I did put an order for 1275/1265@2.00. The market was positive before 11:00. I was supposed to go do my 10K Run at 11:00. So I reduced my order for 1.75. I came back and S&P was down 4.5 and my order 1275/1265 was filled @1.80 credit. So I take 1/3 of that credit and bought SPY129 MAY PUT @0.60 as hedge. So I have: SPX1340/1350@1.50 SPX1275/1265@1.80 Hedges SPY129 JUNE PUT@0.70, Closed@1.40 SPY129 MAY PUT @0.60, Still Open to hedge 1275/1265. I will probably close the BULL PUT sometimes Wednesday or Thursday. Good Luck with yours.
You did better than I did Trying to leg in I bought the 1370 at .55 then when the mkt turned around very late in the day sold the 1355's at 1.15 for only a .60 credit. Nice trade! actually I THOUGHT I was selling the 1360's:eek:
Yeah, I thought I got a good credit for today's conditions. But Rally is right, my timing on entries is not stellar. OTOH, it's always easy to say that with 20/20 hindsight. It's also the reason I don't put all my trades on at once. If the coming days show that my timing today was poor, I still have powder to put on additional trades as the SPX goes up.
www.washingtonbusinessradio.com By the way, look for my article on Call Ratio Spreads and Stocks in the June's Option Trader Magazine. It is free and sent out as PDF so sign up if you are interested. It is put out by the same people as ActiveTrader Mag Seacrest OUT! lol
I was wondering what kind of commissions you guys are paying on your spreads. Right now I am using OX. I see where think or swim is not any cheaper. I'm hoping to find something cheaper than OX.
Well the cheapest around for OX and ToS is $1.25 an option if you do more than 10 contracts so $2.50 a spread in. IB may be cheaper since they are $1.00 per option but I still like OX/ToS screens for the extra $0.25...