The Optimal Options Strategy Guide with Tony Zhang & Tom Sosnoff
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- Опубліковано 24 сер 2020
- Free 30 Day Trial @ www.optionsplay.com
Join Tony Zhang, Chief Strategist of OptionsPlay & CNBC Contributor of Options Action as he is joined by Tom Sosnoff of TastyWorks to discuss their best practices for every options strategy and answer your questions.
Notes from this session: www.dropbox.com/s/nscy7lro7nq...
Sosnoff is really the best! I can't praise him and tastytrade highly enough. And if you, Tony, invite guests like him, you are automatically high quality content in my eyes. Thumbs up!
The guest is a wealth of knowledge with a clear way of explaining things, and the host asks some great questions, the same ones I'd want to know. Fantastic video!
Thank you so much!
Every interview I've ever seen with Tom, he always shows total respect, zero attitude and absolutely gracious with his wealth of knowledge. Very classy guy!
Thank you, Devon!
More than his knowledge, and joy for sharing anything options, I really like Tom Sos for how humble he is.
Best options video I've ever seen! It was particularly interesting about implied volatility overshadowing the real world volatility, and so written contracts of any kind having a boost beyond their calculated value that is priced in.
(43:55) “Statistically speaking, because you have limited profitability with unlimited risk, by definition, the statistical chance of success is greater than whatever is theoretically presented. So if you have a 67% chance of success based on theoreticals in a defined risk trade, that’s what it is. But if you have a 67% chance of success in a short strangle, it’s actually closer to 80% in real terms. So that’s the game I like to play.”
Absolutely agree with you. I had to rewind that segment 3 times to figure I'm not hearing something wrong. What an insight! Thanks Tom!
Him talking about rolling up the uncontested side when a spread leans to one (contested) side to make more premium while also reduce delta risk was a great strategy share too! The theoretical aspect of options strategies are all over the place, but the how-to of managing those trades isn’t anywhere but here that I’ve seen. Really happy I found this video.
I wish I could find a video with the concentrated information like this on Tastytrade's channel. This is exactly what I've been looking for. All thanks to Tom and you Tony.
I have been wanting to find useful instructional videos that also force me to sit through ten minutes of bullshit filler with no times codes.
Is there a great haven for that type of content? 😁
Love Tom, truly is a game changing innovative genius with a heart of GOLD
Agreed!
@@OptionsPlay Tom advises people to ditch passive investing to trade options with zero edge (which he even says on tastytrade) and with extreme risk to generate volume for his brokerage. Its total bull shit and the Tastytrade punters have fell for it.
Great discussion with Tom! He's an awesome guest and so knowledgeable!
Tom is the GOAT. This video is HIGH quality. All these great videos (including tasty) have barely any views and these teenagers saying to buy penny stocks are getting hundreds of thousands. Makes no sense.
Thanks Sean! Appreciate it, we try to put out enough content to help viewers
Champion of everyday trader who wants to learn,Tom is most admired by me. Puts those who want to earn from teaching to shame. Tom leads the way, Love you Tom
47:08 THERE'S the real gold right there. The untested side. Brilliant piece of info.
On of the best videos. Love Tom and tastyworks and this is an excellent overview of all his strategies. Thank you!
This presentation with Tom was super. We use his methods to the letter. Thx!!
Thank you for watching!
Excellent info! Appreciate the link to the slides, making note taking unnecessary! Got to just sit back and listen. Just getting my feet wet with Options and was not too overwhelmed. Love tastyworks! Completely different trading experience there.
That’s awesome to hear Michelle. I hope you found this video helpful! We try to put out a lot of content/ education for you to keep improving!
How does this only have 2,000 likes??? This interview was about as close to perfect as you could've got! Great questions!
Thank you so much!
Even after 2 years these videos still here helping ppl 🙏🏾
wow. Great interview!! Thanks to you Tony, and you Tom!
Glad you enjoyed it!
Wow! Thanks for recording and sharing!!! Was sad didnt made it live.
The link to the notes were just added the notes to the description. Thank you!
Recommended this video to many friends trying to learn option trading. Excellent summation.
one of the best videos out there on options, thanks Tony & Tom!
I too stumbled across this video. Really good stuff. Thanks Tony and Tom.
I'm so excited to be here listening to you and Tom couldn't be more stocked I mean stoked.
I've been searching for this exact information for over 1 year. 👏. Thank you. Thank you so much!
You are so welcome!
.@@OptionsPlayI
Tony and Tom are both amazing. On more fundamental side, Tom talks about selling at least 1 standard deviation away (86% POP) for covered calls/puts. How does on balance that when that standard deviation is far away from recommended deltas (+-30-35)? Managing to delta usually means strike price has to be closer to ITM intrinsic value (therefore less than 1 standard deviation away and POP)
Great session. Very useful.
