McInnis 03 said:

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McInnis 03 said:

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Studied up on Broken Wing (skip-strike) butterflies this weekend. Holy moly, versatile things those are. I may do away with normal butterflies.

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F'ing A. Already executed the Broken wing fly perfectly on SPX to leave myself with a normal fly but at a credit. No matter what happens I take home $.40 per fly. If the price moves back into my fly, I can then decide what I want to do.

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what was the set up. All I can tell only line is the following

Buy call
Sell 2x calls
Skip strike
Buy call

Did anyone else follow OA on the DRIP play? I got in under $4, and am sitting at around +30% ... I have been holding this as a hedge against oil dropping off again. Only in for a couple hundred shares. I have been ok with holding for a spike/as a hedge, but I have been second guessing myself lately and wondering if I should play it differently... thoughts?
(note: I am ok with the risk of holding, and have stop loss set - just curious as to what the board's opinion is.)

Edit: I guess the real question is on oil... I have been expecting the market to pull back some more at some point this summer, and with that, potentially oil as well. Things are developing /changing rapidly, so I am curious as to if any of you think that those two may not actually happen concurrently. With potential geopolitical events and (hopefully) continued increases in demand, I could see it staying level during a market pullback. I am a noob, but when I start to think about this, I start to wonder if I should take the gains.

I'll do my best to explain just in case anyone wants to follow along at home....

I read up on broken wing butterflies this weekend, also known as skip-strike butterflies. These trades can be entered for a credit and then the fun part of potential adjusting comes into play.

My play today was simply to test the strategy and run it just to become comfortable with it, as that's really the only way I learn.

2 things to remember:
Broken wing put butterfly can be placed and adjusted if you think the stock is going to move up.
Broken wing call butterfly can be placed and adjusted if you think the stock is going to move down.

I suspected on the opening dip, SPX would move up today. I wanted to see if I could get into my posession a "free" or "no-risk" butterfly from the play.

I entered into a 6/22 (today) 3075 (1) /3085 (-2) /3090 (1) PUT play when SPX was at 3090. I received $1.30 credit.

30 minutes later SPX was around 3105. I entered an order for a 3075 (-1) / 3080 (1) vertical put debit order of $.90 which filled almost immediately.

After this second transaction I was left in my possession of a 3080 (1) / 3085 (-2) / 3090 (1) butterfly (already in a max loss state) for a credit of $.40 (my original $1.30 credit minus $.90 debit).

I can now hold this fly for the remainder of the day and if SPX comes back to it, I'll sell it for more credit, otherwise I'll let it expire worthless and keep my $.40 credit.

Maybe you're saying "McInnis, why did you buy the vertical, why didn't you just keep the Broken Wing Fly for $1.30 credit?"......My answer would be, to mitigate risk (and obviously learn one facet of the strategy). I now have no loss to incur if the SPX moves wildly south, or stays north of my long puts. If for some reason SPX pulls back to 3085 near end of day, I'll be rewarded for it.

chubbs07 said:

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Did anyone else follow OA on the DRIP play? I got in under $4, and am sitting at around +30% ... I have been holding this as a hedge against oil dropping off again. Only in for a couple hundred shares. I have been ok with holding for a spike/as a hedge, but I have been second guessing myself lately and wondering if I should play it differently... thoughts?
(note: I am ok with the risk of holding, and have stop loss set - just curious as to what the board's opinion is.)

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Didn't follow on this one. We need a post consolidating all of his suggestions. Think he's a smart trader and would love to follow.

Any thoughts on MGM?

PearlJammin said:

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AgEng06 said:

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Yeah, my point was that, while there is still a lot of time and I'm not upset or calling out OA one bit, it is definitely not up 3.5% since the entry.

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Too many times I've been on the sidelines when he makes a call. The stock goes down. People start panicking and within 1-2 days of the call expiring, the damn price meets or exceeds the call.

I decided to get in on TSN. Whether it hits or not we will see, but I will blame no one but myself if it doesn't reach 70 or 75. It was my decision to take the risk and I'm extremely thankful for OA to put himself out there for fellow Aggies to follow his moves. Just be sure to donate to his charities.

For the record, I thought the TSN announcement by China was just odd. Could be them or some other bank trying to shake out share holders.

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As much as we want a sure thing, there's no such thing. OA does a great job with what he does. Will have have misses? Hell yeah, if he doesn't, he's not human. If you're jumping on a stock play from an internet poster (even OA) and it doesn't work out.....don't go on the offensive. Look in the mirror and tell that person they should probably start learning more and figuring out how to manage the plays they've entered.

