90% win rate 🚀 Unveil an easy $GLD Call Play with naked #goldHey everyone, Greg is here with a quick rundown of today’s options trading play. I entered the ring with a naked call on AMEX:GLD , aiming for that sweet spot of easy returns on a maximal Pop trade. Today’s golden ticket could net me a max profit of $118 with a probability of profit (PoP) sitting pretty at 80%, all while tying up $3000 of buying power and riding on an implied volatility rank (IVR) of 20%.
The game plan was simple: watch the market, play it cool, and have a couple of scenarios up my sleeve:
(Scenario A) If the price hikes, I'll pivot to a strangle, balancing out with a sold put to accompany my call.
(Scenario B) If it looks like easy money, I’ll lock in those gains and close out the current trade, quick and clean.
The strategy is all about simplicity, with an exit plan to bow out gracefully at about 65% of the max profit. As of today, November 5, 2023, that naked call is open and I’m in the market.
To wrap it up, here’s the play-by-play for today:
Date: November 5 , 2023
Strategy: Naked Call on AMEX:GLD
Opening Credit: $118
Expected Profit: Exiting at ~65% of max profit
Probability of Profit (PoP): 80%
Required Buying Power (Req.BP): $3000
Implied Volatility Rank (IVR): 20
Current Position Balance (as of opening): $118 of credit (1.18cr)
Stay tuned to see which scenario unfolds and how the trade’s balance shifts in the coming days. Keep it easy, folks!
Option
SE Sea Limited Options Ahead of EarningsIf you haven`t sold SE here:
Then analyzing the options chain and the chart patterns of SE Sea Limited prior to the earnings report this week,
I would consider purchasing the 45usd strike price at the money Calls with
an expiration date of 2023-12-15,
for a premium of approximately $5.15.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
RUM Rumble Options Ahead of EarningsAnalyzing the options chain and the chart patterns of RUM Rumble prior to the earnings report this week,
I would consider purchasing the 5usd strike price in the money Puts with
an expiration date of 2024-1-19,
for a premium of approximately $0.82.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
AFRM Affirm Holdings Options Ahead of EarningsIf you haven`t bought AFRM ahead of the previous earnings:
or when you saw those big puts adding:
Then Analyzing the options chain and the chart patterns of AFRM Affirm Holdings prior to the earnings report this week,
I would consider purchasing the 20usd strike price Puts with
an expiration date of 2024-1-19,
for a premium of approximately $2.17.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
DVN Devon Energy Corporation Options Ahead of EarningsAnalyzing the options chain and the chart patterns of DVN Devon Energy Corporation prior to the earnings report this week,
I would consider purchasing the 47usd strike price Calls with
an expiration date of 2024-1-19,
for a premium of approximately $3.25.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
CELH Celsius Holdings Options Ahead of EarningsAnalyzing the options chain and the chart patterns of CELH Celsius Holdings prior to the earnings report this week,
I would consider purchasing the 180usd strike price Calls with
an expiration date of 2023-11-17,
for a premium of approximately $10.55.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
CZR Caesars Entertainment Options Ahead of EarningsAnalyzing the options chain and the chart patterns of CZR Caesars Entertainment prior to the earnings report this week,
I would consider purchasing the 39usd strike price Calls with
an expiration date of 2023-11-17,
for a premium of approximately $2.57.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
DKNG DraftKings Options Ahead of EarningsIf you haven`t bought the dip on DKNG here:
Then analyzing the options chain and the chart patterns of DKNG DraftKings prior to the earnings report this week,
I would consider purchasing the 30usd strike price Calls with
an expiration date of 2024-1-19,
for a premium of approximately $1.93.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
ARDX Ardelyx Options Ahead of Earnings If you haven`t bought ARDS before it went up 6X:
Then analyzing the options chain and the chart patterns of ARDX Ardelyx prior to the earnings report this week,
I would consider purchasing the 4usd strike price Calls with
an expiration date of 2024-1-19,
for a premium of approximately $0.45.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
USDCAD Options Position Now In The MoneyI'd been watching USDCAD accelerate away from the Daily uptrend last week but didn't see a good enough opportunity to get short. On Tuesday morning we'd failed again at 1.38500 during Asia and was selling off below VWAP.
This was a decent intra-day signal and I opened an options position with a 1.3800 strike, expiring Friday Nov 3rd. Unfortunately price bottomed soon after and caught a strong bid for the rest of the day. This put the position underwater having paid a premium for such a close strike at the time of entry!
Consolidating at the high through Wednesday, we topped at 1.39000 after the Fed decision, which didn't cause an immediate sell off on the news but once it was digested, price started to slide and struggled to regain itself during Asia.
Today saw a brief spike back into Tuesdays failure point at 1.38500 (an unbelievable intra-day short if you took it!) before a sustained drop all the way to 1.3770 where I was able to bank 20% profit on the position with the remainder being held until tomorrow.
Anything could happen between now and expiration, but after holding the position most of the week, taking full profit into 1.3770 isn't a good enough R:R. I will however be aggressive with profit taking tomorrow as the closer we get to Exp the more time decay on the option, so you certainly don't want to hold out for a few extra pips. If you have profit at that point, take it.
