30DTE should drop the premium faster, I reckon. I am going to play this lightly, keeping in mind the 4300 target on SPX, which everyone knows about. Selling the premium is the way to go!

I will post my developments on this blog. I like to let the position expire worthless although premium drops fast in the last 3 weeks before expiry. Thank you again!

DigiNomad, I can free up some buying power once I get a feel of the method. I am holding two losing put positions at the moment -- based on Jim Rickards Income strategy (which does not seem to work at all) --  which should be resolved one way or the other.

Is 30DTE are too volatile for this purpose?

DigiNomad, thanks for the trade profile. I used a TD Ameritrade  account. I could view the same in the IB.

I received $330 credit, so about $700 is a double of the credit received. If closed for a loss, I would open another BCS with delta 0.15 at the time to defend it for the amount of a loss on the same expiry date. Correct? Thank you for your mentorship!

DigiNomad, I initially purchased a 50-point wide BCS and immediately received a notice of an impending margin call for $1,000. The margin required is $100 per $SPX point for a short call or put position. So I halved the spread. My maximum loss on it is the margin, I think. I expect the premium to drop within a month, and I could either sell the BCS or let it expire worthless. I could have gone to 30DTE, but I am playing it lightly till I know how it behaves.

The 3ATR on the weekly chart is 4367 on /ES, so this BCS should bring me income.

DigiNomad, I bought $SPX Jul 21 4400/4425 Bear CS on this pop (sold 4400 strike, delta 0.15).

The grain corridor has been extended for two months, according to the leader of Turkey.

rp, check with Trendy Jon on youtube who teaches this concept. He sells some related software.

One idea I am pursuing is a low on gold, high on the indexes, and a positive divergence on $VIX to mark a tradable top this week.

DigiNomad, I am looking into a push into the supply zone on $SPX 60-minchart to sell a Bear CS. Your comments are welcome.

Matt, thank you! I am well familiar with the concept. Mine works on 3 different time frames, while yours is straightforward.

Matt, your End of Bull trend indicator on QQQ charts is calculated on a single time frame, isn't it? Is the calculation separate from DeMark waves?

The first notice date for /GCM is May 31st, in 14 days.  I am expecting a slow grind lower into that date. If the debt ceiling becomes an issue, it could mark a high with lower odds.

So, what is a path from here? A failed breakout and lower or one more attempt higher?

Steve, a retest of the lower trendline on QQQ and another push higher into Friday is due next?

Market typically sells off on Wednesday of the OpEx week. I would like to see a better drop.

For those trading grains, grains should revisit their prior lows from April. At the lows, I expect a $5-handle on /ZW July, $4 handle on Dec. corn, and $11 handle on Nov. beans. They are already close to buy levels yet not there yet. https://www.barchart.com/futures/grains?viewName=main  These will be lows for the year, and lows before the next wave up into 2025.

Matt's $BPGDM should afford one more thrust higher, perhaps coincident with indexes moving lower.

/GC is on support too, $1980-85. It is oversold short term. If that support breaks, $1950-60 is a solid support and a definite buy level. Based on inside information, that will hold for certain.

ok.

Do you work on daily charts or weekly charts for 3 StandDiv's? I would work with 3ATR Keltner channels and a weekly chart for this method.