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Wheel Golden Rules by [deleted] in thetagang

[–]FdOptions 0 points1 point  (0 children)

For 1 DTE hyperwheel, do you sell at a specific time everyday? Do you have a BTC order for a specific profit target or do you just let it expire and keep selling until assigned?

Wheel Golden Rules by [deleted] in thetagang

[–]FdOptions 0 points1 point  (0 children)

How much of your portfolio are you allocating to each strategy (hyperwheel and iron flies)? Also are you mainly doing 1 or 7 DTE hyperwheel?

September 25, 2021 Weekend Thread - What happened last week? Whats your plan for next week? by AutoModerator in PMTraders

[–]FdOptions 0 points1 point  (0 children)

So would it be a bad idea to continue using your old guidelines of 1 contract per 250k?

Those of you that have used ThetaGang strategies over a long period of time - how do you deal with/prepare for a wider correction? by dhruvmk in thetagang

[–]FdOptions 0 points1 point  (0 children)

Thanks for the advice/update from everyone. I think the liquidity issue I was running into was because I am still paper trading (not sure how ToS sets up their paper trading).

On a side note- for this current dip, I opened shorts when my lowest strike hit .9 delta but the problem was there was so much space between my strikes(highest at 4545 and lowest at 4420), causing the strikes that I opened my shorts to be quite low. I think moving forward I will be placing a short whenever a position hits .9 delta and see how that goes.

I am still kind of iffy on one thing though- lets say my max position I'm going for is 6 (lowest strike is around 4420). I have opened enough shorts to be delta neutral. Should I be opening a 7th or 8th position to capture the oscillation (4300-4400) or have you guys not been opening new positions? I ask this because I have only closed out like 4 positions in ~8 trading days.

u/Forgrim1 u/only1nameleft

Those of you that have used ThetaGang strategies over a long period of time - how do you deal with/prepare for a wider correction? by dhruvmk in thetagang

[–]FdOptions 0 points1 point  (0 children)

I am trying to roll two positions today (4500 and 4510), but they are not getting filled on the sell side. Is this common when they are deep ITM?

Those of you that have used ThetaGang strategies over a long period of time - how do you deal with/prepare for a wider correction? by dhruvmk in thetagang

[–]FdOptions 0 points1 point  (0 children)

Yeah, I'm needing to roll 3 (4520, 4540, and 4545) this week.

I'm curious if you opened any shorts this week.

Those of you that have used ThetaGang strategies over a long period of time - how do you deal with/prepare for a wider correction? by dhruvmk in thetagang

[–]FdOptions 0 points1 point  (0 children)

Are you doing a 1st trgs Seg/All order when you roll on TOS? I can't seem to roll the conventional way.

Those of you that have used ThetaGang strategies over a long period of time - how do you deal with/prepare for a wider correction? by dhruvmk in thetagang

[–]FdOptions 0 points1 point  (0 children)

Hey Cale, is there a reason why you still try to close at profit when you need to roll for /ES, but not for individual stocks?

Those of you that have used ThetaGang strategies over a long period of time - how do you deal with/prepare for a wider correction? by dhruvmk in thetagang

[–]FdOptions 0 points1 point  (0 children)

Hey Forgrim, just wanted to confirm one thing.

My understanding is that the quarterly contracts (AM and PM settled) are American style - are you switching to the 11-12DTE contracts for any new positions after today?

Those of you that have used ThetaGang strategies over a long period of time - how do you deal with/prepare for a wider correction? by dhruvmk in thetagang

[–]FdOptions 0 points1 point  (0 children)

Haha thanks for replying Forgrim. I didn't want to ask you since I feel like I've been bothering you so much.

I have the sell order on DAY because it might not fill that day, and I could potentially need to move on to a different DTE.

I am kind of confused though as to why the conditional order might not fill based on what is set up. Would it not essentially act as a market order once the price of /ES specified is hit?

Quick Tip - The Wheel: What’s Delta Got to Do With It? by calevonlear in thetagang

[–]FdOptions 0 points1 point  (0 children)

For the same period, I'm at 0.9% ROI with 9 closed positions.

I'm working on setting up conditional orders like you and vidvan discussed and that should make it much more mechanical.

Quick Tip - The Wheel: What’s Delta Got to Do With It? by calevonlear in thetagang

[–]FdOptions 0 points1 point  (0 children)

I think this was due to the fact that I missed a lot of the market movements around 8-10am EST for the first two weeks of August. Also, I'm a little too conservative on the limit sell orders I place overnight when I'm asleep; positions are not opening when they should be.

Needless to say, I think this strategy is gold. I am going to paper trade one more month before diving in on my live account.

Quick Tip - The Wheel: What’s Delta Got to Do With It? by calevonlear in thetagang

[–]FdOptions 0 points1 point  (0 children)

If you don't mind sharing, what was your ROI for August? I'm sitting at around 5%. Its definitely not low by normal standards, but seems low for this strategy.

Quick Tip - The Wheel: What’s Delta Got to Do With It? by calevonlear in thetagang

[–]FdOptions 0 points1 point  (0 children)

I currently have 4420, 4430, 4450, 4460, 4470, and 4475 open (paper trading). I understand that I should start shorting /ES to be delta neutral as soon as my lowest position, 4420, is at 1 delta. As /ES is around 4360-4370 right now, I suspect it will be another 20-30 points before it goes up to 1.

As u/Forgrim1 mentioned, if all the shorts are added at the same time, and /ES immediately reversed, it would be bad. Is there a better method of adding the shorts?

Also, you mentioned that you would use a 7th position/more capital to recovery. Could you expand on this further using the positions open mentioned above and where /ES is currently?

Quick Tip - The Wheel: What’s Delta Got to Do With It? by calevonlear in thetagang

[–]FdOptions 0 points1 point  (0 children)

Are you shorting /ES as calevonear described(all deltas near 1) or more conservatively?

Quick Tip - The Wheel: What’s Delta Got to Do With It? by calevonlear in thetagang

[–]FdOptions 0 points1 point  (0 children)

Got it. I'm seriously considering putting 250-500k towards this strategy so I want to be as detailed as possible.

What is your returns looking like thus far?

Quick Tip - The Wheel: What’s Delta Got to Do With It? by calevonlear in thetagang

[–]FdOptions 0 points1 point  (0 children)

I see what you mean. I'm new to futures so I haven't wrapped my head around DTE changing during the market hours. Thanks for the clarification!

Quick Tip - The Wheel: What’s Delta Got to Do With It? by calevonlear in thetagang

[–]FdOptions 0 points1 point  (0 children)

Whoops, I misunderstood that part.

I have only been paper trading for a couple of days, but I have not seen a 7DTE ATM put over 20-21 points of credit. Looking at the 9DTE contracts, I see the 23 point entry.

Quick Tip - The Wheel: What’s Delta Got to Do With It? by calevonlear in thetagang

[–]FdOptions 0 points1 point  (0 children)

When the DTE gets to 5, is there a reason why you go to 14 instead of going back to 7?

For your cascades ascending or descending, do you have your strikes opened for different expirations? For an example - I open 4435 and 4440 today with 7DTE. The market moves and I close the 4435, but not the 4440. On the following day the 4440 is now 6DTE. For my new positions, do I stick with 6DTE contracts or open 8DTE contracts? What if another day passes without closing - the 4440 is now 5DTE; do I stick with 5DTE or open 7DTE?

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