Wednesday, September 2, 2009

Re: [TheOptionClub.com] "repairing" a spread

 

Check in the files folder of the group website (click on Visit Your Group) - Adjustments.pdf (I think).
 
M

On Wed, Sep 2, 2009 at 12:21 PM, california765 <california765@yahoo.com> wrote:
 

I am new to the board but a long time trader and options player. I found out about this board while seraching for option spread adjustment strategies. I heard that someone on this board wrote a good article on this issue. Can someone please steer me in that direction? Thank you :-).


__._,_.___
The goal of TheOptionClub is to provide a forum for members to work together for the purpose of furthering our individual understanding option trading.  All messages and postings, and any materials circulated are provided for discussion and educational purposes only.  No statement contained in any materials from TheOptionClub should be considered a recommendation to buy or sell a security or to provide investment, legal or tax advice.  All investors are encouraged to consult a qualified professional before trading in any security.  Stock and option trading involves risk and is not suitable for most people.  There is no guarantee that any information provided is accurate and, may in fact, be wrong.  It is understood that the participants in TheOptionClub have varying backgrounds and degrees of experience in option trading, and that regardless of experience each member is considered a student.  As such, any information distributed through TheOptionClub should be considered with a critical mind and not relied upon as an authoritative source.

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Posted by at No comments:

[TheOptionClub.com] Re: Charles Cottle Discussing MY Trades

 

Hi Chris, thanks a lot for organizing this.

I am hopeful that Charles' webinar will be relatively easier to digest than some of the chapters in his books:-)

Looking forward to the weekend already...

Cheers Vikas

--- In OptionClub@yahoogroups.com, "clslaw" <chris@...> wrote:
>
> You guys should really like this...
>
> On Friday, immediately after the market's close, I have arrange some
> time with Charles Cottle. Most of you probably know Charles as the
> author of books like "Options: Perception and Deception," "Coulda Woulda
> Shoulda," and "Options Trading: The Hidden Reality," or as a co-founder
> of ThinkOrSwim.
>
> He's one of the smarter guys I know when it comes to options strategies,
> hedges, and adjustments.
>
> So, today I had him on the telephone and he agreed to join us this
> Friday for a webinar presentation. I was feeling really good about
> getting him to agree, then he lays this on me...
>
> Charles Cottle told me to forward some of my recent trades to him along
> with one or two of the recent videos from the Trading Room, so that he
> can review them and critique them during Friday's presentation. So,
> basically, what you will see is Charles' commentary about a few of my
> trades as he walks you through them, discusses trade planning, hedges,
> and adjustments.
>
> There is no cost to attend and I am assuming all risk of public
> embarrassment, so it's a zero risk situation for you guys. I hope you
> can set aside the time.
>
> Register For Friday With Charles Cottle
> <http://www.options4investors.com/webinar>
>
> I can't believe I've agreed to this...
>
> Christopher Smith
> TheOptionClub.com
>

__._,_.___
The goal of TheOptionClub is to provide a forum for members to work together for the purpose of furthering our individual understanding option trading.  All messages and postings, and any materials circulated are provided for discussion and educational purposes only.  No statement contained in any materials from TheOptionClub should be considered a recommendation to buy or sell a security or to provide investment, legal or tax advice.  All investors are encouraged to consult a qualified professional before trading in any security.  Stock and option trading involves risk and is not suitable for most people.  There is no guarantee that any information provided is accurate and, may in fact, be wrong.  It is understood that the participants in TheOptionClub have varying backgrounds and degrees of experience in option trading, and that regardless of experience each member is considered a student.  As such, any information distributed through TheOptionClub should be considered with a critical mind and not relied upon as an authoritative source.

