 Good morning, good morning, it's time to rise and shine Good morning, good morning, good morning I hope you're feeling fine Good morning, get up, get out of bed It's time to wake up, you sleepyhead Gump is a brand new day And we can't miss out on that day to decay Get your day planned out to be at your best And you gotta make sure you got the right back test Swipe to sleep away, make sure you're awake Cause we don't have time for fat finger mistakes And ratio condos will pay the bills But you gotta be quick to get those bills Follow your plan to keep your pockets thick If that market gap's up, look for Uncle Rick Small gap down, let's go What's up everyone Welcome to this morning's live stream For Friday August 31st Last trading day of August Here we go Let's make it a good one S&P up 4 NASDAQ down 15 Russell up 2 Dow up 130 Is it like that one? The guy who did the other The power hour one, he kind of flaked that on me He didn't do it So I had to find someone else Not bad Not bad Alright, so we got a little A little in between on the Vic So this is one of those Times where you just kind of make a decision As far as what you're going to do Personally, I'm going to do an AM iron condor I'm going to do an AM iron condor AM ratio My Thursday version See what happens I may mix in a discretionary rick But I won't do it at the open I've also got a B&B From yesterday that I've got a close And So that'll be it at the open Definitely the Dick K special 9.25 central Looks like I'll be doing a quiet lunch Potentially as well At 10.45 central So that's what's on my Zero DTE plan for the day Got about two minutes Till the bell So when the VIX froze At about When it freezes at 15 until the bell It's down 0.29% ES has gone down A couple points since then So in my mind VIX is going to open Down Less than 0.25% So it's going to be stronger Than 0.25% So that's what I'm leaning towards The AM ratio It's such a borderline thing That either way you go You just got to make a decision It's not the wrong decision That's what I've decided So first order business is I'll buy my longs For my AM ratio We'll be looking for the closest to $4 On each side $310.20 $35 wide That Thursday uses a $26 stop So we'll need to change that Otherwise 30 seconds Till the bell 321 Ding ding ding Filled on my longs At 35 wide Price is bouncing Filled on my AM ratio Next thing I need to do is Get out of my B&B trying to get out at nine trading right around there try 895 build at 895 on my B&B so nice winner there that posted Vixx is showing down 0.14% expected move for the day about 20 little over 21 38 to the upside 45 38 before to the downside all right I'm in I'm in the 4540 4505 are my strikes for my AM ratio I was looking at my all my zero DTE stuff last night you know power hour I'm in the red a little bit for August I think by like 1010 K or something like that all AM ratios pretty pretty flat as far as P&L wise a little bit little bit green I think plus a thousand or something like that and then but so the big winners for August for me were quiet lunches and kind of more late morning early afternoon trades so midday dick K's quiet lunches and like the PM PM iron condors with big winners plus 3035 K or something like that on those ones so still still nice month for zero DTE but it's interesting how that shifts right I mean you know there's there's a while where the mornings just we're killing it there's a long time we're power hours just killing it now but this month is the midday which I think is why it's so critical to make sure that you are not just focused in one area because if that goes bad everything goes bad dick K already popping profits on his fly two and a half bucks I'm afraid you missed it theta junkie don't worry it'll be played every morning going forward if we get to a point today where we just kind of well I don't know going into Labor Day week I was gonna say if we get to a point where we just kind of chop around in a pretty narrow range I may consider a discretionary Rick but I'm not sure I will on second thought going into Labor Day weekend and a lot of times you just get some kind of drifty drifty back and forth grind higher type action going into a long weekend so I probably actually will hold off on that now that I think about it VIX under 14 yeah at the same same same thought tomorrow I'm gonna hold off on time flies till next week I think the portfolio margin versions are fine but the shorter duration ones I'm gonna hold off on ruining your best month ever so but you should be you should have been pop net positive on flies right Maro you seen those two took you out yeah crush I posted the one two in the calendar channel yeah for my Thursday version I got a $26 stop so I mentioned this in power hour but and I'll be either by the end of today or tomorrow I'll I'll put out my detailed trade plan for September but I think I stick with fixed stop losses as much as trailing stops feel good I just I can't I can't justify it based on actual results so I'm gonna stick with fixed stops for all three tranches well Maro that's awesome that's your best month ever man for this month to be your best month that's pretty solid because that this was a tough month yeah I know ZS was getting close double check based on mine so if I get out of the puts for say nine bucks get out of the call for 