached, one sobering thought == do I really want to leave an unhedged position over the weekend.
hey rallymode.... just for essentially reviewing a past question, i stick by my original gameplan above, but since the meltdown, i am out of all call spreads, and i wish i had told all before the meltdown , but since my post i put on some debit put spreads that i am very happy with. debit spreads are unusual for me, but i really felt this market was due and i put my money where my mouth was. with my trading atm credit spreads, a severe run up stinks, but i did receive 2.6 for a 5pt spread(the highest i ever got), and continued to average up, never did i think it would go as much. i really do need volatility to get in and out.
Not many people are talking about new put spreads today with the drop. I think we are all being pretty cautious with these 2 days of double digit declines.
Me too, the 1350/1360 call spread mid is at $1. I've been out most of the day so I think I will pass, need to do some homework before opening a new position. Edit: that spread sank like a stone right after my original post.