►► AVAILABLE NOW! Limited to the FIRST 100 people, get my brand new online Option Trading course (Intermediate option trading) for $497. Regular price is $997. Here is the link to check it out: mylifeoflearning-randy.mykajabi.com/offers/EgeavtWJ Join my Patreon to get access to my all my Stock & Option Trades, Open Orders and Weekly Top 5 Stocks: www.patreon.com/mylifeoflearning Subscribe to this Channel: ua-cam.com/users/MyLifeofLearning New Beginnings: The Option Trading Story amzn.to/2OgXx58 Facebook: facebook.com/jamiston.queens.5 Website: mylifeoflearning.com/index.html
Thank you. 😊 Generally if it's a position I prefer to only be in for the next 20 to 50 days, I buy the same expiration day for my protective long put as the short put I sold. However, if it's a position, I feel comfortable being in for a long time, then I would consider buying a leaps option for the long side and sell near term options against it.
Awesome video as always Randy! I've learned a lot from your channel. Wondering if you could do more contents (more in depth) regarding credit spreads? Much appreciate it, and happy new year!
Hey Eric thank you so much for that! I really appreciate it. I think that's a great idea. I'll definitely work credit spreads into future videos. If you haven't seen it already, here is another video you might find interesting about credit spreads: ua-cam.com/video/JS2GkXvRFwI/v-deo.html
as usual, very informative and makes a lot of sense usually I just short put as its management is a lot simpler. But credit spread definitely make sense if you know how to fix it
Nice video! What are thoughts on keeping the width of the strikes the same on both spreads for no additional risk? I noticed your strike width are different on each spread.
Thanks so much for a great informative video. I always wait for you videos related to credit spread. I have a question, you mention about percentage away from strick Price. Do you follow ITM/OTM odds or you always go by percentage away from the strick price and support resistance? Thank you in advance.
I have day traded and actually wrote over 300 automated day trading programs years ago when I had an account with Trade Station. However it just doesn’t match my personality and style. I don’t like to be in front of a computer trading all day long. I like to have some flexibility to do other things. I think it’s a great fit for some people, and I probably could do better at it now then back when I did it because I have a lot more experience under my belt, but i’m happy with trading monthly options and then buying stocks outright for dividend growth.
@@StockandOptionMyLifeOfLearning Oh I see thank you. So you think you could be a profitable day trader if you wanted? David Jaffee says it's pretty much impossible and says those who claim to make money are lying and those who teach it are scammers. But I have seen people make consistent money at it so I know it's possible, though very difficult. I lost 2/3rds of my account day trading and I'm now down by about 1/2. I actually love day trading and don't mind the long screen time. I love the high income potential vs options. But I also like the high win % and laid back lifestyle of options too. And one day who knows maybe I'll switch completely to options. But for now I really want to get good at day trading. It's so much fun. I will still sell put options in my $31K retirement account though. Still don't know what I'm doing but learning bit by bit. PS love your channel and appreciate your comments. I think you are one of the very few 100% true and honest trading teachers on UA-cam.
Thank you for that Jim! I think some traders could in time become profitable day traders. I believe I could do pretty good, but I wouldn’t enjoy it as much as I enjoy what I do now. You have to be a person that is happy to be tied to the computer all during the trading day. I believe a day trader could become proficient at trading short time frame charts just like we do longer time frame ones. When I’m entering stock and option trades, I usually look at the minute and hourly charts to gauge the urgency of entering a position. In so doing, I see patterns that could be taken advantage of even in those short time frames.
hi Randy, would be nice if you can do a video how to do screener to find stocks that are good for credit spread strategy, recently i been trying to find them on trading view checking for big cap companies which have gone south and finding support but 2 of my last trades went thru the support which I thought can hold.
Hey Jack thank you for the suggestion and for your support! I'll see if I can work that into a future video. No matter how good a screening software or mentor is, there's just going to be times when a stock and or markets crash through support (sometimes multiple supports). Bear markets tend to happen really fast whereas bullish market's last a lot longer but rise slower. Hence the saying: Bulls go up the stairs and bears go out the window (a metaphor explaining that stock prices rise slowly and drop quickly). I have done a video about finding opportunities for selling naked put options. If you'd like to check it out, here's the link: ua-cam.com/video/Q_Fl1K0-1G0/v-deo.html
@@StockandOptionMyLifeOfLearning Thanks again for your detailed reply, appreciate all the time you take to reply our messages. you are right about the screening softwares. I believe by time watching charts and experience will grow better once we see the support levels and act upon, probably this month none of the support levels are holding well. lets see if the november earnings will push back the stocks above 200 MA.