1550 oh yeah we are at 50% very nice all right I'll go ahead and close that so I don't know why close those separately but I meant to just check the prices separately you can close the ratio strangle in one trade talking about our ZS here non-zero DTE related just posted that in the option selling Vegas Michelle I just got a note in my moderation channel that your message got deleted because you attempted to send mass emojis too many too many hand clap emojis apparently Vegas Michelle yeah I would not agree with that Maro oh look Eli snuck it by I don't know moderator must just have something against you Vegas Michelle yeah Maro I completely disagree with the idea of traders hitting hitting a certain level of profit and then stopping for the rest of the day week month I just I think that's I just do not agree with that one bit if I can adjust the moderation emoji setting yeah I just gotta notice that Vegas Michelle got put the penalty box yeah I just think you know I mean you know I think and this is theoretical but you know profits and losses come in clusters a lot of times right so if you if you take the losses that can come in clusters like say power hour August right versus but if profits come in clusters then you cut yourself off from the profits you know I just then overall your your P&L curve is it's gonna be hurt by that same thing for like a day trader or scalper you know it's like once I hit my profits target I'm done for the day well well if that's if that's the day that you're in the in tune with the market if you're in the zone if you're if you're doing well you're you know if the market conditions are correct keep pushing to me you know SPX making new highs on day MES like we're gonna need to roll up our puts on this one puts got in 34 should be trading around 16 ish yeah still 17 18 all right I'll hold off we got a couple ducks left one in QQQ one in SPX yeah you know I went into this week saying I'm gonna go light on calendars I already had the TGIF did you know the 6-7 was up nicely so I thought okay maybe we're not gonna get the same holiday week calendar issue that we do sometimes and then sure enough it happened took away the six seven profits and TGIF ended up being a loser so yeah it's these these big holiday weeks being going into those calendars have a tendency to suffer SPX poked its head up for a new high on day and then came back in I'm just doing a five seven or a six seven actually I forgot to put that on my my morning update let's take a look at the calendar for next week so Monday's closed so any three five three sixes three sevens are out yeah so I'll just do a six seven yep just a six seven for me you five seven or six seven or both my morning post here potential new trades six seven six seven like to put those on at 215 we tight range for SPX so far 11 points yep I'm doing a six seven yeah on Friday sorry not today getting ahead of myself it's the last day of August not not the last day of the week no calendars today I'm getting a little tiny bit of decay on the AM ratio too much let's see alright so we got a ndx it's pushing up towards its break even I'm gonna go ahead and add a calendar on that one and that into a double so I'm adding a 15 625 call calendar on our ndx calendar alright just posted that ndx trade in the calendar channel SPX kind of drifting higher S&P up 10 NASDAQ up 50 rustle up eight Dow up 108 alright decay are you getting nervous yet have you picked out my my shipment looks like dick K is not on anymore I mean I'm not eating my seafood yet but I am I'm sniffing it sorry I had to step away for a minute when I was looking at the puts they're not the other right around 50 I'm gonna wait there was a little bit less than 50 on mine I need to be trading under 17 only trading yeah right around 17 a little bit a little bit above so I'm gonna wait my Thursday quiet lunch is gap up max point to gap down max point five gap move up max point two so we'll see where it's at but we do have the dick K special coming up here in about 15 minutes I don't have a VIX filter on mine it's in the trade playing Chris it's on the sheet my friend that is there so it's just a click away the dick K special is exactly like dick K is dick K special except I don't do as big a size as he does so here it is so or here I'll there's my dick K special did I add a Thursday quiet lunch mid month maybe I did Chris let's see find it oh wait a minute that's interesting my back test I'm looking at for my quiet lunch Thursday shows entering Monday Tuesday Wednesday Friday so that doesn't work that's not what I'm looking for I thought there's a quiet lunch Thursday I had though it's like quiet lunch except for Thursday all right so maybe I'm not doing a quiet lunch I think I may have accidentally I must have accidentally added that to my sheet right so no quiet lunch yeah I got nothing else on Thursday dick K special and then power hour unless Tim just posted something on Thursdays is there anything in there let's see there's the he's got his 1025 overnight VIX move up minimum of 4% so that wouldn't qualify he's got a and learn condor P2H gap down max 0.5% move up minimum 1% okay that's not gonna qualify most likely his quiet lunch Thursday VIX overnight move up minimum 2% so I don't think I don't see anything good for Thursday our 6C short strangles