Flint you are set for august... you might as well go on vacation. You may want to look at some cheap spy calls to hedge your bear call though while we lurk around these lows.
rsflint: Do you have the 1300/1310 or the 1300/1320. I was trying to get into the 1300/1310 today for a buck and couldn't get it. But I wouldn't relent because I swore I saw that you had posted that you had gotten a $1.00. Is that ridiculous or what on my part. It seems like trading options is half a mental battle with oneself. LOL. Good luck with your positions.
I have the 1300/1310 bearish call spreads...for some reason my finger keeps slipping to the 2 instead of 1 key LOL Yes I got $1.00 late last week...and yes I agree sometimes the moneymakers just wont let us get what we want!
Apex82 - thanks...well I'm supposed to go on a business trip in August does this count? Thanks for the hedge suggestions..I'll take a look at some of those.
Did those of you with ToS notice that they made some improvements to the web-based trading. It's getting closer to the functionality of the desk-top system. I'm playing around with it and it looks like I can enter in credit spread orders with the web-based system about as easily as with the desktop system. Here's what the e-mail they sent me says:
rydeman, Is the main reason you are with TOS is due to better fills?? If it's straight-forward like OX which I currently use, I may be interested to switch.
We've had quite a few discussions of ToS versus OX and IB on this thread. I think I can say that, of those of us who've tried both, most feel that ToS is better, especially the desktop software. Before, OX had a better web-based platform, but I suspect that is no longer true. With the new ToS web-based system, I can easily select the strikes (none of the symbols that you have to search for on OX). I have both ToS and OX. With ToS I can call the trading desk and get them to call the SPX pit to find out what the market makers really want. Many times after calling the trading desk I get filled or they suggest giving another nickel or so to get filled. In this regard, OX is not even close, IMHO. If you decide to switch, mention either Coach Phil or TheOptionClub.com to get commissions of $1.25 per option contract (I believe there is no minimum, but I never trade less than 10 contracts so I'm not sure). To my knowledge, ToS does not charge extra for phone trades or to call them to get them to call the pit. Now if they would just add options on futures, I, personally, wouldn't even consider another brokerage. EDIT: And the analysis tools I'm told are awesome, but I must confess, I hardly ever use them, because I haven't taken the time to read the help files Maybe others can comment on that aspect of ToS. EDIT#2: One other thing. The desktop version (I'm not sure about the web-based version) has a play money area. All of the ToS functionality is there except that it's play money. So you place a simulated trade, test out new strategies, etc just like you would for real and you can see what happens to it over the course of days, weeks or whatever. The only issue with it that I'm aware of is that in the "play" area you get filled at the midpoint. There is no giving up a nickel, dime, etc to the MMs like there is in the real world.
With the CTM spreads and diagonals I am adding more tools to my tool box. I really like the CTM spreads but haven't put one on yet. I was all set to do it Friday and was monitoring 2 different put spreads but I had to be away from my desk for a few hours and missed the opportunity. I will be doing CTM as the opportunity presents itself. The risk/reward is pretty good and I like the way the spread reacts to adverse moves compared to FOTM spreads. From my paper trades and observations there is less risk than FOTM and similar credits (using less margin) if managed right. The diagonals are interesting in that you want the market to move towards your short as this increases your profit. There are also many ways to hedge/adjust them and still have a good profit (depending on IV). The downside of the put diagonal is you have a debit not a credit to open the position, still trying to get used to that concept . The diagonals do use a fair amount of margin but the r/r and adjustments are decent. I'm still doing FOTM spreads, been doing them for too long now to let go . What I am doing is allocating less margin to them to allow me to do the CTM and diagonals.
rdemyan, Thanks for the heads up mentioning Coach Phil - this thread is what got me to sign up with ToS but I must have missed the $1.25 commissions at some point. Hopefully they will still honor it. The analysis tools are very good - I do use them and from what I can tell, they are comparable to many fee-based programs (i.e. optionvue). It is very easy to calculate 1 sigmas probability of expiring as well as probability of touching. Nice feature. JT