If you set alerts I wonder if it's totally necessary to do a spread. I understand that's protection but thinking that would give you more profits to just roll it if it gets close.
My favorite option strategy is to sell naked puts, partly because of what you mentioned, I don’t want to decrease profit by buying the protective put. Setting an alert would also be a good way to trigger you to adjust or exit a position. You just wouldn’t get the benefit of your long protective put possibly increasing in value.
@@StockandOptionMyLifeOfLearningThanks for the clarification, new to this and now I get it, those are naked puts. That makes full sense now. Don't need all the collateral!
Generally, on all my spreads, I enter the order as multiple legs in one trade. Every once in a while, I will leg into a spread, but it's intentional. But if my intention is to do a spread initially, I do it as one order. I don't want the market getting away from me on the second leg.
@@StockandOptionMyLifeOfLearning thanks, would it be considered a naked put initially if you execute the spread manually? example: sell a naked put on XYZ at $100 and then buy a put on XYZ at $115 on the same DTE. would it be risky to execute it like this if i'm not approved for level 3?
If you sell a put option, yes, it will be considered naked or cash secured until you cap your down side with a protective put. There's risk in every trade you do. However, I think the question you're trying to answer is, would you be allowed to do that trade at level 3? It depends on which broker you are using. You should check with them to make sure. They will not let you do a trade that you're not approved for. By the way, the trade you described, would be a debit spread. Not sure if you were referring to a debit or credit spread. If you were trying to do a credit spread you'd most likely be selling the higher at 115 strike price put and buying the 100 put for protection.
If you're referring to the one at the 1:35 mark, that's the daily chart. It briefly shows what time frame it is in the top left corner by the ticker symbol.
I do like that aspect of spreads, limiting your risk. The part of spreads I don’t like, is the difficulty in adjusting the position when it goes against you. If a trader is willing to accept a lower return, and doesn’t maximize their account by doing spreads with 100% of their available capital, then spreads might be a better option for them. If however a trader tends to use 100% of their available capital on spreads, then it will most likely turn out bad for them in the end. During the next market downturn, all their bullish put credit spreads might go to full loss and the traders account will either be cut in half (if they are doing 1/2 bullish and 1/2 bearish credit spreads) or completely wiped out.
Hey Jim that is typically what we do is sell a CSP. However, this video was geared towards fixing a credit spread. That’s why I shared the idea of a credit spread in this video. However, I agree with you. 👍 With a CSP, if the price drops, you can try to roll the position out and or down if possible and if it’s assigned work the CC with possible some other repair strategies if it’s gone against you in a big way: ua-cam.com/video/NgRvhIm25Qg/v-deo.html
Thanks for the video. Just a question... Let's imagine that I opened a call credit spread and the market starts rallying and the price touches my short strike and is directing towards the long one. Could I make a box to reduce the overall risk? I mean, if I open a put credit spread, same DTE and exactly on the same strikes, the premium received from the sale should be subtracted to the maximum loss, right? So we could say that we can use a box to manage a losing spread. (Also an Iron condor or an iron butterfly could be possible)
Sure that is a possible way to help potentially decrease losses. It's hard to say with 100% certainty without knowing all the numbers but the logic seems correct.
@@StockandOptionMyLifeOfLearning yes, I made this trade in the simulator on the SPX (so I can’t be assigned) with strikes 4750 and 4850, exp date feb 29. And when the SPX started rising I wanted to try some adjustments, so I opened a put credit spread to create an iron condor (max loss reduced), then rolled it up until it was converted into an ironfly (max loss was reduced again). So that’s why I was wondering that if I keep rolling it up I would end up with a box spread, reducing the max loss even more. Thanks for your answer, and sorry for my English.
There are lots of ways to adjust a credit spread. The butterfly could be one of them..... I can't really think of a situation where it'd be my preference method but I guess it depends on what a trader's opinion is of future movement.