coming in showing some profit we've got an ES hedgehog that I think eight days left on yeah so we'll take that off tomorrow or well looks like it's showing not too much risk and potentially holding we'll see what that I think did have a nice profit but this big rally took that away I actually have a Costco trip plan this evening as well I'm gonna wait till aftermarket close though it's big Costco day huh Thursday's Costco day yep I saw that Michael Todd but wouldn't qualify assuming unless we have a big well yeah the VIX overnight move didn't disqualifies that but if you use Instacart Trader Bianca you miss out on all the impulse buys that it sucks you into which is my favorite part I bought a set of like $2,000 cutco knives on an impulse buy at Costco was on display I bought a Traeger smoker at Costco on an impulse buy oh yeah kids love the samples for sure that's the only reason they they like to go I'm starting to see some decay about 25% on the AM ratio I'm not sure I've ever left left Costco with less than a $400 tab all right my friends I'm gonna put on the dick case special here in about 10 minutes and we'll sign off for the morning but get that on before we go disappointed dick case not on here you didn't want to hear it with the market being up I think is what the deal is are you signed in under your wife's name on zoom I don't see you though I've had got it so are you getting nervous yet dick hey mark it looks strong kind of grind and grinding to get my spreadsheet ready I'm still using my spreadsheet entry for the dick case special like you know like using it better than the templates once you enter you set up saved orders so you can just submit them saved orders in the in toss or on your spreadsheet okay yeah what I've what I've been doing is just entering with the with this with the first triggers three OCOs with off the spreadsheet and just closing out the the shorts and then as soon as the you know if I hit a profit target then I'll just if the if the longs have any value then I'll just close them yeah vixen the 13 handle need to get these traders back from their summer vacations kids are back to school let's get in there create some havoc get this volatility pump back up no I don't I don't have that filter I mean I'll look at it I just have the max 30 I just think in lower lower premium environments the Rick I mean I know there's I know there's periods where it has not done well but I you know selling premium in low premium environments doesn't work as well as high premium so theoretically buying premium like Rick should work well just you know assuming your other filters are on point so I don't I don't like the minimum vix filter for that one but I'll let's just a theoretical comment so I haven't I haven't done enough testing on that to show the the back test I mean it I know it filters out a lot of trades well I'll bring that back after we get into DKS my DKS reminder it's looking like 45 45 on the call side 45 30 probably on the puts maybe 45s on the calls 25s on the puts meet nice nice of you to grace us with your private presence today glad to see you can get away from your fancy new job or maybe he's just in the chat that could be 40 25 45 45 25 45 25 get 985 filled at 985 could be gone looks like you could have gone 45 or 40s on the call side I went to 45s so profit target number one is it 815 for me all right so before I go last thing I just want to let's look at the Rick minimum vix filter this is something I have not looked at at all for my plan for September yet so here's my standard Rick max vix 30 vix overnight moved down minimum 0.25% so if we just add a minimum vix of what you say 15 I've got 85% win rate 9.9 Mar 9% win rate 10 Mar does test better let's see overall profit 141 versus something else I was just getting ready to check what was it what was what was oh yeah number of trades yeah okay so that went that went down a little bit which is fine better results less trades that's a good thing let me see where is I can find what other filters or what other differences did Tim have I think he I think he was choosing different deltas too wasn't he okay he's got different ones for Monday different ones for Tuesday Wednesday different one for Thursday so he goes 55 20 30 35 55 20 30 let's see what that does okay so without the filtered actually does a little bit worse on my standard one yeah so it looks like I like my deltas better yeah yeah so I'm not I'm not sure what Tim was not sure what Tim liked about the the difference in deltas but like the original 50 20 35 35 but you can't argue with the minimum vix 15 filter that just means I'm not gonna be able to trade Rick if premium stays low though in Rick we've we've grown a bond you know Rick you're just gonna have to stay on the shelf I guess until volatility comes back up all right that just means less Rick memes I guess I do what you got to do all right cool thanks coven that helps save me some time going through different stuff in my Rick planning for September t1 for DKS is at 815 spreads currently trading at 870 865 getting some pretty decent little quick contraction there all right my friends I'm gonna jump off here we'll be back for power hour to end the month with a big win and to settle this bet between the Bollinger band master and me all right guys take care see a power hour