Thanks for all the info - very helpful. A question - I assume, given the time sensitive nature of this type of strategy, you're doing market orders instead of limit orders?

Awesome. Thanks.

ibdm98 said:

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Thanks for all the info - very helpful. A question - I assume, given the time sensitive nature of this type of strategy, you're doing market orders instead of limit orders?

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Always Limit Orders Never Market Orders.

I only exit trades in opening minutes. I let market discovery establish a tape for options prices at pre-identified levels and that helps sets Limit Sell Orders as soon as buys are confirmed.

You have time and no reason to rush. If anything I left money on the table more often than not by presetting sells but not complaining by locking in wins.

Few times with a volume or momentum surge into a level I would pause/cancel the order set to trigger to see if additional value could be gained. Not often but did do that on occasion this week.

So regarding options, how do you identify the pre-set limit sell order price based on the pre-identified SPY levels? Do you calculate it based on the delta?

ibdm98 said:

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So regarding options, how do you identify the pre-set limit sell order price based on the pre-identified SPY levels? Do you calculate it based on the delta?

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I'll try to express best I can...

On my SPY trading screen I also have a chart that is linked to whatever option I am buying/selling on a 2 min view as it will print a chart same as the underlying share. It is parallel to the SPY underlying chart that is on a 1 Min view. I will have already set the support/resistance levels on daily/hourly charts prior to the day open so they will automatically show then on any time view from 1 Min up.

I match the support/resistance level to the option price at that time (minute(s)) the underlying pivots at the level. I set my sell usually at the mid of the range it was within that pivot or at the bottom of the price range.

For initial buys I have the previous day as a reference.

If there is strength into a move I will watch closer to pause/cancel or adjust the price since the option will move pretty quick on weeklies. Not so much further out.

Day of expiration can be sporty so I moved to mid next week or 3/19 for scalp trades. Gives me a little cushion when I jack it up.

$30,000 Millionaire said:

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$INTC, this is gonna explode if the macros are positive. I want to get it on an 8 EMA touch (61.7). Cheap enough to buy shares, I will probably shoot for calls, though. Target 65+

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Not sure which call you would target.

Here is the April 16. Looks like more risk than reward to me unless you firmly believe it gets well above $65.

Where are you charting that? I like that interface.

mazag08 said:

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jwhitlock3 said:

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Where are you charting that? I like that interface.

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Well I've been doing my own charts, and even though my spreadsheet is insanely intuitive, a guy on discord pointed me toward optionstrat.com. It does it all for you. You can adjust the expiration date, call/put price, volatility, etc. The only issue with it is it lags the market by 15 minutes. So probably not good for those in the moment trades on short expiration deadlines where you need to be on the money. But for setting up targets over the weekend, its awesome. You can use it for all option strategies too.

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Pretty slick. Foggy led me to one that is similar. Pulls in the current share and options prices. I can't remember the name of it as it's a saved favorite in my desktop. Will try and remember to post tomorrow. Yours looks pretty slick and love the view.

mazag08 said:

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jwhitlock3 said:

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Where are you charting that? I like that interface.

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Well I've been doing my own charts, and even though my spreadsheet is insanely intuitive, a guy on discord pointed me toward optionstrat.com. It does it all for you. You can adjust the expiration date, call/put price, volatility, etc. The only issue with it is it lags the market by 15 minutes. So probably not good for those in the moment trades on short expiration deadlines where you need to be on the money. But for setting up targets over the weekend, its awesome. You can use it for all option strategies too.

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I haven't priced them yet, but I assume I would enter 60s or 65s on the draw down to 61.7. I might even do 55s if I don't like the premium situation. Stock goes up, I sell at 65, walk away with a tidy profit. I can't imagine I would be in the trade for more than a week. I wouldn't hold until expiration. I could even sell weekly diagonals against it to recoup some premium. I could also do a put credit spread.

NRD09 said:

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Here's what my considerations would be (are) in this scenario

Sell pros:
You can sell right now and walk away with a big chunk of change tax free
Historic low interest rates driving prices/buying frenzy
You can do way better than rent by investing that money

Keep/Rent pros:
Property keeps appreciating
Learn/build rental portfolio (while diversifying risk)

You could also rent it for a year or two and run the math again before you lose capital gains exception, and really the only risk is that your market cools down (unlikely) or rates go up affecting prices (not likely in 2 years imo)

If i were in your shoes I'd probably sell it, unless you just really wanted to try your hand at slumlording

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I ran the numbers this afternoon and holy hell. If I decide to rent, I absolutely cannot go beyond 2 years. After that capitol gains deteriorates everything I made on it.. and by year 4, it operates in the negative, and gets drastically worse if the market flattens.