MP Materials Options Ahead of EarningsAnalyzing the options chain and the chart patterns of MP Materials prior to the earnings report this week,
I would consider purchasing the 17.5usd strike price Calls with
an expiration date of 2023-11-17,
for a premium of approximately $0.30.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
Spy options trader DAILY 0dte etc. Not to say it won't go higher this week depending upon what happens with earnings from major movers but also what J Powell has to say.
However also do not forget while everyone with larger accounts on X may be telling you we now bounce back to much higher levels before they even begin to watch for rejection. Some of those same accounts that said support was at $412 to $415 when I said you'd be seeing $400-$410 before a bounce.
Well larger accounts now eyeing. $425-$430.
I'm still saying watch for rejection issues at the $417 and $420.
IMO that $417 level has more confluence and possibilities for overhead R then most are giving it credit for.
Even if we break back through it later, I'll be watching for at least one decent rejection and shorting from it was my plan.
Even if my Puts bought at closing don't pay tomorrow, we did great with the Friday puts from R given that morning at premarket as well as playing it basically the same way this morning. 0Dte puts and 31st puts were up 55-110% within the 1st 2 hours of trading. Most were closed WAY into profits within the 1st hour or LESS of trading.
Now we see what the MM do over night and if they can keep pushing it UP.
On the #spx CBOE:SPX I'll be watching for R at the 4180-4190 level.
My puts will begin there for at least a daily pullback to make $ in that hour. I think puts from $4187 look sweet for a daily play.
If I'm wrong you'll clearly have your receipts, lol
SIRI Sirius XM Holdings Options Ahead of EarningsAnalyzing the options chain and the chart patterns of SIRI Sirius XM Holdings prior to the earnings report this week,
I would consider purchasing the 4usd strike price Puts with
an expiration date of 2023-11-17,
for a premium of approximately $0.32.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
CL Colgate-Palmolive Company Options Ahead of EarningsAnalyzing the options chain and the chart patterns of CL Colgate-Palmolive Company prior to the earnings report this week,
I would consider purchasing the 75usd strike price Calls with
an expiration date of 2024-5-17,
for a premium of approximately $3.70.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
MMM 3M Company Options Ahead of EarningsIf you haven`t bought MMM ahead of the previous earnings:
Then analyzing the options chain and the chart patterns of MMM 3M Company prior to the earnings report this week,
I would consider purchasing the 87usd strike price Calls with
an expiration date of 2023-11-3,
for a premium of approximately $2.39.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
$USO high P/L strangle +50% TP with options #oil #usoilI'm trading the pullback of course with neutral strangle.
Divergence on RSI, high IVR, optimal for neutral quick trade on micro oil futures.
Sold 1 /MCLZ3 MCOZ3 11/15/23 Call 95.00 @ 1.17 (delta21)
Sold 1 /MCLZ3 MCOZ3 11/15/23 Put 75.00 @ 1.06 (delta17)
This is an OIL 37DTE Strangle for 2.23cr (bit bullish delta overall)
37DTE Strangle for 2.23cr
Max Profit: $223
Req. BP: $600
PoP: 74%
IVR: 49 (very high, optimal for credit strategy)
My target is ~$100 on this trade in the next 2 weeks.
ABBV AbbVie Options Ahead of EarningsIf you haven`t bought the dip on ABBV here:
Then analyzing the options chain and the chart patterns of ABBV AbbVie prior to the earnings report this week,
I would consider purchasing the 147usd strike price Calls with
an expiration date of 2023-11-17,
for a premium of approximately $3.30.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
NOW ServiceNow Options Ahead of EarningsAnalyzing the options chain and the chart patterns of NOW ServiceNow prior to the earnings report this week,
I would consider purchasing the 470usd strike price Puts with
an expiration date of 2024-5-17,
for a premium of approximately $27.80.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
LOGI Logitech International Options Ahead of EarningsIf you haven`t sold LOGI here:
Then analyzing the options chain and the chart patterns of LOGI Logitech International prior to the earnings report this week,
I would consider purchasing the 80usd strike price in the money Puts with
an expiration date of 2024-1-19,
for a premium of approximately $11.05.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
AEHR Aehr Test Systems Options Ahead of EarningsIf you haven`t bought AEHR here:
Then analyzing the options chain and the chart patterns of AEHR Aehr Test Systems prior to the earnings report this week,
I would consider purchasing the 45usd strike price Puts with
an expiration date of 2023-10-20,
for a premium of approximately $4.00.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
LW Lamb Weston Holdings Options Ahead of EarningsIf you haven`t sold LW here:
Then analyzing the options chain and the chart patterns of LW Lamb Weston Holdings prior to the earnings report this week,
I would consider purchasing the 90usd strike price Puts with
an expiration date of 2023-10-20,
for a premium of approximately $2.02.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
USB U.S. Bancorp Options Ahead of EarningsAnalyzing the options chain and the chart patterns of USB U.S. Bancorp prior to the earnings report this week,
I would consider purchasing the 32.50 usd strike price Puts with
an expiration date of 2023-10-20,
for a premium of approximately $0.77.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.