Just stumbled on this video, boy is this great or what. Thanks Tony and Tom, appreciate it. Where may I find the notes on this talk. I know it has been a while since, but if I may have the notes please.
Great Interview! I learned alot and great questions for Tom Sosnoff. I didn't know his background and thought he was a hippie. Found you through Michael Khouw and CNBC. Hopefully Cnbc promotes more options plays.
Yeah, Sosnoff is just your typical "hippie" and worth in excess of $100,000,000!
Thanks and well done! TRAINING WITH: TOM & TONY! (poor Bat... got kicked to the curb) "I smell a Tastyworks hookup with Zang in Canada!" A copy of the Cheat sheet sure would be handy!
The link to the notes were just added the notes to the description. Thank you!
Excellent content....waiting in Canada
Great video! I want to understand the 30% improvement on portfolio volatility when managing defined risk positions. Where can I go to learn this?
Great to have Tom answered all the important points... am a follower of Tasty trade.
I got profitable with an expert guidance
Melissatradeservice + 1 2 1 8 3 0 2 3 6 2 2
this is a very informative video, thanks for putting it out there tony!
Thank you so much!
So glad I discovered your chanel.
I appreciate that! Thank you for watching
This content is gold. Love TastyWorks!
Glad you enjoyed it Nick!
32:40 calendar spread
124:30
If I have a debit spread go wrong, I will sometimes close the short and then roll the long out at a lower delta and see if it recovers. This is my go-to move for a stubborn holding that I still believe in.
Excellent information, thank you! Will you be doing a presentation detailing the decay curve vs gamma risk with weekly options? It would be great information.
Great suggestion!
If your looking for the notes. it's in the discription click on SHOW MORE AND THERE THEY ARE.ENJOY
Wow extremely useful video!!! How did I come to this video just now?! Thanks for the upload!
Thank you so much for watching, glad you found OptionsPlay!
This was really great, thanks for putting on.
Thank you incredible information! Tom has done all the testing it would take decades for us to learn. Tony do u know what percentage of your portfolio he recommends to be active at a current time? I know you like 25% and 5% per expiration period. Are you changing this due to the current market with election coming up?
I do not know Tom's preference on this, but I'm having him back on Sept 15th, please submit your question ahead of time for us to ask.
...uhh, ZHANG, I believe that was a yes or no question🤔
Thanku
What was wrong with the slides? It seemed like the information was missing for Days to Expiration, Delta, Entry Notes, Exit Notes
Love Tom. Tastyworks member.
Yes, he is great
Excellent Tom your knowledge i mean hats off
For the short credit vertical spreads they mention try to exit at 50% max profit but when do exit if the trade is going against you?
Outstanding! Light bulb shining brightly
Thank you, Armondo!
Invaluable information. Which I'd known this long ago.
Well thank goodness to know about it now and which it will be advisable to get a expert guidance to guide you through with losing.
Melissatradeservice + 1 2 1 8 3 0 2 3 6 2 2
hey how did that short squeeze treat you? Did you cover by buying the stocks or did you just hold?
??
Thanks
What does that mean??: If you have a put credit spread that’s going against you, you can sell a call credit spread on the other side of the market and put up no additional capital??
What strikes would make up the call credit spread?
I have the same question
So IVR would be based clearly on were the Vix is at? For instance the VIX is at 15.62 As I write this comment , which is under 20 so debit spreads would be in order?
How can we get the notes from this session? Thank you Tony
The link to the notes were just added the notes to the description. Thank you!
This is pure gold
Great video
Thank you, Walter!
Tony, I may be dense, but I have not been able to find the notes of this interview, which you spoke about. Can you provide a more readily available link?
Bernard, it's in the description of the UA-cam video!
Can’t see, give link please
@@nixodian If you can't find a link in the description of a youtube vid, you shouldn't be trading options
@@DELPHIIII yes cause those 2 things are really related with each other lol. stop being that guy
where is all the notes for the strategies in this session ?
Where can we find the full notes? The link in the description only has 11 slides...
Hi can someone please share the slides?
The link to the notes were just added the notes to the description. Thank you!
Having Tom on gets an insta sub and like from me.
It’s always a great collab with Tom. Thanks for your support!
what does it mean to be "short one delta" (49:20)?
Same as having a position with a short bias. Selling calls is short delta. Selling stock is short delta. Combinations that are short have neg delta.
This is gold
Thank you!
Tom Sosnoff is a legend. #dough #tastyworks
I wish the notes had included the answers to the questions.
Thanks for that feedback. We will consider that for the next one on Jan 12th!
What is AVR ? Cannot find on a web.. AVR Meaning .. Average Volume ... ? Thank you
It’s IVR not AVR.
