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Charismatic Megafauna
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sts7049 said:

what i haven't quite grasped yet is how (or when) you make money on them.



Sell whenever you choose. I go net free on them sometimes. Close them the same way you open, i.e. McInnis' screenshot. But when they blow through i usually let them expire and td will just pay you the difference if both strikes expire itm. In my experience you can never sell them for max profit before expiration, you gotta let every last penny of premium rot away
YNWA_AG
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Mcinnis Mcfly class coming soon
Brewmaster
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hedge said:

Any lithium stocks to jump on lads ?
you in WWR yet?
McInnis 03
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YNWA_AG said:

Mcinnis Mcfly class coming soon
So, if I'm doing the math right, and OA is getting $250 per person for charity, I am pretty sure with what I know and how well I can communicate, I could probably get $1.50 sent to the Ronald McDonald house..........


Let me think about this........
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
LarryL
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NRD09 said:

sts7049 said:

what i haven't quite grasped yet is how (or when) you make money on them.



Sell whenever you choose. I go net free on them sometimes. Close them the same way you open, i.e. McInnis' screenshot. But when they blow through i usually let them expire and td will just pay you the difference if both strikes expire itm. In my experience you can never sell them for max profit before expiration, you gotta let every last penny of premium rot away
I've found the same thing, that the only way to get max profit is to let them expire and be above (or below for puts) both strikes.
FJ43
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Engine10 said:

king ****, good stuff
This. This page of the thread was a solid page.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

FJ43
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McInnis 03 said:

YNWA_AG said:

Mcinnis Mcfly class coming soon
So, if I'm doing the math right, and OA is getting $250 per person for charity, I am pretty sure with what I know and how well I can communicate, I could probably get $1.50 sent to the Ronald McDonald house..........


Let me think about this........
I prayed about it and He said yes. You're supposed to hold a seminar on it.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

752bro4
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McInnis 03 said:

YNWA_AG said:

Mcinnis Mcfly class coming soon
So, if I'm doing the math right, and OA is getting $250 per person for charity, I am pretty sure with what I know and how well I can communicate, I could probably get $1.50 sent to the Ronald McDonald house..........


Let me think about this........
As an options idiot, and someone who just learned that TOS does not stand for "The other site", I'd welcome the crash course and $1.50 donation.
$30,000 Millionaire
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I'd pay $250 to watch McInnis talk to himself.
RigsTx
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Ferris Wheel Allstar said:

get them to walk you through it. I will PM you the contact that I did mine with.
That is very much appreciated.
McInnis 03
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Colt98 said:

I piggy backed a small entry into TRXC with you. First spread for me. When is the ideal time to close it out. The Thursday before the exp date?
Almost missed this.

It's up to you. I've noticed with the TRXC trade that the different strikes are just going NUTS at times due to demand so the value of the spread really fluctuates.

Complete honesty here, I went net free on the trade today by closing out half of my spreads so I can leave the other half net free.

There really is no "ideal time" as it's all up to the person holding it. I don't know your cash needs, etc. As the price of the equity moves in your favor, the closer to max value your spread will get. Ie: TRXC if it goes to 15 in the next week or two, that $2 spread from 4/6 will get to about $1.50-$1.75. If this happens, I tend to close the thing because it's a month less I have to wait to close it. Otherwise, if the price stays close (ie: TRXC hovers at $6-$7) each day brings you more value. Closing it day of expiry would be most ideal in that case.

I had an OSTK 80/90 spread on that I closed today that was set for 2/19. It was at $9 on a $10 spread. I didn't want to wait another week with teh volatility I saw in the QQQ"s the last two days.

It just all depends.

P.S. I never hold a spread into expiry, period. I always close them early as I don't want some crazy **** to happen to me. Ie: You have an aapl 137/140 for a friday, and aapl closes at 140.09...but then drifts lower AH and settles at 139.89. That other broker won't exercise the short call so it creates some hassle on your side, or at least it can depending on your cash situation.

I always always always close my flys and spreads. It's just part of my rule set. It's not for everyone.
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
FJ43
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MBIO to the Tex Ags thread these days...

Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

Mostly Foggy Recollection
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Yeah, I think I would too.

"Mrs. Lippy's hammer is GREEEEEN"
McInnis 03
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AG
This is humbling.
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
CPDAggie10
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StrawberryFields said:

RigsTx said:

I downloaded TOS the other day and haven't had time to familiarize myself with it yet. It is daunting for a pretty much newbie. I'm hoping after OA's seminar at the end of the month along with reading the other thread about TOS setups that I'll be a little less intimidated.
TDA has great education and offers webinars on TOS and how to best utilize all the features.


They also offer free one on one training sessions where they log onto your TOS and show you how the platform works. I did an hour session the other day and we went through every single tab in depth. Very informative.
$30,000 Millionaire
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apologies for not posting much - I have had a 2 day migraine.

ps WTF happened to pot stocks today?
RigsTx
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StrawberryFields said:

NRD09 said:

sts7049 said:

what i haven't quite grasped yet is how (or when) you make money on them.



Sell whenever you choose. I go net free on them sometimes. Close them the same way you open, i.e. McInnis' screenshot. But when they blow through i usually let them expire and td will just pay you the difference if both strikes expire itm. In my experience you can never sell them for max profit before expiration, you gotta let every last penny of premium rot away
I've found the same thing, that the only way to get max profit is to let them expire and be above (or below for puts) both strikes.