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Posted by at No comments:

Re: [TheOptionClub.com] Option Spread

 

A great write up on Tony was done in Schwager's first book Supertraders. He started in TDY which isn't around anymore. Big conglomerate that didn't move much most of the time. Then would have huge volatility at earnings. Tony is credited with have learned to craft a backspread after having blown out a couple of times the first couple of times earnings surprises hit, but trading floor legends and gossip were rarely true back then. Still teaches and ran an institutional execution firm that he sold to BNY


ISE educational presentations are now available via the iTunes Music Store. Visit Option Education @ Your Fingertips for free ISE podcasts. Sent from my Blackberry. Alex Jacobson ajacobson@ise.com. 1(917)2243711

From: OptionClub@yahoogroups.com
To: OptionClub@yahoogroups.com
Sent: Wed Sep 02 19:25:03 2009
Subject: Re: [TheOptionClub.com] Option Spread

 

 
Greg,
 
I haven't read any of Saliba's book, but what you describe is a LONG wrangle.
 
Just like a LONG butterfly is short ATM strikes and long on either side.
 
If you dissect the calls and puts, each is a backspread (2 long and 1 short).
 
Jim was answering the original post, which was a SHORT wrangle (and not to Michael).
 
Hope this response doesn't put a wrangle in your head ;-).
 
Murthy
 


 
On Wed, Sep 2, 2009 at 3:49 PM, Greg Farber <gregfarber@gmail.com> wrote:
 

9/1/2009 question for James Fink (or others) :

I thought I heard that Mr. Saliba's wrangles were short atm iron
butterflies, in combination with a long wide strangle. such as: with
spy @ 100: +2 95p, -1 100p, -1 100c, +2 105c

Has anybody got a more accurate description of how Mr. Saliba might
have typically composed his wrangles..? Would he use indexes..? would
his wings be 5 strikes from center..? Just wondering if anybody here
might know.

Thanks! ~gf



On Wed, Sep 2, 2009 at 5:40 AM, Ricky Jimenez <rickyjim@bestweb.net> wrote:
>
> On Tue, 1 Sep 2009 04:29:07 -0700 (PDT), James Fink
> <jimfink@yahoo.com> wrote:
>
> >Option legend Tony Saliba used LONG wrangles to make money. He wanted to take advantage of short-term time decay combined with cheap wing gamma insurance against the big move.
> >
> >
> >I assume if Saliba made money with long wrangles, you will lose money with SHORT wrangles because of exposing yourself to the risk of getting wiped out in a "black swan" gamma event.
>
> I haven't seen a discussion of that methodology in any of Saliba's
> three books. Can you give a reference? Thanks.
----------
Tom2 replied:

Ricky Jimenez" & Group

Found this reference and description on
http://www.elitetrader.com/vb/printthread.php?threadid=24449

"Posted by H2O on 11-12-03 06:42 PM:
A long (short) wrangle is long (short) both a ratio call spread and a
ratio put spread. For example, puts might be struck at 90 and 100 with
calls struck at 100 and 110.
__________________
H2O
To be everlasting you have to go with the flow."

Good Luck and hope it helps. Tomaz M.
-------------


__._,_.___
The goal of TheOptionClub is to provide a forum for members to work together for the purpose of furthering our individual understanding option trading.  All messages and postings, and any materials circulated are provided for discussion and educational purposes only.  No statement contained in any materials from TheOptionClub should be considered a recommendation to buy or sell a security or to provide investment, legal or tax advice.  All investors are encouraged to consult a qualified professional before trading in any security.  Stock and option trading involves risk and is not suitable for most people.  There is no guarantee that any information provided is accurate and, may in fact, be wrong.  It is understood that the participants in TheOptionClub have varying backgrounds and degrees of experience in option trading, and that regardless of experience each member is considered a student.  As such, any information distributed through TheOptionClub should be considered with a critical mind and not relied upon as an authoritative source.

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Posted by at No comments:

Re: [TheOptionClub.com] Option Spread

 

 
Greg,
 
I haven't read any of Saliba's book, but what you describe is a LONG wrangle.
 
Just like a LONG butterfly is short ATM strikes and long on either side.
 
If you dissect the calls and puts, each is a backspread (2 long and 1 short).
 
Jim was answering the original post, which was a SHORT wrangle (and not to Michael).
 