Implied Volatility Rank
36:15 ... what did he say? puts do not .... ? ...... did not get that
Solid Gold
For me the question I have is not how you manage a position that is going against you. I know you can sell a credit spread against the opposite direction, but your loss in the main credit spread is going to be 7 times bigger than the credit you receive for the hedge you put of the other credit spread. Now here is what I would like to know is when do you start managing the position and when do you close it for a loss? I have got in trouble many times and I always end up either selling against or just buying against but eventually you end up defending so many positions and your credits are just almost gone due to the defensive tactics. I also have noticed that selling a credit spread at 30 delta is almost a recipe and asking for management because when the IV RANK is high it means there is going to be a movement and believe me your spread will be tested and you can end up being tested way more many times than you will think. Usually a 30 delta has a 55% chance of touching at one point and this is where you end up in trouble because you have not idea if is time to start managing the trade or close it or what to do.
GOOD QUESTION. i am in the same boat. I don't want to close prematurely...but if i hold too long... then i can lose big. What's the sweet spot? good question. Anybody have any input?
Selling calls on the S&P near 2 standard deviations otm in volume= solution to inability to predict the future, market does not crash up, ignore your potential loss and sell premium in volume, never go long, never sell puts, never accrue net short delta the market does not crash up, easy peasy
To enter an iron condor, do I have to currently own the stock in my portfolio?
Yes you do but it will be advisable to get yourself an expert guidance to help your portfolio grow
Melissatradeservice
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No
You DO NOT have to own the stock to enter an iron condor.
market ripped even higher
Robinhood told me they couldn't close calls of mine of the SPY due to liquidity. Is that even possible? Lol
Hello TONY, IN REFERENCE TO PATRICK'S QUESTION:...GOOD QUESTION....so if your short credit spread gets "stuck in between" @ expiry, and I CANNOT close it out because I am unconscious in the hospital, then how does it get settled? What if I get assigned 1000 shares of TSLA at $1000 per share and I only have 100K in my account? How could I possibly buy $1,000,000 worth of TSLA shares? Obviously I would close it out prior, but what if the unthinkable happens and I CANNOT close it out. How does it get settled? HOW DOES IT PLAY OUT?
Great question! Your brokerage firm will simply liquidate the stock position on Monday morning if you are assigned on just the short leg and you do not have enough buying power or cash to cover it. Some brokerage firms will get even further ahead of this and automatically close out your spread on Friday, if they truly believe the risk is too great. They are technically responsible for any covering potential losses on that $1,000,000 position if they don’t liquidate fast enough and your account goes into the negative.
@@OptionsPlay Tony - Thanks so much. This was really bugging me. Appreciate your time in answering this logistic mystery. Cheers!
I am confused by the first strategy...covered calls. Tom speaks of buying the underlying and selling the call at the same time..."no legging"...why not just sell a put? Naturally, if I already owned the stock, writing covered calls would be a nice strategy, but buying the stock and shorting a call at the same time??? Like I said, I am confused, for it does not make sense to me as opposed to simply selling a put.
@Dortch3 He means Buy 100 shares of XYZ (liquid)stock to OWN 1st, Then you can sell 1 OTM covered Call, only because you already own the stock(@100 shares) so you are covered if you get exercised by the expiration date! Covered calls is a Bullish strategy so he's not shorting the stock in this scenario, hope this helps.
@@doublerw8871 Understood, yet Tom did not state he already held a position in the underlying...initiating a covered-call position (2 transactions) is the virtual equivalent of selling a naked put, so my question is why the two transactions instead of just one.
You are dead right and that really is tom’s preferred trade
@@Dortch3 because selling a put is typically bearish and selling a call is typically bullish. Furthermore, selling a call is only “covered” if you own the shares already, so that was implied. Selling a put to get in at an attractive price is one method to acquiring those shares. You then sell calls on those shares you own to generate income while you hold a long position. If your call gets executed you should easily be making profit on the trade as well as the premium on the options you sold.
After half year, the market still is going up. No one can predict this market.
No one but you can get profitable in the market with aid of an expert guide.
Melissatradeservice+ 1 2 1 8 3 0 2 3 6 2 2
Don't you think brokerage firms should reduce the contract fees on
stocks under $30 bucks? You have to buy more, so they should charge
less!
Yet the djia went up almost another 10000 point since this video was made
Ok 9mins in and super interested in learning but can we skip the current market opinions in the future. Obvious potential to age poorly. PS Tech is in every Sector so it’s not just 1 Sector 🙏
KEYS TAKEAWAY
-50% times he do short STRANGLE
I got profitable with my expert guidance
Melissatradeservice
+ 1 2 1 8 3 0 2 3 6 2 2
@@jacyannex974 can she help me
@@janebentley3041 no
You kno there a bit a grift in the air. When tony says , u must be at level 3. On margin ,, and he makes once a week appearances on CNBC , I do think Tom is helpful
Please make presentations alot shorter...
Is this financial advice?
Let’s go Brandon!
Why do all these videos need elaborate and long introductions, get to it already.
Tom is a salesman, not a trader.