Hey! Awesome video again,. But i would like to clarify again, i recently faced a situation where my stock was challenged for the long side when i was selling a put credit spread. Because it is a weekly options, gamma risk is high, therefore my unrealised losses were significantly high. If i were to actually roll my spreads further down and a later expiration date, is it true that technically im just closing this losing trade and realising a loss, and opening a new trade? If so, there is no such thing as trying to "avoid" my losses right? my new trade that I rolled to is just used as a breakeven for my loss yeah (Thats assuming if the trade that I rolled to was profitable) right? Just needed to seek clarification. thanks mate! keep up the great videos
If the trade you roll to gives you enough credit to close your losing trade without having to pay a debit then you have avoided booking a loss. But the result is identical to if you had closed the losing trade with a realized loss and opened the new trade for a credit greater than or equal to your loss on the loser and you win with it. So yes, you are opening a new trade later in time and possibly at a different strike to recover or never realize your original loss - to try and breakeven or make some profit. A main benefit of rolling in my opinion is that your first losing trade probably wasn't terrible to begin with so an adjustment like rolling can give you just enough modification such that the trade works in the end. By the way I'm not sure how clear your original question is since it seems like a semantic problem. "Recovering from a loss" and "avoiding a net loss" could mean the same thing. If someone successfully rolls a trade from a loser to a winner I'd say that they avoided the loss compared to someone that took the loss without either recovering or rolling from it.
From a US tax perspective if you rolled a credit spread in the same underlying stock or ETF, you would not book a loss until you closed out all positions in the underlying for at least 30 days (wash sale rules). However I am not 100% on that in relation to your specific situation, so you might want to check with a tax advisor to make sure.
@@insider235 when you said successfully rolled a trade from a winner to loser, do you mean rolled the trade, then realize a loss first, then only open a winning trade (in which this winning trade would breakeven with the losing trade)
@@StockandOptionMyLifeOfLearning just to reiterate your question, do you mean by rolling a trade and realizing a loss, instead of counting it as a loss, under the wash sale rule, my loss will be exempted
Your "Second most favourite" strategy is actually turning a put credit spread into an iron condor strategy right? Earning both ways theta and hope it doesn't go near any of the strike price. Interesting...
Yes, that's correct. My second most favorite way to fix a credit spread is an iron condor. However, it's not my second most favorite option trading strategy. My absolute favorite option trading strategies are shown in this video if you haven't seen it already and are interested: ua-cam.com/video/spqrn5HNFvI/v-deo.html
I’ve been following you for a while but don’t know your name. What’s your name? I just started selling puts with a Think or Swim paper trading account (thank God). I got greedy with my strikes and 3 or of’m are getting close to be assigned (I know, I broke the Golden Rule of put-selling). Do you have a good strategy for avoiding assignment? Another youtuber suggested just “buy to close” and then round-down to a lower strike and a farther expiration.
Hey Ron, my name is Randy. I think that's very smart of you to start with a paper trading account. If you sell options long enough, some of the positions are going to go against you especially the closer to ATM you are selling them. If you want to avoid assignment, the most important factor you want to keep an eye on is how much time value is left in the option. When that goes down to almost nothing, your chances of the option being assigned go way up. Here are some videos you might like to check out: How to FIX a LOSING OPTION TRADE: ua-cam.com/video/6dtbDnpfuGM/v-deo.html How do OPTION ASSIGNMENTS WORK: ua-cam.com/video/RrWEqdmUYOI/v-deo.html
Hi Randy, I wish you would remember that most people watching your videos do not have level 4 trading permissions. So a lot of your strategies aren't available to them. Like selling naked calls.
Hey Jim. Thank you for sharing. I do remember that. If a trader wanted to do something similar to a naked call, they could consider a bearish call credit spread.
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This video deserves a 1000 likes.
This is a great and concise breakdown of some of the ways of fixing a credit spread! Thank you so much
Glad it was helpful!
Great video, Randy. Very helpful. Thank you.
Hey James thank you so much for your support! I really appreciate it. 😊
Very valuable information Randy, thank you! How do you chose between a same expiration date and just goinf long with a LEAP?
Thank you. 😊 Generally if it's a position I prefer to only be in for the next 20 to 50 days, I buy the same expiration day for my protective long put as the short put I sold. However, if it's a position, I feel comfortable being in for a long time, then I would consider buying a leaps option for the long side and sell near term options against it.