PearlJammin said:

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AgEng06 said:

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Yeah, my point was that, while there is still a lot of time and I'm not upset or calling out OA one bit, it is definitely not up 3.5% since the entry.

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Too many times I've been on the sidelines when he makes a call. The stock goes down. People start panicking and within 1-2 days of the call expiring, the damn price meets or exceeds the call.

I decided to get in on TSN. Whether it hits or not we will see, but I will blame no one but myself if it doesn't reach 70 or 75. It was my decision to take the risk and I'm extremely thankful for OA to put himself out there for fellow Aggies to follow his moves. Just be sure to donate to his charities.

For the record, I thought the TSN announcement by China was just odd. Could be them or some other bank trying to shake out share holders.

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Absolutely. I agree.

McInnis 03 said:

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I'll do my best to explain just in case anyone wants to follow along at home....

I read up on broken wing butterflies this weekend, also known as skip-strike butterflies. These trades can be entered for a credit and then the fun part of potential adjusting comes into play.

My play today was simply to test the strategy and run it just to become comfortable with it, as that's really the only way I learn.

2 things to remember:
Broken wing put butterfly can be placed and adjusted if you think the stock is going to move up.
Broken wing call butterfly can be placed and adjusted if you think the stock is going to move down.

I suspected on the opening dip, SPX would move up today. I wanted to see if I could get into my posession a "free" or "no-risk" butterfly from the play.

I entered into a 6/22 (today) 3075 (1) /3085 (-2) /3090 (1) PUT play when SPX was at 3090. I received $1.30 credit.

30 minutes later SPX was around 3105. I entered an order for a 3075 (-1) / 3080 (1) vertical put debit order of $.90 which filled almost immediately.

After this second transaction I was left in my possession of a 3080 (1) / 3085 (-2) / 3090 (1) butterfly (already in a max loss state) for a credit of $.40 (my original $1.30 credit minus $.90 debit).

I can now hold this fly for the remainder of the day and if SPX comes back to it, I'll sell it for more credit, otherwise I'll let it expire worthless and keep my $.40 credit.

Maybe you're saying "McInnis, why did you buy the vertical, why didn't you just keep the Broken Wing Fly for $1.30 credit?"......My answer would be, to mitigate risk (and obviously learn one facet of the strategy). I now have no loss to incur if the SPX moves wildly south, or stays north of my long puts. If for some reason SPX pulls back to 3085 near end of day, I'll be rewarded for it.

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Now you can start looking at 1/3/2 Unbalanced, which you should always enter as a credit

12thMan86 said:

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McInnis 03 said:

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I'll do my best to explain just in case anyone wants to follow along at home....

I read up on broken wing butterflies this weekend, also known as skip-strike butterflies. These trades can be entered for a credit and then the fun part of potential adjusting comes into play.

My play today was simply to test the strategy and run it just to become comfortable with it, as that's really the only way I learn.

2 things to remember:
Broken wing put butterfly can be placed and adjusted if you think the stock is going to move up.
Broken wing call butterfly can be placed and adjusted if you think the stock is going to move down.

I suspected on the opening dip, SPX would move up today. I wanted to see if I could get into my posession a "free" or "no-risk" butterfly from the play.

I entered into a 6/22 (today) 3075 (1) /3085 (-2) /3090 (1) PUT play when SPX was at 3090. I received $1.30 credit.

30 minutes later SPX was around 3105. I entered an order for a 3075 (-1) / 3080 (1) vertical put debit order of $.90 which filled almost immediately.

After this second transaction I was left in my possession of a 3080 (1) / 3085 (-2) / 3090 (1) butterfly (already in a max loss state) for a credit of $.40 (my original $1.30 credit minus $.90 debit).

I can now hold this fly for the remainder of the day and if SPX comes back to it, I'll sell it for more credit, otherwise I'll let it expire worthless and keep my $.40 credit.

Maybe you're saying "McInnis, why did you buy the vertical, why didn't you just keep the Broken Wing Fly for $1.30 credit?"......My answer would be, to mitigate risk (and obviously learn one facet of the strategy). I now have no loss to incur if the SPX moves wildly south, or stays north of my long puts. If for some reason SPX pulls back to 3085 near end of day, I'll be rewarded for it.

