May 12, 2008Dan Sherican just came out with a new webcast on the OIC website. The webcast has “iron butterly” in the title, but all the examples are traditional call debit butterflies. He does say that there is essentially no difference betwrrn them. Here are the rules:
30 days until expiration
Profit target is 12-15% in 14 days
Max loss […]
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Posted in Dan Sheridan, Trading Rules, Butterflies 
1 Comment »
May 7, 2008Yesterday morning the market opened lower, and when I went to look at my positions, I noticed my SPY Iron Condor Calls were at about break even since the time I opened the trade, which means they had about 6% of my total margin still locked up, ready to be released before expiration. A nice […]
Popularity: 15% [?]
Posted in Real Trades, Trading Rules, Calendars, Double Diagonals, SPX, EEM, RTH No Comments »
May 6, 2008BMIC = Big Mouth Iron Condor. Learned that from the Insane Money Forums, after seeing it on Pete’s Options Blog. (Another good real-trades strategy blog.) It’s the name Jack Wong from Optionetics give to a condor with wide shorts, like Dan Sheridan’s “High Prob Condors.” After a little googling around the Optionetics forums (BMIC is […]
Popularity: 33% [?]
Posted in Dan Sheridan, Trading Rules, Iron Condors No Comments »
April 30, 2008On the CBOE website a very interesting webcast popped up, “Options Strategy Series Part II: Butterfly Spreads featuring Steve Papale” by Steve Papale. (You can find it at the OIC website, click “Guest/Faculty Archives.” It covers butterflies, including something I never thought about - because of the volatility skew, butterflies on indexes and equities actually always […]
Popularity: 17% [?]
Posted in Videos, Trading Rules, Butterflies No Comments »
April 16, 2008Dan Sheridan has a new webcast out on the OIC website. Go to the Educational Webcasts page, then click Dan Sheridan on the left menu. It is dated 3/30/08, and called the “Boy Cout Tent Double Calendar Spreads.”
35-40 days out
Short call and put 5-10 points out of the money
Long options 1-3 months from the shorts
Max […]
Popularity: 32% [?]
Posted in Dan Sheridan, Trading Rules, Calendars No Comments »
April 10, 2008At Optionetics… Real-World Trading: The Iron Condor, Part I .
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Posted in Trading Rules, Iron Condors, RUT 1 Comment »
April 9, 2008I saw the movie 21 Monday night, the story of how a group of wiz kids from MIT practice card counting and work as a team to fleece casinos in Las Vegas. It’s a fun movie.
It also made me remember the book “Beat the Dealer”, a classic about how to card count at blackjack, and […]
Popularity: 3% [?]
Posted in Trading Rules No Comments »
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