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BPR Efficiency for Strangles and Iron Condors | Market Measures
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- Опубликовано: 23 апр 2023
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This was awesome. Had to listen to a few parts several times but I liked hearing how Nick would restate what Anton said in his words. Helped hit the points home. I usually shy away from strangles and do more iron condors. This May start to sway me in the other direction, but with a small account I usually try to keep my strangle choices less than 50/share.
I wish you guys would support your discussion with charts and diagrams. Your terminology means someone must have a lot of knowledge already, which ironically means most of the viewers fully understand what you are discussing.
I am trying hard to understand this as I am trading both strategies, but it is very confusing to me. Does Dr. Jim or Mike & his Whiteboard have a video on this subject so I can view the subject from a different angle ?
How do you sell strangles on a small account in the first place? Unless we have different definitions of a small account
Thanks for the great content. I don't know everything that you are referring to but at least the knowledge being provided and I can learn at my own pace.
Do you guys ever set stops? I dont think i could walk away from the screen with a naked position on 😅. How do you deal with risk e.g. covid, 08’, etc?
My biggest loss so far was on the downward spike on 12/20/2023. I was trying the 0DTE SPX diagonal trade described in a recent video here: a 0DTE SPX short straddle protected by a 30-day very wide long strangle. The first few were wins, but I put one on that afternoon, and SPX promptly fell 70 points. When I looked at the screen it was way past my mental stop-loss already. I guess in a fast drop the market-makers pull their bids? All of a sudden the bid/ask spread was 4 points ($400). I wound up getting out with an $1,890 loss. Maybe a resting stop-market order would have done better, but a stop-limit order might not have gotten filled at all. I've been gun-shy on short straddles and strangles since then. I'm sure that loss was an outlier, and a few good trades would pay for the loss, but for now I'm sticking to limited risk stuff. I'm still a noob with options, seeing what works for me. I like futures because I can set my stop-loss order and walk away.
anyone know what happened to the Last Call show????
if you click on the live show they have time stamps in the description last call is there now.
I'm gonna have to compare BPR for strangles in different underlyings. In SPX the BPR for a strangle is $94,000, in SPY it's $7,000, in ES it's $8,000. I haven't been doing stocks, maybe they're cheaper?
would be interesting to know the effect on profit/risk if you were to go long or short 50 shares when the strike prices are triggered in a strangle
3:30-4:00 Eastern time. It was on today.
Trading options is a thinking man's game. But you have to act faster than you think sometimes. Knowing where your edge is helps you trade instinctively. I like trading zero DTE because I get to practice everyday. Not saying 45 trading 45 DTE is not a good strategy, just that I get 45 times more experience. The experience is more compacted in time and experience becomes working knowledge.
How about an addition of comparing managing a breached Iron Condor vs Strangle. The costs of managing are worth a look
Strangle is surely easier to adjust and manage and less brokerage I assume.
@@prashunpcchakraborty70I dont know, you can roll down untested IC wings and roll out in time aswell. But I imagine the same goes for strangles
Excellent. Thankyou.
One problem with IC. Is the commissions do add up. Double what strangles cost, plus you have to do many more ICs.
I dont think 0.7 dollars per wing, or 1.4 dollars for both wings is the problem. Its basically equivalent to losing 1 penny credit for the IC.
I would never take ROC out of my discipline. It keeps me honest.
Dude(s)! Your biggest problem is that you aren't selling enough meat on the bone. Iron Condors are by far the best % return for the buck. Try changing to selling at least 60-day (90ish work great if you want to be -vega as well) and 30 delta options. Thank me later. Your studies are flawed.
If I'm at max loss for an iron condor, should I just keep rolling out until I can make back enough premium? Are there risks that I'm not seeing?
I struggle with deciding whether to try to manage my way out of a breached IC or just take the loss and redeploy the capital. I imagine there are some circumstances where it is better to just take the loss and move on. For example, as the short strike moves further in the money, it becomes more expensive to roll the strikes and the reward for rolling the expiration tapers off. I have less than one year of experience with multi-leg strategies.
Ditto! If rolling the IC increases the risk, or diminishes profit potential, it doesn't make sense to me. I'd like to see a study comparing rolling the un-tested side for a credit before closing the position versus just closing the position at a loss. A lot of adjustments make the bookkeeping pretty complicated too.
This low VIX environment is annoying for sure. I can't sell lotto tickets on my stocks and ETFs. You guys ought to calculate total P/L of those 45 day SPY ICs from 2005 managed at 21 days. I'd be curious how much one would gain or lose over that time in relation to high and low VIX environments
They have those videos on tasty live. Higher IV is better. They said many times they want vol above 25% for the trade to be worth it.
@@dieterich6533 Thanks, I love their data backed videos. Most trading channels are fluff to sell courses when at the end of the day its probabilities and statistics that builds an edge
How much is a small account
Small is between $2000-25,000
Not sure what is meant by the 10 Delta Wings.
Just means you are buying the call and put option at 10 delta strike prices, capping your risk -- in the video, they are selling the 15s and buying the 10s.
You can also think of this trade as a $5 wide put spread and $5 wide call spread in the same expiration and underlying
You need to check your option chain, go to settings and check delta. When they say 10 delta they mean 0.10 delta which is +0.10 for calls and -0.10 for puts. Use those strikes. That’s 10 Delta neutral position
Tom is traveling I guess