Hope this response doesn't put a wrangle in your head ;-).
 
Murthy
 


 
On Wed, Sep 2, 2009 at 3:49 PM, Greg Farber <gregfarber@gmail.com> wrote:
 

9/1/2009 question for James Fink (or others) :

I thought I heard that Mr. Saliba's wrangles were short atm iron
butterflies, in combination with a long wide strangle. such as: with
spy @ 100: +2 95p, -1 100p, -1 100c, +2 105c

Has anybody got a more accurate description of how Mr. Saliba might
have typically composed his wrangles..? Would he use indexes..? would
his wings be 5 strikes from center..? Just wondering if anybody here
might know.

Thanks! ~gf



On Wed, Sep 2, 2009 at 5:40 AM, Ricky Jimenez <rickyjim@bestweb.net> wrote:
>
> On Tue, 1 Sep 2009 04:29:07 -0700 (PDT), James Fink
> <jimfink@yahoo.com> wrote:
>
> >Option legend Tony Saliba used LONG wrangles to make money. He wanted to take advantage of short-term time decay combined with cheap wing gamma insurance against the big move.
> >
> >
> >I assume if Saliba made money with long wrangles, you will lose money with SHORT wrangles because of exposing yourself to the risk of getting wiped out in a "black swan" gamma event.
>
> I haven't seen a discussion of that methodology in any of Saliba's
> three books. Can you give a reference? Thanks.
----------
Tom2 replied:

Ricky Jimenez" & Group

Found this reference and description on
http://www.elitetrader.com/vb/printthread.php?threadid=24449

"Posted by H2O on 11-12-03 06:42 PM:
A long (short) wrangle is long (short) both a ratio call spread and a
ratio put spread. For example, puts might be struck at 90 and 100 with
calls struck at 100 and 110.
__________________
H2O
To be everlasting you have to go with the flow."

Good Luck and hope it helps. Tomaz M.
-------------


__._,_.___
The goal of TheOptionClub is to provide a forum for members to work together for the purpose of furthering our individual understanding option trading.  All messages and postings, and any materials circulated are provided for discussion and educational purposes only.  No statement contained in any materials from TheOptionClub should be considered a recommendation to buy or sell a security or to provide investment, legal or tax advice.  All investors are encouraged to consult a qualified professional before trading in any security.  Stock and option trading involves risk and is not suitable for most people.  There is no guarantee that any information provided is accurate and, may in fact, be wrong.  It is understood that the participants in TheOptionClub have varying backgrounds and degrees of experience in option trading, and that regardless of experience each member is considered a student.  As such, any information distributed through TheOptionClub should be considered with a critical mind and not relied upon as an authoritative source.

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Posted by at No comments:

Re: [TheOptionClub.com] Option Spread

 

9/1/2009 question for James Fink (or others) :

I thought I heard that Mr. Saliba's wrangles were short atm iron
butterflies, in combination with a long wide strangle. such as: with
spy @ 100: +2 95p, -1 100p, -1 100c, +2 105c

Has anybody got a more accurate description of how Mr. Saliba might
have typically composed his wrangles..? Would he use indexes..? would
his wings be 5 strikes from center..? Just wondering if anybody here
might know.

Thanks! ~gf

On Wed, Sep 2, 2009 at 5:40 AM, Ricky Jimenez <rickyjim@bestweb.net> wrote:
>
> On Tue, 1 Sep 2009 04:29:07 -0700 (PDT), James Fink
> <jimfink@yahoo.com> wrote:
>
> >Option legend Tony Saliba used LONG wrangles to make money. He wanted to take advantage of short-term time decay combined with cheap wing gamma insurance against the big move.
> >
> >
> >I assume if Saliba made money with long wrangles, you will lose money with SHORT wrangles because of exposing yourself to the risk of getting wiped out in a "black swan" gamma event.
>
> I haven't seen a discussion of that methodology in any of Saliba's
> three books. Can you give a reference? Thanks.
----------
Tom2 replied:

Ricky Jimenez" & Group

Found this reference and description on
http://www.elitetrader.com/vb/printthread.php?threadid=24449

"Posted by H2O on 11-12-03 06:42 PM:
A long (short) wrangle is long (short) both a ratio call spread and a
ratio put spread. For example, puts might be struck at 90 and 100 with
calls struck at 100 and 110.
__________________
H2O
To be everlasting you have to go with the flow."