@@StockandOptionMyLifeOfLearning thank you, much appreciated!
Awesome video as always Randy! I've learned a lot from your channel. Wondering if you could do more contents (more in depth) regarding credit spreads? Much appreciate it, and happy new year!
Hey Eric thank you so much for that! I really appreciate it. I think that's a great idea. I'll definitely work credit spreads into future videos. If you haven't seen it already, here is another video you might find interesting about credit spreads: ua-cam.com/video/JS2GkXvRFwI/v-deo.html
as usual, very informative and makes a lot of sense
usually I just short put as its management is a lot simpler. But credit spread definitely make sense if you know how to fix it
Thank you for sharing and for your support! It really means a lot to me.
Love your videos, Randy. Would another option be to buy back the short leg and turn it into simply a long position?
Thank you! Sure, that could be another idea to consider, especially if you were really bullish on the underlying stock.
Nice video! What are thoughts on keeping the width of the strikes the same on both spreads for no additional risk? I noticed your strike width are different on each spread.
Thank you for your support! IMO if you can keep the width the same, that seems preferable as long as nothing else has changed.
Thanks so much for a great informative video. I always wait for you videos related to credit spread. I have a question, you mention about percentage away from strick Price. Do you follow ITM/OTM odds or you always go by percentage away from the strick price and support resistance?
Thank you in advance.
Thank you so much for your support! It means a lot to me. 😊 If I'm initiating a position I look more at support and resistance for entry levels.
Hi Randy have you ever considered day trading?
I have day traded and actually wrote over 300 automated day trading programs years ago when I had an account with Trade Station. However it just doesn’t match my personality and style. I don’t like to be in front of a computer trading all day long. I like to have some flexibility to do other things. I think it’s a great fit for some people, and I probably could do better at it now then back when I did it because I have a lot more experience under my belt, but i’m happy with trading monthly options and then buying stocks outright for dividend growth.
@@StockandOptionMyLifeOfLearning Oh I see thank you. So you think you could be a profitable day trader if you wanted? David Jaffee says it's pretty much impossible and says those who claim to make money are lying and those who teach it are scammers. But I have seen people make consistent money at it so I know it's possible, though very difficult. I lost 2/3rds of my account day trading and I'm now down by about 1/2. I actually love day trading and don't mind the long screen time. I love the high income potential vs options. But I also like the high win % and laid back lifestyle of options too. And one day who knows maybe I'll switch completely to options. But for now I really want to get good at day trading. It's so much fun. I will still sell put options in my $31K retirement account though. Still don't know what I'm doing but learning bit by bit. PS love your channel and appreciate your comments. I think you are one of the very few 100% true and honest trading teachers on UA-cam.
Thank you for that Jim! I think some traders could in time become profitable day traders. I believe I could do pretty good, but I wouldn’t enjoy it as much as I enjoy what I do now. You have to be a person that is happy to be tied to the computer all during the trading day. I believe a day trader could become proficient at trading short time frame charts just like we do longer time frame ones.
When I’m entering stock and option trades, I usually look at the minute and hourly charts to gauge the urgency of entering a position. In so doing, I see patterns that could be taken advantage of even in those short time frames.
hi Randy, would be nice if you can do a video how to do screener to find stocks that are good for credit spread strategy, recently i been trying to find them on trading view checking for big cap companies which have gone south and finding support but 2 of my last trades went thru the support which I thought can hold.
Hey Jack thank you for the suggestion and for your support! I'll see if I can work that into a future video.
No matter how good a screening software or mentor is, there's just going to be times when a stock and or markets crash through support (sometimes multiple supports). Bear markets tend to happen really fast whereas bullish market's last a lot longer but rise slower. Hence the saying: Bulls go up the stairs and bears go out the window (a metaphor explaining that stock prices rise slowly and drop quickly).
I have done a video about finding opportunities for selling naked put options. If you'd like to check it out, here's the link: ua-cam.com/video/Q_Fl1K0-1G0/v-deo.html
@@StockandOptionMyLifeOfLearning Thanks again for your detailed reply, appreciate all the time you take to reply our messages.
you are right about the screening softwares. I believe by time watching charts and experience will grow better once we see the support levels and act upon, probably this month none of the support levels are holding well. lets see if the november earnings will push back the stocks above 200 MA.
