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Registered User
Joined: 12/21/2005
Posts: 2
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I employ almost all option selling strategies and was wondering what other people use to scan for good set ups?
I hav been using a simple scan looking for prices to cross the lips or jaws of a Bill Wiliiams alligator.
Any other ideas?
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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Welcome to the forums. A very good foundation for learning how to use TeleChart can be gained by reviewing the following:
If you are new to TeleChart READ THIS FIRST!
The trainers can't give setting, interpretation or investment advice. I'll move this topic to the Stock and Market Talk forum so other traders will be more likely to see it and comment.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 6/15/2008
Posts: 1,356
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Hi Ahendon,99% of my trades are option plays, mostly trading naked calls/puts.
I have requested Worden to add option chain data feeds in SF5. put in a request as well, the more requests, the more change we'll get it, I figure.
I mostly look at daily charts for a trend reversal, then drill down into hourly and 5min charts to perfect the setup.
I use Bbands, period 10, stdev 0.8
DeMark TD-sequential setups, with TDST lines.
CCI crossovers
TEMA crossovers.
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Registered User
Joined: 12/21/2005
Posts: 2
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thanks Bruce and pthegreat. I appreciate the insights.
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Registered User
Joined: 6/15/2008
Posts: 1,356
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reading the books by Jeff Augen.
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Registered User
Joined: 4/10/2006
Posts: 954
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Several books by your boy Jeff. Which one(s) have you read and what do you like about the book, thanks.
I think I would like
a simple Long strategies Call, Put . Analysis for gains either through volitity, or straight
What to avoid - information - for creating a checklist for a trade setup.
When/what to avoid Options due to Volume or bid/ask spreads ?
at least 4 listed on amazon.
www.amazon.com/s/ref=nb_sb_noss
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Registered User
Joined: 6/15/2008
Posts: 1,356
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just rcvd "trading options at expirations" , "the volatile edge in options trading" , and "daytrading options".
So far I have only traded options based on price fluctuations of the shares. never took advantage of implied volatility, time erosion, expiration pinning.. etc..
so looks like I need to read these books a couple times. very interesting so far.
Only been trading for a year or two. and every day it seems that the horizon is expanding.
I've been saying it for a while now, I wish we had option chain data in SF, so we could run our scans, indicators directly on the option data. that would really give me an edge.
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Registered User
Joined: 3/27/2011
Posts: 56
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Not to be a grave digger but it would be absolutely incredible if there were some live feed or as close to live feed as possible for option data - and perhaps a way to scan the best or <> spread per dollar invested. That would be intense.
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Registered User
Joined: 5/9/2010
Posts: 144
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akspeculations,
Quote:
Not to be a grave digger but it would be absolutely incredible if there were some live feed or as close to live feed as possible for option data - and perhaps a way to scan the best or <> spread per dollar invested. That would be intense.
For tighter spreads, set your scanner to AVGV50 > 5,000,000 and Optionable Stocks. This may help a lot for day trading. There is a little over 200 stocks that will come up.
Keep a daily log of the ones that you like. This will help you get a feel for price depletion from Delta. Try the ones for a month out or expiration after next, also.
There is a fabulous webinar on Technitrader. Sign Up. Log in. Go to Learning Center and webinar "Fast Track Your Options Trading." This will make a lot of sense to you.
Check out all of the Awesome Webinars from (Martha Stokes, CMT) Worden, too.
Thanks
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