Volume and Price, what else is there?

Hi:

I've been day trading long and short equity options for about a year now. I study real time price and volume to get a handle on short term direction. This is working out ok but I would like to do better. Are there any other data sets I should be looking at to help predict direction?

Thanks for the help.

 

Nada. To quote Uncle Milty: "All else is elaboration."

 

Add more instruments counter to what you trading, if all longs, look for what is going down, learn to trade chop for time decay on options. If you trading daily charts, check out weekly..etc.
Refine your entries by going down timeframes.

 

PRICE VOLUME TIME = MOMENTUM

 

Thanks for the responses everyone. I really appreciate it.

 

Since you are trading options, you should add volatility, correlation and the ability of good/bad luck to astound you.

 

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Some dont like momentum measure-its get$ out of trend WAAAAAAY to early; but for options, may help??.

 

What are your returns -- no need to be shy, or coy, or modest about this topic

'Working out ok' means you're just basically breaking even -- or are just marginally profitable.

Do you trade the volatile weeklies or the more traditional monthlies?
I would like to help you, and shed more light for you -- But I have to walk a fine line between keeping my stuff private too.

Scalping is a losing proposition -- try to trade or gauge the longer day's ranges; its top and bottom points...more or less.

It may sound kind of crazy right now to expect to have a crystal ball, but it's surprisingly kind of predictable or senseable.
Given enough time and trading experience and wisdom,

 

Thanks for the reply Lugar. If I have any questions I'll get in touch.

 

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A calendar may help also;
record your own price data, options or no options.