The Official Options Thread

[Blazed]

Originally Posted by ajlaxmn

5000 Bottom and 5200 Top? 200 Points? Just checking.

I didn't even catch that

Market dropped so fast I guess my mind is still in the 5100's ha

5100 > 5110 > 5124

[ajlaxmn]

Going to watch what market does here in between ATR's. SPX slowly pushing up while SPY showing sellers.

[Blazed]

I want see this thing getting hedged OR get a strong buy signal

Flow is signaling a dump which is why there's divergence on SPY/SPX

A lot of bearish flow on SPX

[Blazed]

Originally Posted by Blazed

I want see this thing getting hedged OR get a strong buy signal

Flow is signaling a dump which is why there's divergence on SPY/SPX

A lot of bearish flow on SPX

And there's the dump.

[ajlaxmn]

Got into one put at retest of ATR (5065 Puts), out here as I have to get ready to take kids to grandparents. Also appears to be struggling here a little, so with one contract I am just going to take the profits. Retest and reject plus volume were my indicators. $400 on the day. All done.

[lane121]

Following the 1 minute time frame for entry would have worked out well for that drop

[Blazed]

Originally Posted by Blazed

And there's the dump.

Out of puts @ key level. Great trade.

Used the 1 min for entry and followed flow.

Gains from this trade $3.5k



Took calls @ the 5050 for a 10 point move - left 2 runners to see if we can break 506 on SPY or will stop out @ entry.

Gains from this trade $2.1k

Went lighter here as flow is sideways

[ajlaxmn]

Originally Posted by Blazed

Out of puts @ key level. Great trade.

Used the 1 min for entry and followed flow.

Gains from this trade $3.5k



Took calls @ the 5050 for a 10 point move - left 2 runners to see if we can break 506 on SPY or will stop out @ entry.

Gains from this trade $2.1k

Went lighter here as flow is sideways

Also used the 1m for entry. Got in at second retest. Missed first retest because I was on 5m timeframe.

Dang it, should have waited a couple extra minutes for test of previous close, was waiting to hit that before selling my on contract. Either way great quick trade.

[Blazed]

Originally Posted by ajlaxmn

Got into one put at retest of ATR (5065 Puts), out here as I have to get ready to take kids to grandparents. Also appears to be struggling here a little, so with one contract I am just going to take the profits. Retest and reject plus volume were my indicators. $400 on the day. All done.

Great trade.

Originally Posted by lane121

Following the 1 minute time frame for entry would have worked out well for that drop

Yes, much easier to see than the 5 when trying to enter.

I accidentally put SPX on 1min and didn't catch it until later on in the day. Liked it so tested it out some more, giving great entries.

Never thought about using the 1min for entries before that.

[ajlaxmn]

Originally Posted by Blazed

Great trade.



Yes, much easier to see than the 5 when trying to enter.

I accidentally put SPX on 1min and didn't catch it until later on in the day. Liked it so tested it out some more, giving great entries.

Never thought about using the 1min for entries before that.

As I recall your previous statements about the 1m were, and I quote, "I never use the 1m".

See folks, everyone can change.

[Blazed]

Originally Posted by Blazed

Took calls @ the 5050 for a 10 point move - left 2 runners to see if we can break 506 on SPY or will stop out @ entry.

Went lighter here as flow is sideways

Stopped out.

Flow started selling + NVDA pulling the market with it.

Calling it a day here.

Have alerts set for 5000 in case they want to get there today.

[Blazed]

Originally Posted by ajlaxmn

As I recall your previous statements about the 1m were, and I quote, "I never use the 1m".

See folks, everyone can change.

This is true. I had in my mind it was for scalping and I hate scalping.

[patchgenie]

picked up 20 calls on CPRI May 40's for 1.60. this is just FUD city. doubt FTC will waste their time on handbags/clothes that most people can't afford or can easily buy something else.

[Blazed]

Originally Posted by patchgenie

picked up 20 calls on CPRI May 40's for 1.60. this is just FUD city. doubt FTC will waste their time on handbags/clothes that most people can't afford or can easily buy something else.

Interesting that they're trying to block it.