Good Luck and hope it helps. Tomaz M.
-------------

__._,_.___
The goal of TheOptionClub is to provide a forum for members to work together for the purpose of furthering our individual understanding option trading.  All messages and postings, and any materials circulated are provided for discussion and educational purposes only.  No statement contained in any materials from TheOptionClub should be considered a recommendation to buy or sell a security or to provide investment, legal or tax advice.  All investors are encouraged to consult a qualified professional before trading in any security.  Stock and option trading involves risk and is not suitable for most people.  There is no guarantee that any information provided is accurate and, may in fact, be wrong.  It is understood that the participants in TheOptionClub have varying backgrounds and degrees of experience in option trading, and that regardless of experience each member is considered a student.  As such, any information distributed through TheOptionClub should be considered with a critical mind and not relied upon as an authoritative source.

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Posted by at No comments:

Re: [TheOptionClub.com] inquiry

 

Set up a paper trading account at thinkorswim.com.  they have all the tools you will need on both equity options and futures.
----- Original Message -----
From: asdfffg1
Sent: Wednesday, September 02, 2009 2:13 PM
Subject: [TheOptionClub.com] inquiry

 

I'm currently using Yahoo Finance at night for studing ETF options activity after the close. I use Barchart in the same way for commodity options. Their both are extremely quick and easy. Currently I'm studying Index Options, and I've yet to
find a website (other than CBOE) that has daily option premium values for the days activity for my studying. I could have sworn yahoo had index option data. Can someone direct me towards a more basic index option site which lists daily option prices, in a quick and easy fashion? If Cboe is the only way to go, I'm more than happy to do the work necessary for understanding. I can get Coffee or Goog options prices in two seconds. I'm already up to 30 minutes in my search for 'HUI' options. Any direction/guidance is apprecitated.

__._,_.___
The goal of TheOptionClub is to provide a forum for members to work together for the purpose of furthering our individual understanding option trading.  All messages and postings, and any materials circulated are provided for discussion and educational purposes only.  No statement contained in any materials from TheOptionClub should be considered a recommendation to buy or sell a security or to provide investment, legal or tax advice.  All investors are encouraged to consult a qualified professional before trading in any security.  Stock and option trading involves risk and is not suitable for most people.  There is no guarantee that any information provided is accurate and, may in fact, be wrong.  It is understood that the participants in TheOptionClub have varying backgrounds and degrees of experience in option trading, and that regardless of experience each member is considered a student.  As such, any information distributed through TheOptionClub should be considered with a critical mind and not relied upon as an authoritative source.

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Posted by at No comments:

[TheOptionClub.com] "repairing" a spread

 

I am new to the board but a long time trader and options player. I found out about this board while seraching for option spread adjustment strategies. I heard that someone on this board wrote a good article on this issue. Can someone please steer me in that direction? Thank you :-).

__._,_.___
The goal of TheOptionClub is to provide a forum for members to work together for the purpose of furthering our individual understanding option trading.  All messages and postings, and any materials circulated are provided for discussion and educational purposes only.  No statement contained in any materials from TheOptionClub should be considered a recommendation to buy or sell a security or to provide investment, legal or tax advice.  All investors are encouraged to consult a qualified professional before trading in any security.  Stock and option trading involves risk and is not suitable for most people.  There is no guarantee that any information provided is accurate and, may in fact, be wrong.  It is understood that the participants in TheOptionClub have varying backgrounds and degrees of experience in option trading, and that regardless of experience each member is considered a student.  As such, any information distributed through TheOptionClub should be considered with a critical mind and not relied upon as an authoritative source.

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