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chinasmile1 · Feb 10th, 2007, 10:07

标题: 我的稳健 option play (ZT)

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我的信仰: 炒option一笔赚头2~10倍并不难, 难的是每月下来都不亏钱.
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When the market went down sharply, it might go down further, or bounce back a lot. Either way, it offers great opportunity for short-term option traders using strangle strategy.

I have two examples:
1. CLF
May 16 Near 81, bought 300 85C for .55, 50 80C for 2.4 and 180 80P for 1.1. The call/put ratio is roughly 3:2 (considering it has been down a lot to the support level near 80, my position is bullish).

May 17, sold 240 85C for 0.9~1.1 and 50 80C for 4.4, leaving all the reminding positioins (calls and puts) free -- I feel no pressure to watch the stock move up or down thereafter. If up, I still have 60 85C for profits, if down, I will rely on 180 80P.

May 18, Sold 180 80P for 1.5.

As can be seen, this strangle play is with little risk, easy to making 30~200% profits.

2. CME
A strangle was placed when CME went down almost $10, near 451 during trading hour of May 17. The dollar amount for calls (460c 450c) and put (440p, 450p) are almost the same.

Here is the partial trading execution log:

BOT 60 CME MAY06 440.0 PUT Option CNMQS 1.25 07

16
+ BOT 60 CME MAY06 460.0 CALL Option CNMEL 2.20 07

22
+ BOT 60 CME MAY06 440.0 PUT Option CNMQS 1.25 07

30
+ BOT 60 CME MAY06 450.0 PUT Option CNMQR 4.10 07

42
+ BOT 40 CME MAY06 450.0 CALL Option CNMER 6.30 07

53
SLD 5 CME MAY06 440.0 PUT Option CNMQS 3.10 09

51
SLD 40 CME MAY06 450.0 PUT Option CNMQR 7.00 09

29
+ SLD 60 CME MAY06 440.0 PUT Option CNMQS 2.70 09

49
+ SLD 20 CME MAY06 450.0 CALL Option CNMER 5.70 09:50:11
+ SLD 40 CME MAY06 460.0 CALL Option CNMEL 1.90 09:50:32
+ BOT 60 CME MAY06 440.0 CALL Option CNMES 6.30 11:47:43
+ BOT 80 CME MAY06 440.0 PUT Option CNMQS 4.39875 11:52:40
SLD 60 CME MAY06 440.0 CALL Option CNMES 11.60 12

05
+ SLD 60 CME MAY06 440.0 PUT Option CNMQS 3.30 12:20:35
SLD 60 CME MAY06 440.0 PUT Option CNMQS 3.00 12

21
SLD 10 CME MAY06 450.0 PUT Option CNMQR 7.00 12

40

Even though the overall performance is only about 60%, considering it is using a less-risky strategy (strangle) and lots of money can be put into work, it is a great trade.

Feb 10th, 2007, 10:07	#326
chinasmile1 Senior Member 注册日期: Sep 2006 帖子: 699 积分:2 精华:2	标题: 我的稳健 option play (ZT) -------------------------------------------------------------------------------- 我的信仰: 炒option一笔赚头2~10倍并不难, 难的是每月下来都不亏钱. ======================================== When the market went down sharply, it might go down further, or bounce back a lot. Either way, it offers great opportunity for short-term option traders using strangle strategy. I have two examples: 1. CLF May 16 Near 81, bought 300 85C for .55, 50 80C for 2.4 and 180 80P for 1.1. The call/put ratio is roughly 3:2 (considering it has been down a lot to the support level near 80, my position is bullish). May 17, sold 240 85C for 0.9~1.1 and 50 80C for 4.4, leaving all the reminding positioins (calls and puts) free -- I feel no pressure to watch the stock move up or down thereafter. If up, I still have 60 85C for profits, if down, I will rely on 180 80P. May 18, Sold 180 80P for 1.5. As can be seen, this strangle play is with little risk, easy to making 30~200% profits. 2. CME A strangle was placed when CME went down almost $10, near 451 during trading hour of May 17. The dollar amount for calls (460c 450c) and put (440p, 450p) are almost the same. Here is the partial trading execution log: BOT 60 CME MAY06 440.0 PUT Option CNMQS 1.25 0716 + BOT 60 CME MAY06 460.0 CALL Option CNMEL 2.20 0722 + BOT 60 CME MAY06 440.0 PUT Option CNMQS 1.25 0730 + BOT 60 CME MAY06 450.0 PUT Option CNMQR 4.10 0742 + BOT 40 CME MAY06 450.0 CALL Option CNMER 6.30 0753 SLD 5 CME MAY06 440.0 PUT Option CNMQS 3.10 0951 SLD 40 CME MAY06 450.0 PUT Option CNMQR 7.00 0929 + SLD 60 CME MAY06 440.0 PUT Option CNMQS 2.70 0949 + SLD 20 CME MAY06 450.0 CALL Option CNMER 5.70 09:50:11 + SLD 40 CME MAY06 460.0 CALL Option CNMEL 1.90 09:50:32 + BOT 60 CME MAY06 440.0 CALL Option CNMES 6.30 11:47:43 + BOT 80 CME MAY06 440.0 PUT Option CNMQS 4.39875 11:52:40 SLD 60 CME MAY06 440.0 CALL Option CNMES 11.60 1205 + SLD 60 CME MAY06 440.0 PUT Option CNMQS 3.30 12:20:35 SLD 60 CME MAY06 440.0 PUT Option CNMQS 3.00 1221 SLD 10 CME MAY06 450.0 PUT Option CNMQR 7.00 1240 Even though the overall performance is only about 60%, considering it is using a less-risky strategy (strangle) and lots of money can be put into work, it is a great trade.
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