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Stock Option Trading - Paradox - More Trades on Dull Days and Normal Days Than Big Days Contrast these 2 days. 29 Sep, 2008: Dow down -7.50%, Nasdaq down -10.06% and S&P 500 down -9.63%. Versus 13 Nov, 2008: Dow up +6.25%, Nasdaq up +6.11% and S&P 500 up +6.47%. Many retail option traders would have rushed to get their spreads filled on such big days, either to get short or long. The discerning few, mindful that a +/- X% change in equities, is a day to avoid entry; instead, it is a signal to scale-off profits or reduce exposure, would have profited or limited losses on such days. Here's the logic for categorizing what type of day it is. If you theoretically priced a long Calendar or a short Iron Condor on a Big Day - be it up or down, it is likely the product's price has moved near or outside 1 Standard Deviation, even if the order was filled at mid-price for that spread. The following day, if conditions turned into a Dull Day be it up or down, let's say the Futures did not even move more than a third within 1 Standard Deviation. On the extreme day when you priced the entry, even though you were filled at mid-price, you still overpaid for the Calendar; or, sold more Theta as premium than is necessary to protect the wing span of the short Iron Condor, possibly increasing the risk of Gamma instability. Alternatively, if you priced a directional spread on a Big Day, be it a Short Vertical or a Long Vertical you need a continuation in extreme days - after the Big Day that you filled the order on, for price to move. If price has already moved 68% (1 Standard Deviation) on a Big Day, moving towards 2 or 3 Standard Deviations is not the problem. Here's the problem. Can the price action sustain a 2 or 3 Standard Deviation move day after day, after the extreme day? It's not an impossible event, just an infrequent occurrence. Pricing spreads for entry under extreme conditions, places huge pressure on your orders to outperform. That's a tough way to trade. You are punishing the Profit and Loss of the trading account unnecessarily. Psychologically and visually, continually entering trades on Big Days makes you search for "magical" chart patterns for another huge breakout or breakdown in price. No, you won't go blind. Though, you will cultivate a trading habit that must be broken, if you plan to have consistent results with online options trading. So, how do you work out the X% change, be it up or down to differentiate a Dull Day, from a Normal Day versus a Big Day? Use the implied volatility of the front month's options on the DJX, MNX and SPY - the mini versions of the Dow, Nasdaq and S&P 500 respectively, to categorize the market ranges of the day. For example, take the: DJX: let's say, the front month volatility is 27.38%, divide 27.38% by 16 = 1.71%. That's +/- 1.71%, meaning IV representing the collective expectations of market participants trading that product, expect the DJX to move 1.71% up or down for that day. Your trading platform should allow you to add a column in the watch list called "%Change". That's what we've just calculated. So, a %Change below +/- 1% is a Dull Day. A %Change between +/- 1% to +/- 2% is a Normal Day, take the lower whole digit of the calculation, in this case 1%; and, the higher whole digit of the calculation, in this case 2%. A move of +/- 2%, would be a Big Day Up/Down for the DJX. Even though the DJX is the mini version of the Dow, because we are using a % calculation versus an absolute number, applying the meaning of +/- %Change remains valid for the Dow. Repeat for the MNX: say the front month IV is 30.73%/16 = +/- 1.92%. Dull Day for the MNX is where the %Change is below +/-1%. Normal Day for the MNX is where the %Change is between +/-1% to +/-2%. A %Change number bigger than +/- 2% is a Big Day for the MNX. Same +/- %Change applies to the Nasdaq. Repeat for the SPY: front month IV is 31.25%/16 = +/- 1.95%. A Dull Day = %Change below +/- 1%. A Normal Day = %Change between +/- 1% to +/- 2%. And a Big Day = %Change bigger than +/- 2%. Same +/- %Change applies to the S&P 500. You can apply this calculation to the VIX, or any optionable product that you have identified a trade on. Why divide the front month's volatility by 16? As you know, volatility is expressed as an annualized number. So, to get the daily volatility number, we divide it by the square root of the number of trading days in a year, which is 256 (rounded off). There is no trading on weekends and exchange holidays, because prices cannot change on these days. There are some years with more or less than 256 days, but using 256 is the norm. The square root of 256 = 16. As part of your pre-market preparation, calculate on a spreadsheet the market ranges of the day (Dull, Normal or Big) for the DJX, MNX, SPY and the VIX at minimum. This is not to pick direction, as you will not know if the market will open to the upside/downside and STAY there, even if futures indicate an upside/downside bias. The calculation gives you a measured gauge, once the market opens to see if the trading range of the day is leaning towards a Dull, Normal or Big Day. Then, assess if it makes sense to theoretically price a spread, be it a Calendar, Iron Condor, Vertical, etc. This guards you from chasing price near 1 Standard Deviation, to get your orders filled on a Big Day. Doing this pre-market work, determines if you will be filling orders or scaling off for profit; alternatively, reducing exposure to losses, when the market opens. Statistically, there are more trades to price on Dull Days and Normal Days than Big Days. Especially during mid-July till August, as many floor traders go on leave. On Dull and Normal Days aggressively pricing the order 0.10-0.15 below Theoretical Price for a debit spread; or, 0.10-0.15 above for a credit spread just means it takes 1-2 hours more to get filled. If your order is filled within 5 minutes, you were lax in working the entry hard; versus, getting filled in 1-2 hours. Diligence does make a material difference in the trade's price-performance. In avoiding entries on Big Days, you are not missing out on not getting in, when most retail traders are chasing price to get filled. One key factor of the consistency in your account's P/L is the price you got in and out of. The discipline of staying consistent is to get filled within a sustainable range of the spread's fair value for that particular trading day. Remaining in the business of online options trading requires as much sense to stay out of trades, as it does to get in to trades. Thanks for reading my article, Clinton Lee. Founder, Home Options Trading: a uniquely retail-focused option-centric trading firm.

