This is interesting but I am wondering how you adjust. With an iron condor I can roll the untested side (if necessary) for a credit for most of the lifecycle. I don't want to pay for adjustments except as a last resort. I haven't looked very closely yet. Perhaps rolling the long down or the short up in this case would have the same effect.
I tried various methods but you can only adjust upwards for a credit. The same would be true for a long call condor except you could only adjust down for a credit.
I would not get too lost in whether you are adjusting for a debit or a credit - that is largely meaningless. Rather, look at how the adjustment impacts your delta's, theta, etc. at the end of the day that is what matters
Very interesting as always Steve. Now, just like you I don't like to be glued to my screen all day long. I used to do 0dte but it's a roller coaster. it's definitely not for me. However why do you go so far out like 38 days or 45 days ? It's kind of a long period to be able to predict the direction of SPX. Additionally ,waiting that long for the possibility to generate that little money doesn't seem to be worthy as a per day base. I also noticed on your broken wing condor the POP is only 27%. Why not go for 15 days to 22 days at around 67% POP and expect a faster return Steve ? Thank you.
Very interesting piece, Steve! Learned a lot. But I do have one question. I'm only familiar with TOS. What trading platform are you using? It looks really useful and flexible, while I find TOS a bit of a challenge at times...
Hey Steve. In the video you mentioned 'This is how I teach traders to trade (i.e. place longer term trades so you don't have to sit and watch every day'. I am a member of OptionsStrat and I'm wondering where I can find your teaching lessons or if there is somewhere I can sign up for your teaching. Thanks!
Chris - I am an educator contracted by OS to provide content on using their platform - so would not be appropriate for me to promote myself here - but of course "google is your friend".
This is interesting but I am wondering how you adjust. With an iron condor I can roll the untested side (if necessary) for a credit for most of the lifecycle. I don't want to pay for adjustments except as a last resort. I haven't looked very closely yet. Perhaps rolling the long down or the short up in this case would have the same effect.
I tried various methods but you can only adjust upwards for a credit. The same would be true for a long call condor except you could only adjust down for a credit.
I would not get too lost in whether you are adjusting for a debit or a credit - that is largely meaningless. Rather, look at how the adjustment impacts your delta's, theta, etc. at the end of the day that is what matters
Very interesting as always Steve.
Now, just like you I don't like to be glued to my screen all day long. I used to do 0dte but it's a roller coaster.
it's definitely not for me.
However why do you go so far out like 38 days or 45 days ?
It's kind of a long period to be able to predict the direction of SPX.
Additionally ,waiting that long for the possibility to generate that little money doesn't seem to be worthy as a per day base.
I also noticed on your broken wing condor the POP is only 27%.
Why not go for 15 days to 22 days at around 67% POP and expect a faster return Steve ?
Thank you.
Very interesting piece, Steve! Learned a lot. But I do have one question. I'm only familiar with TOS. What trading platform are you using? It looks really useful and flexible, while I find TOS a bit of a challenge at times...
I trade on TOS have for many years, but I use OptionStrat for helping me to strategize and plan.
Hey Steve. In the video you mentioned 'This is how I teach traders to trade (i.e. place longer term trades so you don't have to sit and watch every day'. I am a member of OptionsStrat and I'm wondering where I can find your teaching lessons or if there is somewhere I can sign up for your teaching. Thanks!
Chris - I am an educator contracted by OS to provide content on using their platform - so would not be appropriate for me to promote myself here - but of course "google is your friend".
Thank you❗ 👍
You are so welcome!
The video title reads "Broken Wing Butterfly vs. Broken Wing Butterfly" -- one of them should read "Condor" rather than Butterfly twice?