The butterfly megathread

Discussion in 'Options' started by VixTraderdf, Oct 12, 2018.

  1. Lotto ticket FLY here with 2 days to expiration:

    BOT +1 BUTTERFLY NYFANG 19 OCT 18 2660/2570/2550 PUT @34.60 AMEX
     
    #11     Oct 17, 2018
    destriero and billb2112 like this.
  2. destriero

    destriero


    NYFANG is tradable?
     
    #12     Oct 17, 2018
  3. It has options only....I did not notice that before until I was playing around at ToS and noticed it had options.
     
    #13     Oct 17, 2018
  4. destriero

    destriero

    I am working one of the 2400/2700/2850 132 call flies for Nov. Nothing done yet. Shit's pretty wide. Bidding 115.5.

    Anyone want to bet against me and hit my bid? Any takers? Here's your chance! 114 mid.

    2018-10-17_1144.png
     
    #14     Oct 17, 2018
  5. destriero

    destriero

    No fill on the natural so I am attempting the synthetic at a 116-risk equivalent.

    2018-10-17_1150.png
     
    #15     Oct 17, 2018
    Philo Judeaus likes this.
  6. I had to play around with the strikes until I got a b/a that was not a mile wide. I split the midpoint and ask which was about $3 and got filled. Not going to lie, this is not for scalping as they are starting off wide until more volume comes through I guess. That is why I jumped on the October ones with 2 days left. I figure if it moves in my direction well I can let expiration handle it without getting reamed and 3 legs b/a spread.
     
    #16     Oct 17, 2018
  7. destriero

    destriero


    I am at 116.50 = on my current fly and ostensibly it's just too wide to garner any interest. The synthetic should fill at this price. WTF is Citadel and Susq?
     
    #17     Oct 17, 2018
  8. Yeah I tried 4 different positions before I got a fill on mine. I think it will take some time. I wish we could make a market in it but there is no underlying to hedge and I am not buying a basket of FANG haha.
     
    #18     Oct 17, 2018
  9. @destriero you in that FLY....mine basically doubled. Got an order to close working right now
     
    #19     Oct 18, 2018
  10. destriero

    destriero


    No, I had four orders working on Nov and none filled. One order was 4.00 over mid. Good on ya.
     
    #20     Oct 18, 2018