10 Easy Steps to Succeed in Your Online Classes

Congratulations Youve made up our minds to pursue your upper schooling, and doing so online is how to pass if you have an interest in a versatile, studentcentered educating manner. Studying online permits you to pursue different pursuits and attend to different responsibilities whilst nonetheless operating your method towards some extent. However, it will now and again imply that its clean to get distracted. Here are 10 clean steps to verify luck on your online categories.

1. Connect together with your instructors once conceivable. Even in case you are doing smartly within the category, its extraordinarily vital to increase a rapport together with your trainer. When you do that early on, you temporarily understand what the priorities are within the route, what expectancies the professor has of you and youre going to be motivated to prevail, surer of whats forward and higher ready to do smartly with the impending subject material.

Valuable questions to invite your trainer come with the next

How versatile are you with time limits How versatile are you with grownup freshmen What applied sciences do you employ within the route How to be had are you through e mail and different sorts of verbal exchange How do you put up an internet neighborhood and what are the expectancies for participation in it In addition, since instructors are to be had to lend a hand all over the classes, its all the time just right to have had private touch with the trainer early on. This method, when you wish to have lend a hand, its more straightforward to achieve out and get the help you wish to have.

2. Confirm the technical necessities of the route. Online categories can also be very advisable for college kids with busy schedules, however provided that they are able to simply get right of entry to the fabrics. It is vital to obviously perceive what the technical necessities are. So, ahead of the route begins or as quickly thereafter as conceivable, youll want to test that your pc will paintings with the entire online equipment, and that you understand how to navigate them. This will be sure that you dont must spend time all the way through the route attempting to determine the generation.

three. Create a time table and stick with it. Quality online instructors create classes which might be clean to navigate and feature transparent expectancies. Having that roughly easytodealwith framework in position will make learning and succeeding that a lot more straightforward. However, although the framework and necessities of your category arent as transparent, youll create a time table and construction, which is able to very much fortify your probabilities of luck within the route. Using equipment equivalent to Google Calendar is a good way to start out. Knowing how your weeks and months glance and scheduling blocks of analysis time for each and every activity or module will will let you stick with a time table.

four. Ask questionsall the time. When you dont perceive, ask questions. When you do perceive, ask additional questions. Instructors recognize scholars who take part, and if theres a participation or dialogue part a part of the grade, then asking high quality questions is helping guarantee your grade on this space. Even if there isnt a participation part, its all the time helpful to invite inquiries to remember to perceive the fabric and are transparent on what is needed of you.

five. Be arrangedand keep arranged. Students whore taking conventional, campusbased classes most often have a constant time table to observe each and every week, through which study room instruction is adopted through assignments out of doors the category. However, for online classes, scholars will have to search out their very own techniques to stick on most sensible in their paintings. It is crucial that you just be arranged from the start of the semester with the intention to achieve success in an internet route. For instance mark task due dates on your calendar, discover a submitting machine for each online subject material and bodily subject material that is helping you stay monitor of the whole lot simply, and shed light on find out about schedules that duvet sections of the route one by one so youve got an arranged tactic to protecting the semesters subject material as you pass alongside.

6. Have a blank, quiet, and constant workspace. One factor online and inclass classes have in not unusual is that scholars all the time want a spot to review or whole assignments this is blank, quiet, and constant. You can select the place that is for youwhether or not its at a espresso store, a college library, a devoted place of business, or at house. Wherever you select to review and whole assignments, you must make it a constant location that doesnt have out of doors distractions. It is basically key that where is quiet and lets you focal point in your paintings with out distractions.
7. Do no longer procrastinate. Successful distance freshmen hardly procrastinate. They dont do away with assignments or wait till the final second to write down their papers. Successful online scholars experience freedoms that come with operating at their very own tempo and the facility to finish their paintings in as a lot time because it takes them. On the opposite hand, they know that finishing their assignments is best performed early and on time cramming merely doesnt paintings, and it doesnt will let you retain knowledge longterm. Get began early on getting a success.

eight. Work in your studying comprehension. Successful distance freshmen generally tend to have just right studying comprehension abilities. Most conventional, campusbased scholars concentrate to lectures and take notes, and a few online classes additionally require this. However, the vast majority of distance freshmen are anticipated to grasp subject material thru a large amount of studying. Although far finding out classes be offering video recordings and audio clips, maximum systems require scholars to hide and grasp a considerable amount of written knowledge. If it is a problem for you, it could be very useful to first sign up in a studying comprehension route there are lots of assets online that will help you do that. This ability by myself could make a huge distinction on your luck.

nine. Establish and admire routines that be just right for you. If, for instance, youre employed best within the morning or in brief bursts, then set find out about routines that can help you find out about within the prelunch hours when your mind is contemporary. If, then again, you do best through learning at evening or at the weekends when youll devote nightowl hours or longer blocks in your learning, then make it some degree to take action. Consider how and whilst you paintings best, and enforce a find out about plan that respects the routines that be just right for you.

10. Connect together with your friends. Establishing sturdy connections with friends and professors is a very powerful facet of tutorial luck, in addition to skilled development. One of essentially the most rewarding reports in schooling is finding out thru collaboration. Forming significant relationships together with your friends and professors can can help you be told extra, keep motivated, and feature an outlet to specific your personal working out of subject material. So, keep attached thru message forums, chat rooms, e mail, and different digital assets. And take note lots of the other people you meet in faculty shall be conceivable process assets down the road so determine connections and keep in contact

Florida National University gives a wealth of tutorial and professional online classes. Check out the entire choicesyour long run is ready

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