I second this request. Option prices change quickly right after
the open as market orders from the previous day are filled. The
next day entry will cause to lose the edge presently available and
to lead unpredictable gain versus loss results. This will severely
affect those with small accounts and those who separate risky and
conservative strategies through separate accounts.
Your next day entry will compel me to enter a trade on futures
and then switch to options after the open with unpredictable
results. Gaps are a big issue in this market with worsening
liquidity. In my view, gaps more often occur in the opposite
direction to the prior day's trend.
Edit: the next bar system will lead to different results by
different traders and will vary depending on a broker. Entry at the
open is essentially a market order with all consequences listed for
market orders!
I mean - I'll end up letting you guys know on the trading
community - hey this system is meeting conditions for a trigger
tomorrow - so you can try and enter that same day if you would
like
but again, you have to understand the VAST majority of emails
and bitching and complaining is the alert of the systems at or a
few min after the close. Even though after hrs trading until 8 pm
or even options until 4:15 make it not a big deal - it's the
biggest frustration I get from folks. maybe 1 person out of 20
wants them end of day vs having the whole night and entering the
next morning - and it's 10 times easier on me - what's easier to
fit with the masses and market I have to go with vs the few hard
core guys
also guys on options - you can give it a few min in the morning
for options to settle down a bit and to see what price action is
doing, don't enter right on open, wait a min or a few min for them
to calm down, just common sense.
I'm also no longer providing option trades so that's stuff on
your own anyway
the goal is the make a basket of perhaps 10 ETF's, not just SPY,
but SPY, QQQ, IWM, TLT, GLDM, EEM, XLP, XLE etc. Logistically
it's just easier to have those systems next day open so that I
don't have to worry about TS crashing and locking up by having all
those systems open during the day taking up system resources,
trying to get something typed out as quickly as possible and and
prone to making a typo because I'm in such a hurry - best for me to
be able to open the basket of ETF's maybe 15 min after the close -
and if systems are going to trigger for the next day, let everyone
know with an alert that they have all night to see.
again my plan is to open them shortly after the market close,
and post that these systems or system is taking a trade for the
next day's open - folks who have no trouble entering in after hrs
can take the trades that day -
or do what I may do myself, take a 1/2 position that same
day in after hrs, and the other 1/2 the next morning - thus
splitting the difference, averaging the 2 out
Even though I cannot be awake at open time for the market I will
continue to take my positions at the End of day with both futures
and options. I will be glad if you could keep the EOD advice to is
all and make it official on Next Day Open
I second this request. Option
SPY systems - what I'm planning
Posted by junkie on 16th of Jan 2023 at 04:33 am
I second this request. Option prices change quickly right after the open as market orders from the previous day are filled. The next day entry will cause to lose the edge presently available and to lead unpredictable gain versus loss results. This will severely affect those with small accounts and those who separate risky and conservative strategies through separate accounts.
Your next day entry will compel me to enter a trade on futures and then switch to options after the open with unpredictable results. Gaps are a big issue in this market with worsening liquidity. In my view, gaps more often occur in the opposite direction to the prior day's trend.
Edit: the next bar system will lead to different results by different traders and will vary depending on a broker. Entry at the open is essentially a market order with all consequences listed for market orders!
I mean - I'll end
Posted by matt on 16th of Jan 2023 at 12:11 pm
I mean - I'll end up letting you guys know on the trading community - hey this system is meeting conditions for a trigger tomorrow - so you can try and enter that same day if you would like
but again, you have to understand the VAST majority of emails and bitching and complaining is the alert of the systems at or a few min after the close. Even though after hrs trading until 8 pm or even options until 4:15 make it not a big deal - it's the biggest frustration I get from folks. maybe 1 person out of 20 wants them end of day vs having the whole night and entering the next morning - and it's 10 times easier on me - what's easier to fit with the masses and market I have to go with vs the few hard core guys
also guys on options - you can give it a few min in the morning for options to settle down a bit and to see what price action is doing, don't enter right on open, wait a min or a few min for them to calm down, just common sense.
I'm also no longer providing option trades so that's stuff on your own anyway
the goal is the make a basket of perhaps 10 ETF's, not just SPY, but SPY, QQQ, IWM, TLT, GLDM, EEM, XLP, XLE etc. Logistically it's just easier to have those systems next day open so that I don't have to worry about TS crashing and locking up by having all those systems open during the day taking up system resources, trying to get something typed out as quickly as possible and and prone to making a typo because I'm in such a hurry - best for me to be able to open the basket of ETF's maybe 15 min after the close - and if systems are going to trigger for the next day, let everyone know with an alert that they have all night to see.
again my plan is to open them shortly after the market close, and post that these systems or system is taking a trade for the next day's open - folks who have no trouble entering in after hrs can take the trades that day - or do what I may do myself, take a 1/2 position that same day in after hrs, and the other 1/2 the next morning - thus splitting the difference, averaging the 2 out
Even though I cannot be
Posted by mundy on 16th of Jan 2023 at 03:55 pm
Even though I cannot be awake at open time for the market I will continue to take my positions at the End of day with both futures and options. I will be glad if you could keep the EOD advice to is all and make it official on Next Day Open
I like the new process.
Posted by bpozdoll1717 on 16th of Jan 2023 at 03:34 pm
I like the new process. Easier for those of us with day jobs as well. And hopefully the results are similar.