Here's one way to select the correct spread for the 11-Hour Option. In this example, we're looking for a bullish setup.
Using the DESKTOP version of thinkorswim, we are looking for a bull put spread that will provide between 20 and 25 cents per share. To find the current selling price of the spread, we bring up SPX on the TRADE tab, expand the correct expiration (usually with 1 trading day left till exp). To make it easier, we set the SPREAD setting at the top of the option chain to VERTICAL. That way, it combines the pricing for the buy/sell to show a combined single order price. Make sure you're displaying enough strikes, e.g. 50. Hover your mouse over the Bid column and you'll see the cursor show "Sell" as part of the cursor. Left-click on that and it will bring up the order entry below the option chain, where you'll see the current combined spread sell price. You can click on each spread's Bid price in the chain to locate the spread that offers 20 to 25 cents. In the example below, the 4995/4990 spread is giving 15 cents, as you can see in the order that appears when you left-click on the bid column (make sure the Advanced order setting is "Single Order" if it brings up more than one order when you click). Several of the features discussed above are circled in the image below.
Paper trade this trade sufficiently before trading it for real, to fully understand how it works and how to defend it should it move against you, as covered in the 11-Hour and Advanced 11-hour training.
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