This year has been one of the best to be a (smart) trader. We've had absolutely historic opportunities and I'm sure there's more to come. This little ascending wedge (abcde) could be creating an opportunity for a strangle (long & short). I have several strategies I follow for the other indices but I will occasionally play a strangle where I can see it going either direction. Personally, I may wait until (E) is tagged and will buy a long position in calls and hedge that position with puts. There are other ways to play the breakout but I prefer to buy at (E) and wait until a target is reached (up or down). I also like to use options that have a medium term expiry (5-6 months out) so decay and noise aren't too dramatic. Let's see what happens!
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I also prefer to chart the futures charts- I tend to find more accuracy in trends and divergences Note
I'm watching a renko chart on DOW JONES futures- these look so similar.. I've been leaning more bearish but I wouldn't dismiss a blow off top either.. Note
so purdy Note
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This was a very good trade. Identifying major pivots before big swings (up or down) is one of the best ways to put on a profitable strangle (long and short). I scaled out early as price moved up.. if I'd held from the bottom some of these calls 6x'ed. Strangles are a very good strategy when you see the potential for big swings (like a triangle) where price is going up or down. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.