The aug OIH does not have a strike price above 250, so I cannot place a vertical where I normally would place it. I contacted the broker and they will make a request to the exchange. ++++++++++++++++++++ Sigh, I hate to admit my stupidity, but here goes. I place a "quickie" jul RUT calendar without the vertical yesterday. Waiting to leg into it when the market moved up. Ouch. Got out a few hours later with my tail behind my "leg" (pun intended) and paid about 50 cents in tuition. Just a single lot -- I may be stupid but I'm not dumb.
What strike? Usually with calendars you have better chances (than vertical) to survice. Wondering why you bailed out so fast.
jul/aug 700 put. I think I got in around 1000. Bailed out when the market was making a major move down so quickly. "Stepping in front of a freight train to pick up a dime" comes to mind.
part 2 and scenario file. Comapre the Greeks, the breakevens, max profit/loss nos. for different strategies. This is just half the story. Whichever strategy seems favorable, create a plan, and using TOS past data see what happened and what could have been done to manage the position. (Note: I had to use Options Oracle as I can not access TOS platform due to the firewall). I just noticed that the Dbl Calendar in the PDF is actually a Dbl Diag. I'll try to update the file later.
As I read it, you are comparing the double diag with a single calendar. Interesting, but we are talking about a monkey calendar. That position has been defined in the first post of the thread.
My intent is no direct comparison rather evaluation of various options. Look at part 2 last 2 pages, I have your position in there. I have removed part 1 as i noticed that in part 2 instead of Dbl calendar I had Dbl dig. sorry about that. I am trying to combine both parts in one, and the size is larger than allowed to upload. I will post the udpate later. The best way is to use the OPO file (or TOS) and try the strategies.
Liquidated the RIG calendar at 320. I still have a BIDU vertical, but the rest of the positions are liquidated for Jul. I am pretty much at break-even for Jul.
Normally I would not put a put vertical, but if the position continues to move up, I may do this to hedge my call vertical. I would still give myself plenty of room on the downside, so I would not give myself too much premium on the put vertical. Not trying to balance it with a "true" IC, just a small hedge.