So one of the horror stories I've heard was on a Put Spread of some sort. At close the Spread was within the acceptable range and the trader believed they had pocketed the $1.70 premium.

However, after hours trading on Friday moved the price of the stock into the money and the option was exercised on Saturday morning. Instead of a 1.70/gain, the trader had a $3MM margin call on stock that had been put to them.

McInnis 03
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$30,000 Millionaire said:

apologies for not posting much - I have had a 2 day migraine.

ps WTF happened to pot stocks today?
They came off their highs.

Off their highs.

***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
Mostly Foggy Recollection
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RigsTx said:

StrawberryFields said:

NRD09 said:

sts7049 said:

what i haven't quite grasped yet is how (or when) you make money on them.



Sell whenever you choose. I go net free on them sometimes. Close them the same way you open, i.e. McInnis' screenshot. But when they blow through i usually let them expire and td will just pay you the difference if both strikes expire itm. In my experience you can never sell them for max profit before expiration, you gotta let every last penny of premium rot away
I've found the same thing, that the only way to get max profit is to let them expire and be above (or below for puts) both strikes.

So one of the horror stories I've heard was on a Put Spread of some sort. At close the Spread was within the acceptable range and the trader believed they had pocketed the $1.70 premium.

However, after hours trading on Friday moved the price of the stock into the money and the option was exercised on Saturday morning. Instead of a 1.70/gain, the trader had a $3MM margin call on stock that had been put to them.


OOF
$30,000 Millionaire
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with jokes like that....
FJ43
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$30,000 Millionaire said:

apologies for not posting much - I have had a 2 day migraine.

ps WTF happened to pot stocks today?
Not fun. Hope it subsiding for you.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

Mostly Foggy Recollection
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McInnis 03
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Be kind to your elders.


***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
McInnis 03
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So if anyone wants to try a butterfly.......I have this one setup already, but it's at about $.50, has time on it, and QS is starting to get a bit of talk...



Buy Mar21 60C, sell 2x Mar21 70C, buy Mar 21 80c

Cost $.50
Max value $10

And with the timeline being in March you can watch what happens over time with this trade.
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3
Rice and Fries
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McInnis 03 said:

Be kind to your elders.



Old man winters over here.
Rice and Fries
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Rice and Fries said:

McInnis 03 said:

Be kind to your elders.



Old man winters over here.
Mostly Foggy Recollection
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On a serious note, please don't drive if you don't have to this weekend/early next week.

Winter Storm Watches are going out with the 18z guidance and AFDs. Blizzard Warnings may be added on Saturday for a lot of the state.

I got word that one of my vendors siblings was in the pile up in FW and it doesn't sound good.
Brewmaster
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FJ43 said:


MBIO to the Tex Ags thread these days...


mazag08
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For those in WWR, this might not apply since Fibonacci is less useful on short term trends, especially in the trading range WWR has shown over the last 6 months.. but if I drew the retracement correctly based on the large dip from October, then this week has mostly been between the .382 and .5 levels. It finished today below the .382 level, so if it doesn't bounce back above it tomorrow, it could pinball between the .382 and .236 levels. Which would mean a price range of $7.23 and $9.38. If it goes back above, then the .5 retracement is $11.13 and .681 retracement is $12.86.

Of note, the 21 period StDev Channel has a lower value of $8.2 which was where OA said it could drop to.

I'm probably doing this all wrong.
$30,000 Millionaire
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time to hedge, march expiry.

cgh1999
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TELL with a strong day and continuation AH. Over $4!
FJ43
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DNN climbing its way up AH. $1.20 now.

This could have some juice tomorrow with all the eyes on it.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

$30,000 Millionaire
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mazag08 said:

For those in WWR, this might not apply since Fibonacci is less useful on short term trends, especially in the trading range WWR has shown over the last 6 months.. but if I drew the retracement correctly based on the large dip from October, then this week has mostly been between the .382 and .5 levels. It finished today below the .382 level, so if it doesn't bounce back above it tomorrow, it could pinball between the .382 and .236 levels. Which would mean a price range of $7.23 and $9.38. If it goes back above, then the .5 retracement is $11.13 and .681 retracement is $12.86.

Of note, the 21 period StDev Channel has a lower value of $8.2 which was where OA said it could drop to.

I'm probably doing this all wrong.
see attached.

I left the resistance line I drew a week or so ago.

FJ43
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$30,000 Millionaire said:

mazag08 said:

For those in WWR, this might not apply since Fibonacci is less useful on short term trends, especially in the trading range WWR has shown over the last 6 months.. but if I drew the retracement correctly based on the large dip from October, then this week has mostly been between the .382 and .5 levels. It finished today below the .382 level, so if it doesn't bounce back above it tomorrow, it could pinball between the .382 and .236 levels. Which would mean a price range of $7.23 and $9.38. If it goes back above, then the .5 retracement is $11.13 and .681 retracement is $12.86.

Of note, the 21 period StDev Channel has a lower value of $8.2 which was where OA said it could drop to.

I'm probably doing this all wrong.
see attached.

I left the resistance line I drew a week or so ago.


You focusing more TOS now?
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

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