If you set alerts I wonder if it's totally necessary to do a spread. I understand that's protection but thinking that would give you more profits to just roll it if it gets close.
My favorite option strategy is to sell naked puts, partly because of what you mentioned, I don’t want to decrease profit by buying the protective put. Setting an alert would also be a good way to trigger you to adjust or exit a position. You just wouldn’t get the benefit of your long protective put possibly increasing in value.
@@StockandOptionMyLifeOfLearningThanks for the clarification, new to this and now I get it, those are naked puts. That makes full sense now. Don't need all the collateral!
did you manually execute this credit spread? selling the put first and then buying the put?
Generally, on all my spreads, I enter the order as multiple legs in one trade. Every once in a while, I will leg into a spread, but it's intentional. But if my intention is to do a spread initially, I do it as one order. I don't want the market getting away from me on the second leg.
@@StockandOptionMyLifeOfLearning thanks, would it be considered a naked put initially if you execute the spread manually? example: sell a naked put on XYZ at $100 and then buy a put on XYZ at $115 on the same DTE. would it be risky to execute it like this if i'm not approved for level 3?
If you sell a put option, yes, it will be considered naked or cash secured until you cap your down side with a protective put. There's risk in every trade you do. However, I think the question you're trying to answer is, would you be allowed to do that trade at level 3? It depends on which broker you are using. You should check with them to make sure. They will not let you do a trade that you're not approved for.
By the way, the trade you described, would be a debit spread. Not sure if you were referring to a debit or credit spread. If you were trying to do a credit spread you'd most likely be selling the higher at 115 strike price put and buying the 100 put for protection.
Well explained, but I'll have to watch this multiple times until I fully grasp
Thank you for your support!
That's the way to do it. Selling options is well worth the effort and time to learn.
When you were drawing your lines of support and resistance, what time period was the chart I could not read it was a daily weekly monthly?
If you're referring to the one at the 1:35 mark, that's the daily chart. It briefly shows what time frame it is in the top left corner by the ticker symbol.
You mentioned in your other spreads video that you now just mostly prefer to sell puts. Why did you rotate away from spreads if they can limit risk?
I do like that aspect of spreads, limiting your risk. The part of spreads I don’t like, is the difficulty in adjusting the position when it goes against you. If a trader is willing to accept a lower return, and doesn’t maximize their account by doing spreads with 100% of their available capital, then spreads might be a better option for them.
If however a trader tends to use 100% of their available capital on spreads, then it will most likely turn out bad for them in the end. During the next market downturn, all their bullish put credit spreads might go to full loss and the traders account will either be cut in half (if they are doing 1/2 bullish and 1/2 bearish credit spreads) or completely wiped out.
Hi Randy, instead of a credit spread why not just sell the put? And if the price drops, roll the position or own the shares and then do CC's?
Hey Jim that is typically what we do is sell a CSP. However, this video was geared towards fixing a credit spread. That’s why I shared the idea of a credit spread in this video.
However, I agree with you. 👍 With a CSP, if the price drops, you can try to roll the position out and or down if possible and if it’s assigned work the CC with possible some other repair strategies if it’s gone against you in a big way: ua-cam.com/video/NgRvhIm25Qg/v-deo.html
Thanks for the video. Just a question... Let's imagine that I opened a call credit spread and the market starts rallying and the price touches my short strike and is directing towards the long one. Could I make a box to reduce the overall risk? I mean, if I open a put credit spread, same DTE and exactly on the same strikes, the premium received from the sale should be subtracted to the maximum loss, right? So we could say that we can use a box to manage a losing spread. (Also an Iron condor or an iron butterfly could be possible)
Sure that is a possible way to help potentially decrease losses. It's hard to say with 100% certainty without knowing all the numbers but the logic seems correct.
@@StockandOptionMyLifeOfLearning yes, I made this trade in the simulator on the SPX (so I can’t be assigned) with strikes 4750 and 4850, exp date feb 29. And when the SPX started rising I wanted to try some adjustments, so I opened a put credit spread to create an iron condor (max loss reduced), then rolled it up until it was converted into an ironfly (max loss was reduced again). So that’s why I was wondering that if I keep rolling it up I would end up with a box spread, reducing the max loss even more.