[Blazed]

Leading economic indicators @ 10, Fed speakers today, and OPEX tomorrow.

SPX: 5050 key level (need to break and hold to continue up) / 5080 top (5060 resistance / 4980 bottom (gap @ 4983) (5000 support > 4995/90)

Watching:

TSLA

NVDA: break above 850


----------------------------------------------------

Originally Posted by Blazed

TSLA to get around 160 > 150 for equity add

TSLA finally @ 150 area. With earnings coming up not adding yet. Will see if a base can be built around here.

If not ideal add would be 143 gap area to add. If earnings sends it lower I'll add

[Blazed]

Originally Posted by Blazed

Leading economic indicators @ 10, Fed speakers today, and OPEX tomorrow.

SPX: 5050 key level (need to break and hold to continue up) / 5080 top (5060 resistance / 4980 bottom (gap @ 4983) (5000 support > 4995/90)

Watching:

TSLA

NVDA: break above 850

SPX: 5060 resistance✅- rejected as expected. Pushed up to this level off low volume. Took puts using the 1min chart got a nice 50 point drop.

Gains from this trade $11.5k




I left some runners for 5000.

I will take calls w/ tomorrow expiration @ 5000.

Won't front run the 5000 level.

[Blazed]

Originally Posted by Blazed

I left some runners for 5000.

I will take calls w/ tomorrow expiration @ 5000.

Won't front run the 5000 level.

Out of runners.

They bounced it early.

So I missed the entry.

[Blazed]

Originally Posted by Blazed

Powell speaks today @ 1:15e, should be interesting to see what he has to say.


SPX: 5050 key level / 5000 bottom (gap @ 4999.5) / 5200 top (break above > 5210 > 5214)

Crazy they didn't get the gap

That's why I didn't front run calls.

OPEX tomorrow should be fun.

[Blazed]

Woah.

I thought they would wait until the weekend.

[ajlaxmn]

Quite the selloff last night with significant buy back this morning. Mainly watching ATR's and key levels.

Top 5050, bottom 4950, key 5000. Gap 4999.5.

Of note:

19APR24 5060 C bought, QTY 518

[Blazed]

Originally Posted by ajlaxmn

Quite the selloff last night with significant buy back this morning. Mainly watching ATR's and key levels.

Top 5050, bottom 4950, key 5000. Gap 4999.5.

Of note:

19APR24 5060 C bought, QTY 518

This.

Last night was a gift.

Took some ES longs and sold this morning.

A+ set ups only. Today is OPEX so anything can happen

[Blazed]

Originally Posted by ajlaxmn

Quite the selloff last night with significant buy back this morning. Mainly watching ATR's and key levels.

Top 5050, bottom 4950, key 5000. Gap 4999.5.

Of note:

19APR24 5060 C bought, QTY 518

I just saw it.

See how easy that is to do lol.

[ajlaxmn]

Originally Posted by Blazed

I just saw it.

See how easy that is to do lol.

Yeah for sure, I usually always double check for that reason. Slipped today.

[Blazed]

Being patient today.

Normally I'd be watching last close.

Only watching for bounce/break below @ 4999 gap

bounce @ 4983 gap

or reject @ implied top.

Not going to get chopped up.

Especially since contracts are expensive today.

Reminder that cash is also a position.

[Blazed]

Took 2 trades.

First

Got puts below gap as we were holding below.

Hit 4990 and bounced - was expecting to get to next gap @ 4983.

Cut for a $1.9k loss.


Second

Got in calls @ break above 4997 ATR and full exit @ 5007 previous reject today.

Exited for a 1.5k gain.

Down 400 on the day


Traded light size and kept a tight stop for OPEX to limit risk as I expected chop.

Done for the morning. Will check back @ 1pm on the east coast to see if they make a bigger move into power hour.


---------------------------------------------------

Originally Posted by Blazed

Got 5 505 calls leaps here for July 19th filled @ 18.36

Down about 400 per contract on these. Currently @ 14.15

No plans to cut. Weekly chart is still intact. 493 is SPY's yearly low.

We would have to be below 493 next month for me to consider cutting.