chicago seminar 2015 - amazon s3s3.amazonaws.com/1_som_office/reunions/2015/... · condors,...
TRANSCRIPT
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Chicago Seminar 2015
Dan Sheridan
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Survey: Best Strategy 2015?
• Iron Condor?
• Credit Spread?
• Butterfly?
• Calendar?
• Cash Secured Put?
• Covered write or Long Diagonal?
• Short Strangles?
• Long Calls or Puts or Long Vertical debit Spreads?
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What survey tells us? What if IC?
• Multiple vehicles to trade Iron Condor?
• Multiple ways to initiate an Iron Condor?
• Multiple ways to manage Iron Condors?
• Could 30 people be successful trading Iron Condors and 30 people not be successful trading Iron Condors?
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SPX $2123 Price Chart Last 6 months
Range $1990- $2134
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SPX $2123 Price Chart Last 3 Months
Range: 2045-$2134
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SPX $2123 Price Chart over last 12 months
Range : $1820-$2134
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SPX $2123 Price Chart last 3 Years
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Foundation of how we trade?
• Similar vehicles- relatively few (3-4)
• Relatively Delta Neutral at Beginning of trade except for Credit Spreads
• Trade the trade every duration, whether it’s every 7, 14 , 21, 30, 40, or 60 Days from expiration
• Rely on positive theta , good risk management and plan, and appropriate adjustments each month
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Foundation of how we trade?
• Types of vehicles we trade: SPX, RUT, AAPL, TSLA
• Types of Strategies we trade for Income: Iron Condors, Butterflies, Calendars, Credit Spreads , Double Diagonals, Cash Secured Puts, Long Diagonals, Covered Writes, and different modified versions of above strategies
• Duration of above Income Trades includes 4 Days ( Weeklys) to 60 Days.
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Foundation of how we trade?
• Types of Strategies we trade for Speculative Strategies: Earnings Plays, Long Straddles, Long Calls and Puts, Long Vertical debit Spreads in both Calls and Puts
• In time we are attempting to build very good Craftsmen
• Successful Business Model in Pit? Steve Chanin? Karen?
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Examples of trades we do
• Weekly Calendar
• Monthly Calendar
• Weekly Iron Butterfly
• Monthly Iron Butterfly
• Couch Potato: Credit Spread
• Couch Potato: Modified Credit Spread
• Couch Potato: Broken Wing Butterfly
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Examples of trades we do
• Weekly Iron Condor
• Longer Duration Iron Condor
• Cash Secured Put
• Long Diagonal
• Short Strangle??
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RUT price Chart last 3 months
Range 1211-1294
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Weekly RUT Calendar
Greeks?
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Game Plan?
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RUT Monthly Calendar
Position really Bullish or bearish? Clue: Look at the Greeks
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Tradeoffs versus Weekly Calendar?
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Title of page 16
Why start Calendar out-of-the money?
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Is this neutral trade?
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Weekly Iron Butterfly
Why short deltas? A problem?
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Very Similar to Calendar?
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Unbalanced Butterfly for Indexes
What do we give up to get deltas neutral?
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Contrast versus balanced Butterfly
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Longer Duration Iron Butterfly
Inherent problem with Index Butterflies? Is this really a problem? Trade really neutral?
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Initiation and Management
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Longer Duration Mango
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Effective in Market last 3 years?
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Longer Duration Butterfly
Is this setup a problem?
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We’ve been in Bull Market!
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Butterfly with long call set up
Plus and minus of long call?
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Plus and minus contrast?
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TSLA Butterfly
Delta problem like Indexes at onset of trade?
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Game Plan?
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Couch Potato: Credit Spread
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Adjustments in last 3 years?
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Couch Potato: Modified Credit Spread
Why do this?
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IV environment to do this?
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Comparison
Contrast Greeks
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Which would you do?
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Couch Potato: BWB
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Game Plan?
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Weekly Iron Condor
Why different deltas for short options?
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Adjustments?
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Longer Duration Iron Condor
When would I do this structure?
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Game Plan?
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Longer Duration Iron Condor
When would I do this structure?
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Good set up in Bullish Market?
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Low Probability Iron Condor
Contrast versus High Probability Iron Condor?
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Contrast versus High Probability IC
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Tweak LPC for more downside help
Same short deltas as previous trade
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Tradeoffs
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Cash Secured Put
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Looks like covered write
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Long Diagonal
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Contrast versus Cash secured Put
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AAPL Short Strangle Earnings
Is this the time to sell premium around earnings?
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1 Day trade, what’s at stake?
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Ching, Ching!! What was the risk?
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Title of page 59