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Now you can start looking at 1/3/2 Unbalanced, which you should always enter as a credit

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1 at a time man! 1 at a time!

aggiedaniel06 said:

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It could go either way. MM have literally been muzzling the VIX for the last 3 days to control this Max Pain close.

I was watching RCL closely to see what it does today. Back in February, I rode it to the ground with puts. Today, it did the same thing it did on Feb 21. If my prediction is right, it should gap down on Monday.

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Easy money. Rolled 59's to 45's.

McInnis 03 said:

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12thMan86 said:

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McInnis 03 said:

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I'll do my best to explain just in case anyone wants to follow along at home....

I read up on broken wing butterflies this weekend, also known as skip-strike butterflies. These trades can be entered for a credit and then the fun part of potential adjusting comes into play.

My play today was simply to test the strategy and run it just to become comfortable with it, as that's really the only way I learn.

2 things to remember:
Broken wing put butterfly can be placed and adjusted if you think the stock is going to move up.
Broken wing call butterfly can be placed and adjusted if you think the stock is going to move down.

I suspected on the opening dip, SPX would move up today. I wanted to see if I could get into my posession a "free" or "no-risk" butterfly from the play.

I entered into a 6/22 (today) 3075 (1) /3085 (-2) /3090 (1) PUT play when SPX was at 3090. I received $1.30 credit.

30 minutes later SPX was around 3105. I entered an order for a 3075 (-1) / 3080 (1) vertical put debit order of $.90 which filled almost immediately.

After this second transaction I was left in my possession of a 3080 (1) / 3085 (-2) / 3090 (1) butterfly (already in a max loss state) for a credit of $.40 (my original $1.30 credit minus $.90 debit).

I can now hold this fly for the remainder of the day and if SPX comes back to it, I'll sell it for more credit, otherwise I'll let it expire worthless and keep my $.40 credit.

Maybe you're saying "McInnis, why did you buy the vertical, why didn't you just keep the Broken Wing Fly for $1.30 credit?"......My answer would be, to mitigate risk (and obviously learn one facet of the strategy). I now have no loss to incur if the SPX moves wildly south, or stays north of my long puts. If for some reason SPX pulls back to 3085 near end of day, I'll be rewarded for it.

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Now you can start looking at 1/3/2 Unbalanced, which you should always enter as a credit

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1 at a time man! 1 at a time!

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you are doing great my friend!!

MSFT lottos for 210 this Friday
Meant to post before the breakout earlier but is still good in my book.

Especially if MSFT gives out its next gen console pricing as expected to beat Sony.

EngrAg14 said:

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MSFT lottos for 210 this Friday
Meant to post before the breakout earlier but is still good in my book.

Especially if MSFT gives out its next gen console pricing as expected to beat Sony.

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man that is a LOTTO for sure

YNWA_AG said:

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Got to take the good with the bad, I suppose, but it gets old seeing free money to everyone but a middle class person working in a middle-size company. Low earner - get free money directly. Small company (or restaurant) - get free money from PPP loan. Independent contractor - free money from PPP loan. Big company - fed buys your bonds directly.

Middle size company - we might get around to passing Main Street Loans eventually. If we do get around to that because the economy isn't roaring enough (Wall Street), you'll need to pay those back within a few years.

GLUU is up on the day, slightly. In standard GLUU fashion, call options are still down. Better than the underlying being down though.

Remember 1% down intraday is nothing.

Very boring last fews days

Seems the market forgot quad witching was over

chop chop chop. Volatility low, tick index doing nothing. I know it's lunch time but sheesh.

230 it'll wake again

Carlo4 said:

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A fellow poster sent me the news, but TVIX and others to delist in July.

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This seems like a big deal to me. It should mean downward pressure on volatility in the near term, just remains to see how much.

Is everyone still holding LVGO? It has had a nice run.

What did I miss, what just shot everything out of whack??

Guess it was just a burp.

Got in late at 1.48 but thank you for the heads up!

AAPL ditching INTC chips

The news everyone knew was coming

BA looking prime for takeoff.

Would MOMO start hitting that coiled look at this point hovering around 19 for the last couple of hours
Im thinking that 2:30 mark could be interesting this afternoon to kick off the week in one direction or the other

Apple Still has intel based macs in the pipeline

Prognightmare said:

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AAPL ditching INTC chips

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AAPL is my largest holding; INTC third largest.

Good for both companies honestly. INTC wasn't getting much margin out of AAPL.

Still buying INTC below 60. It has been on a 60 magnet for a while.

I'm in as well..u have an exit strategy u thinking for this one?