FJ43 said:

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SPY Scalping

Thought I would provide y'all a recreation (best I could) of Friday on SPY scalps. I tried to capture the mentality of the system anyway. This is just what I am doing and my approach and I'll continue to refine daily.

Lots of notes so please forgive me for trying to cram a bunch for y'all into one day. Easier to trade this than record it.. Other than the 1str and last trade of day all were round trips intraday.

Couple notes/thoughts:

• Green = Winning trade buys/exits
• Blue = Open Buys
• Light Blue = Missed Opportunities
• Red = Losing trade entry/exits
• Captured both winning & losing trades for entry/exit.
• Could have multiple additional profitable trades both directions
• Intraday 'micro' identified levels possibly should be 'watched' not necessarily 'acted' upon.
• Stick to levels and don't try and capture every cent of premium.
• Options premiums move quick..... in both directions.
• I let (try) support/resistance determine entry/exit not % or $.

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Thanks for posting this. Your example helps tremendously.

One question - how do you set the support/resistance levels at the beginning of the day?

Fair enough.

I'm looking at these for tomorrow.

DPW April16 4's
SPY September 500's
PLTR April 16 30's

StrawberryFields said:

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FJ43 said:

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SPY Scalping

Thought I would provide y'all a recreation (best I could) of Friday on SPY scalps. I tried to capture the mentality of the system anyway. This is just what I am doing and my approach and I'll continue to refine daily.

Lots of notes so please forgive me for trying to cram a bunch for y'all into one day. Easier to trade this than record it.. Other than the 1str and last trade of day all were round trips intraday.

Couple notes/thoughts:

• Green = Winning trade buys/exits
• Blue = Open Buys
• Light Blue = Missed Opportunities
• Red = Losing trade entry/exits
• Captured both winning & losing trades for entry/exit.
• Could have multiple additional profitable trades both directions
• Intraday 'micro' identified levels possibly should be 'watched' not necessarily 'acted' upon.
• Stick to levels and don't try and capture every cent of premium.
• Options premiums move quick..... in both directions.
• I let (try) support/resistance determine entry/exit not % or $.

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Thanks for posting this. Your example helps tremendously.

One question - how do you set the support/resistance levels at the beginning of the day?

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History

Each morning (or previous evening) I first identify and all support/resistance lines on a Daily view back months or however far that are within reason at the current levels. Those are in the default price line color which is white lines for me.

I think switch to Hourly charts and go back days to weeks within the major range area. I add hourly support/resistance levels with often are in between daily and also match up with daily in some points.

When I then look at my 1,5,10 Min charts it's all already plotted. Each day I'm basically just validating the daily and adding any hourly.

Intraday I may notice repeated support/resistance I make a temp line for. These more than likely could be where I was slightly off on a daily or possibly hourly on a macro vs micro view.

That help?

Might think about cash out refinance. Keep the depreciation, expenses and the appreciation and can use low cost capital to trade.

ehrmantraut said:

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WWR rrrrrrriiiiiiipppppppppppyyyyyyyy

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Whats the expected gain off the NYSE move?

FJ43 said:

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StrawberryFields said:

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FJ43 said:

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SPY Scalping

Thought I would provide y'all a recreation (best I could) of Friday on SPY scalps. I tried to capture the mentality of the system anyway. This is just what I am doing and my approach and I'll continue to refine daily.

Lots of notes so please forgive me for trying to cram a bunch for y'all into one day. Easier to trade this than record it.. Other than the 1str and last trade of day all were round trips intraday.

Couple notes/thoughts:

• Green = Winning trade buys/exits
• Blue = Open Buys
• Light Blue = Missed Opportunities
• Red = Losing trade entry/exits
• Captured both winning & losing trades for entry/exit.
• Could have multiple additional profitable trades both directions
• Intraday 'micro' identified levels possibly should be 'watched' not necessarily 'acted' upon.
• Stick to levels and don't try and capture every cent of premium.
• Options premiums move quick..... in both directions.
• I let (try) support/resistance determine entry/exit not % or $.

