Option Scanning Episode 2: Picking a Trade from the Results

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We've previously discussed how to scan for and find the best returning puts on the market. But not every single result on the scan is a smart trade idea. In this video, we discuss how to filter out the good trades from the bad ones.

[@thehourglasstrader9280]

Part 3 has been posted! ua-cam.com/video/ygFbbtxxtjg/v-deo.html

[@neuvocastezero1838]

Thanks, I appreciate your explanation of chart analysis in the selection process.

[@scrappydoo9]

Thumbs up! You are very generous with your time and information. It is greatly appreciated, for sure.

[@thehourglasstrader9280]

Thanks for watching, glad you’ve enjoyed it!

[@joehenry8533]

These videos are exactly what I was looking for, they’re fantastic. Thank you very much.

[@thehourglasstrader9280]

Thanks for watching!

[@jaireddy8794]

Like another commentator said, you are very generous with your time and expertise.

[@57Carlibra]

Thank you for posting this strategy, very well explained.

[@ko_medic]

Just watched part 1 then part 2. Amazing videos. So much quality info. Thank you.

[@thehourglasstrader9280]

Thanks for watching!

[@leemoore9527]

you nailed this video... good job...

[@landryrl]

Great Content. Just subscribed. Question for you. In the scan results, is there a way to get the underlying symbol so that I can put it in a Watchlist Gadget?

[@thehourglasstrader9280]

Yeah select “stocks” instead of “options” in the results

[@jenniferlee9590]

Thanks for your sharing...i just subscribed your channel!

[@kayjc0975]

very nice,thank you

[@MrBoman57]

Awesome thanks. If I change the scan to return "STOCKS" instead of "OPTIONS" in TOS will that give just all the underlying stocks for the options, or does it throw a monkey wrench into the scan?

[@InsideJokes37]

Hey man keep up the videos!

[@tfurban]

Very helpful video. How do you come up with Break Even so quickly in your mind? Is there a setting in TOS or a calculation you just have by memory? Thanks!

[@thehourglasstrader9280]

So when you're selling a put, your breakeven price is always going to be your strike price minus the amount of premium you sell it before. So it's great because we know we have decent cushions with the strike we sell for max profit, but we also have an even larger cushion down to our ultimate breakeven price.

[@sreetar]

I already have wwbull account how can I get this scan. Like to try. Thank you

[@antwerks1]

would verticals make sense with this strat?

[@thehourglasstrader9280]

Yeah absolutely. In lower volatility environments or situations where a stock is too expensive to sell fully cash secured, spreads are a great idea

[@bhaveravindra]

for the HT premium service, is there a try before I buy the annual subscription

[@thehourglasstrader9280]

You can sign up for the free monthly trial, cancel, and then do yearly if you’d like to try before you buy

[@57Carlibra]

What price are you paying per option contract?

[@thehourglasstrader9280]

We're currently paying $0.40 per contract. I believe TD starts you out around $0.65 but if you have enough volume and trading history you can reach out to them to request a decrease. We have a video about that on our channel.

[@Glodiator]

I love the content, but your example here, FFIE, is now trading at $0.35. No amount of puts or strangles would save us here.

[@thehourglasstrader9280]

Important point to make is that we’re not looking at these as long term hold investments. That’s an entirely different discussion. We actually have played FFIE before and made money. They key is to get in and get out and take things one or two weeks at a time with this strategy.