Thanks for your answer, and sorry for my English.
I've heard of ppl saying to convert it into a butterfly but I don't see what the advantage of doing that would be.
There are lots of ways to adjust a credit spread. The butterfly could be one of them..... I can't really think of a situation where it'd be my preference method but I guess it depends on what a trader's opinion is of future movement.
Hey! Awesome video again,. But i would like to clarify again, i recently faced a situation where my stock was challenged for the long side when i was selling a put credit spread. Because it is a weekly options, gamma risk is high, therefore my unrealised losses were significantly high. If i were to actually roll my spreads further down and a later expiration date, is it true that technically im just closing this losing trade and realising a loss, and opening a new trade? If so, there is no such thing as trying to "avoid" my losses right? my new trade that I rolled to is just used as a breakeven for my loss yeah (Thats assuming if the trade that I rolled to was profitable) right?
Just needed to seek clarification.
thanks mate! keep up the great videos
If the trade you roll to gives you enough credit to close your losing trade without having to pay a debit then you have avoided booking a loss. But the result is identical to if you had closed the losing trade with a realized loss and opened the new trade for a credit greater than or equal to your loss on the loser and you win with it. So yes, you are opening a new trade later in time and possibly at a different strike to recover or never realize your original loss - to try and breakeven or make some profit. A main benefit of rolling in my opinion is that your first losing trade probably wasn't terrible to begin with so an adjustment like rolling can give you just enough modification such that the trade works in the end. By the way I'm not sure how clear your original question is since it seems like a semantic problem. "Recovering from a loss" and "avoiding a net loss" could mean the same thing. If someone successfully rolls a trade from a loser to a winner I'd say that they avoided the loss compared to someone that took the loss without either recovering or rolling from it.
From a US tax perspective if you rolled a credit spread in the same underlying stock or ETF, you would not book a loss until you closed out all positions in the underlying for at least 30 days (wash sale rules). However I am not 100% on that in relation to your specific situation, so you might want to check with a tax advisor to make sure.
@@insider235 when you said successfully rolled a trade from a winner to loser, do you mean rolled the trade, then realize a loss first, then only open a winning trade (in which this winning trade would breakeven with the losing trade)
@@StockandOptionMyLifeOfLearning just to reiterate your question, do you mean by rolling a trade and realizing a loss, instead of counting it as a loss, under the wash sale rule, my loss will be exempted
Please give me the time stamp.
Your "Second most favourite" strategy is actually turning a put credit spread into an iron condor strategy right? Earning both ways theta and hope it doesn't go near any of the strike price. Interesting...
Yes, that's correct. My second most favorite way to fix a credit spread is an iron condor. However, it's not my second most favorite option trading strategy.
My absolute favorite option trading strategies are shown in this video if you haven't seen it already and are interested: ua-cam.com/video/spqrn5HNFvI/v-deo.html
I’ve been following you for a while but don’t know your name. What’s your name? I just started selling puts with a Think or Swim paper trading account (thank God). I got greedy with my strikes and 3 or of’m are getting close to be assigned (I know, I broke the Golden Rule of put-selling). Do you have a good strategy for avoiding assignment? Another youtuber suggested just “buy to close” and then round-down to a lower strike and a farther expiration.
Hey Ron, my name is Randy. I think that's very smart of you to start with a paper trading account. If you sell options long enough, some of the positions are going to go against you especially the closer to ATM you are selling them. If you want to avoid assignment, the most important factor you want to keep an eye on is how much time value is left in the option. When that goes down to almost nothing, your chances of the option being assigned go way up.
Here are some videos you might like to check out:
How to FIX a LOSING OPTION TRADE: ua-cam.com/video/6dtbDnpfuGM/v-deo.html
How do OPTION ASSIGNMENTS WORK: ua-cam.com/video/RrWEqdmUYOI/v-deo.html
Hi Randy, I wish you would remember that most people watching your videos do not have level 4 trading permissions. So a lot of your strategies aren't available to them. Like selling naked calls.
Hey Jim. Thank you for sharing. I do remember that. If a trader wanted to do something similar to a naked call, they could consider a bearish call credit spread.