---

Thanks for posting this. Your example helps tremendously.

One question - how do you set the support/resistance levels at the beginning of the day?

---

History

Each morning (or previous evening) I first identify and all support/resistance lines on a Daily view back months or however far that are within reason at the current levels. Those are in the default price line color which is white lines for me.

I think switch to Hourly charts and go back days to weeks within the major range area. I add hourly support/resistance levels with often are in between daily and also match up with daily in some points.

When I then look at my 1,5,10 Min charts it's all already plotted. Each day I'm basically just validating the daily and adding any hourly.

Intraday I may notice repeated support/resistance I make a temp line for. These more than likely could be where I was slightly off on a daily or possibly hourly on a macro vs micro view.

That help?

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Yes, that's exactly what I was looking for. Thanks

I pretty much was with you exactly on your first 2 trades then I stopped for the day to go to a track meet missing out on some moves after lunch. I do like doing this on Friday though. Always fun.

Can someone care to explain why the nyse move means anything?

tv1113 said:

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Can someone care to explain why the nyse move means anything?

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Its a listing upgrade and funds that track the NYSE will buy it, but I don't know how that translates monetarily.

Seeking advice on my WWR $7.50 4/16 covered call. I have 10 contracts at .60. If I wanted to roll this to a $10 CC for 4/16, would I just buy this back at .75 (currently), and then sell the $10 CC for .40 (currently). This would in effect be at .25 premium after my .15 loss on the buy back. Would this be the right play, or just let that 7.50 sit? By my math, if WWR gets past $7.86 by 4/16, the $10 CC is a better play. ($7.50+.60=$8.10 vs $7.86+.25= $8.11) Thanks in advance!

Sold my first baseball card on eBay, a Tim Duncan rookie PSA 10. Cards have crazy prices right now. Glad they turned out to be good investments finally.

https://www.ebay.com/itm/294045986609

aggieman2717 said:

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Seeking advice on my WWR $7.50 4/16 covered call. I have 10 contracts at .60. If I wanted to roll this to a $10 CC for 4/16, would I just buy this back at .75 (currently), and then sell the $10 CC for .40 (currently). This would in effect be at .25 premium after my .15 loss on the buy back. Would this be the right play, or just let that 7.50 sit? By my math, if WWR gets past $7.86 by 4/16, the $10 CC is a better play. ($7.50+.60=$8.10 vs $7.86+.25= $8.11) Thanks in advance!

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hard to say what to do and what is best for you. your math is right. if you want to keep the shares, this is a good strategy.

cmon EBON!

Foggy's Options Calculator link he uses to help on target and risk/returns..

https://www.optionsprofitcalculator.com/

Sold trading shares of DNN trading here at 1.46 that were bought in the .90s.

FJ43 said:

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Foggy's Options Calculator link he uses to help on target and risk/returns..

https://www.optionsprofitcalculator.com/

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Great tool. Used it on two recent puts I purchased to estimate an exit price. One of them last week after RIOT's massive run up. Bought a 3/12 $62p for $3 at about 1 on Thursday. Had a meeting Friday at 830 so I couldn't manage it at open. That calculator estimated $4.50 so I set a price pre-open for $4 that filled in the first minute for $4.30. By time I looked at 8:32 I was out and the price was below $3. Point being that calculator kept me from overpricing a sale I couldn't manage. Made a 1.30 when I could have easily lost $1.

LOYAL AG said:

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FJ43 said:

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Foggy's Options Calculator link he uses to help on target and risk/returns..

https://www.optionsprofitcalculator.com/

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Great tool. Used it on two recent puts I purchased to estimate an exit price. One of them last week after RIOT's massive run up. Bought a 3/12 $62p for $3 at about 1 on Thursday. Had a meeting Friday at 830 so I couldn't manage it at open. That calculator estimated $4.50 so I set a price pre-open for $4 that filled in the first minute for $4.30. By time I looked at 8:32 I was out and the price was below $3. Point being that calculator kept me from overpricing a sale I couldn't manage. Made a 1.30 when I could have easily lost $1.

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Awesome! If I remember correctly Foggy said he takes a similar approach to what you did. He takes 5% or so off the price it says and that is his target.

Win-win there congrats.