Rich

[Rich @rc2553]

@TraderMikeyB followed you into your long term TLT call! I like the odds/upside, got filled at $1.28

[Rich @rc2553]

@TraderMikeyB This was my thought. I had a 115 straddle yesterday, rolled up to 120 bc I’d rather deal with ITM put than call. Was just looking to see if it’s worth rolling out or just waiting for assignment at this point. Thanks!

[Rich @rc2553]

@TraderMikeyB hey Mike, had a straddle with an outsized move and is now about 15points ITM (outlier expected move from earnings). 29DTE with no ext left in the put. Credits accumulated wouldn’t cover width going inverted. Do mechanics say to just lean with getting assigned?

[Rich @rc2553]

@TraderMikeyB WMT strangle from a couple cycles ago that was now rolled to a 120 strike straddle, 5.42 credit received. Wanted to play earnings more bullish, so I was ok with WMT trading at 115-116 yesterday holding 120 straddle. Outsized move (expected move was $5) landed WMT trading at 104

[Rich @rc2553]

@optionsuncapped @jschultzf3 got the email about the OU course, and then I see this… was there ever a doubt?! I’ll take this as a sign for big things to come

[Rich @rc2553]

@TraderMikeyB Hey Mike, since you’re already up a lot of profit in the futures strangles, are you keeping these open just to see how long you can keep them running? I’d imagine you’re over 50% profit

[Rich @rc2553]

@optionsuncapped very excited for the new journey and all the live streams ! 100% creative control will have a lot of things in store! Will be great to see a live personal account at work 😊

[Cameron Maybin @CameronMaybin]

If you’re a Yankees fan, remember this tweet!!

George Lombard Jr. is going to be a multiple-time All-Star.

Not because of his debut. Not because of hype. Not because of rankings. Because I’ve seen the work. I know the family. The discipline, consistency, and standards George and Ms. Judy have built are as good as I’ve ever been around.

Superstars aren’t created overnight. They’re built over years when nobody’s watching.

The Yankees didn’t just get a talented player. They got a blueprint.

The future in the Bronx is in great hands….and when it’s time to pass the torch, you’re looking at your next captain of the Yankees.

[Rich @rc2553]

@TraderMikeyB Thanks ! So basically my hands are tied as of right now, due to not having a sept expiration. DAL is right at my break even and the position has a -38 delta. Unsure if it makes sense to move up to 97.5 straddle with DAL still 5 dollars ITM on the Put side compared to call.

[Rich @rc2553]

@TraderMikeyB hey Mike I have a 87.5 straddle with 4.91 in credit after adjusting my strangle. I followed these steps trying to move the straddle up toward ATM, but can’t do so for credit. Also cant make it a strangle w/ an ITM put like you had suggested for a scratch

[Mike Butler @TraderMikeyB]

If I'm already in the 60DTE cycle I can still make vertical adjustments for a credit - you just have to be comfortable shifting delta dramatically - if the call side is tested in a strangle I can move to an ATM put and OTM call for a scratch, or even slightly ITM - either way the adjustment can be done for a scratch or credit without going inverted, you just have to take on delta

[Rich @rc2553]

@TraderMikeyB @timetraveler73 I will definitely look to imply this strategy moving forward. Is this the ‘go-to’ mechanic now at tasty as opposed to going inverted? I know I had spoken to Josh at one point who had stated that the research team has started moving away from inversion due to its complexity

[Rich @rc2553]

@TraderMikeyB @timetraveler73 This is great, and had not seen it on any videos from the archive! Also you had previously mentioned that the you would roll your ATM straddle to ITM for a credit over and over. What would the reasoning be to rolling the straddle ITM? (I understand one side is always ITM)

[Rich @rc2553]

@TraderMikeyB @timetraveler73 (2/2) Also with the vertical strangle adjustments, if you were to slide the position up to an ATM put and OTM call, and the stock were to drop back down, you can effectively do the same type of roll w/o rolling out in time? If not, then you'd roll out in time i assume?

[Rich @rc2553]

@TraderMikeyB @timetraveler73 Gotcha! So w/o going inverted, you can slide the spread up/down for a scratch/credit in order to keep deltas in check and near ATM. At this point in the trade to keep your credits relevant, you pretty much have to stay at a straddle, it doesnt pay to buy guts and sell wings (1/1)

[Rich @rc2553]

@timetraveler73 I knew what you meant once you referred to being whipsawed lol. In that instance, there’s nothing you can really do besides roll for a debit and establish your strikes and hope you still have a decent amount of credits left over

[Rich @rc2553]

@TraderMikeyB @timetraveler73 (2/2) I find that sometimes if you make adjustments too early, you’re left in a position with too much time where you can’t roll out , because the trade would then end up having 60+DTE. At which point you’re left holding the current position and hope the underlying doesn’t move?

[Rich @rc2553]

@TraderMikeyB @timetraveler73 Thanks for the explanation! Makes it a lot clearer to understand. My biggest question was always how/when to adjust when the strikes get breached? I imagine if you’re within 20-30dte and can roll out straddle and up/down for a credit that’s preferred over going inverted, (1/1)

[Rich @rc2553]

@timetraveler73 Gotcha. So there’s really no way around that, and you just have to pay the debit to uninvert. Could roll to a straddle to pay less of a debit or pay a larger one and make it a strangle. In this case I wound up paying the $10 in intrinsic and rolled out to a strangle