 Almost time for the bell, how many options will you sell? Fire up your platform, get ready to enter But first, let's get the mindset centered Let's trade it, have success, find what works for you and forget the rest Stats and probabilities is what we're about Time to dismiss greed and doubt, focus on the process Not the money and the profits will flow like honey Let's start the show, come on trade hackers, get ready to go Zero day options, time to make bank Get locked and loaded, then be ready to play What's up everyone, welcome to Power Hour Live September 26th on a Tuesday Hope everyone is well The bleeding continues, S&P down 67, NASDAQ down 235 Russell down 19, Dow down 429 Gold and silver lower by a percent Notes and bonds a little bit lower Oil and natty gas a little bit higher Grain's pretty flat, Euro and the pound a little bit lower Bitcoin a little bit lower and VIX up almost 12% Approaching 19 I took the AM ratio, quick exit today, that was a winner Took the DKS, that was the winner And that's all I took, actually I did do some discretionary JSP's right around here And was about a tick away from hitting my profit target and rolled over I ended up scratching them or booking a little profit But that's about it for zero DTE for today So up a couple of K coming into Power Hour Gonna buy some longs, just buy some calls Recycle my puts from this morning It's like we're gonna have a little five wide strangle for Tronche 1 This holds here, it'll be the 42.75, 42.70s Currently at new lows of day 75.70s, trying to get 8.20 Filled at 8.20 for Tronche 1 So right before we came on here, I'm trying to figure out what I want to do with my DX calendar, VIX up 12% Don't really want to add another calendar here So the options are you could close it, I'd be taking a small loss I was also looking at adjusting with a butterfly Broken wing butterfly, which I think I may do I've got three contracts on the NDX calendar And I'm only doing one fly, so Depending on your position size, you may not be able to do this exact thing But it kind of flats out the teaser line Gives you a little bit more time So I'm gonna go ahead and do this, get it out of the way A little direct way, post that in the You get a big bounce tomorrow, I wish I hadn't done this But I gotta protect the downside here In my opinion Alright, just posted that in the calendar channel Got a 2-3 on that went in the red Also the 1-2 that I put on this morning Went into the red a little bit So I'm gonna bounce back tomorrow for those to profit Also took off a time fly earlier That the one that we entered as a package With the calendar and the fly Took that off, hit profit target This one is not a profit target, but it's up a few hundred It looks like, or it's up a little bit Put on a new duck today in SPX We've got a duck in the queues that is Hovering around our exit point Sold some premium and IWM Added another VIXX vertical VIX over 19 My how things can change quickly my friends We were at 12.68 in VIX about 1, 2, 3, 4, 5, 6, 7 trading sessions ago Like the IV percentile on the yearly indicator Is just now approaching 50 To get that thing up to the highest volatility We've seen in the year We're gonna have to see some more serious downside So at the beginning of the year I marked the expected move on my chart For the year To the upside it was around 46.80-ish We got all the way up to about 46 So 5 We've kind of rolled over since then Expected move on the lower end Close to 3,000 Needed to get out of the office today On a beautiful 74 degree day So I walked about 6 blocks to this area We call the river market It's all kinds of restaurants and Kind of your normal food market, outdoor market Stopped by Casey Taco Company And had some delicious Lobster Tacos On a Taco Tuesday So there's your lunch update That I know you guys are always interested in Yeah, Lando, you're just talking about Casey Taco Company Yeah, Lobster Tacos, they were good Good, good, good Definitely gonna have to go back and retry those again Make sure they're as good as I remember Ooh, scratch the quesadillas I gotta do some quesadillas on the Blackstone That's a good idea I haven't tried that yet My brother was telling me he made some Smash Burger Tacos On the Blackstone Where you basically put a tortilla down Oh no, you put the burger down Smash it Sprinkle some cheese on it Throw the tortilla on top of that Let that cook, flip it over Toast the other side a little bit And then put your stuff in the taco Mmm, sounds good, Wuga Alright, catching on a little tiny bounce Off the 42.70 and a half level Never come into power hour on an empty stomach, Wuga Lesson number one about power hour Yep, I'm on the 75.70s On my strikes I got filled at 8.20 8.20 Maybe a percent would be about 4.90 So if we get to 4.90 I'll reduce my stop per tranch 1 Tranch 1 currently trading about 7.10 Getting a little decay coming in How did everybody else do today? I saw a couple people ended up jumping in some ducks Didn't To pick up a gap down for me So I didn't get in, gap ended up in .57 So not too much over that .5 But I passed on the duck And the, well the JSP's never would have qualified either Quiet, lunch didn't qualify My iron condor didn't qualify Did you guys escape the duck, stop out? Never did it mark the expected move on my chart here Let's see, it was 27 to start the day So 9.36 to the upside So we're a little above the expected move to the downside Tranch 2 in about 5 minutes Like the 80s, 70s maybe Buying some longs for Tranch 2 A few minutes here before Tranch 2 If it holds here, it looks like the 80s and 70s 10 points wide Yeah, yesterday was a good power Got stopped out of So Tranch 1 and Tranch 3 were essentially almost You know, max winners when Take them off at 5 minutes, pretty close Tranch 2 got stopped out in about 2 minutes after we entered Yeah, the old B-pop slap dip got that one Alright, 80s, 70s, Tranch 2 Tranch 2, 10 wide 80s, 70s I guess I don't have my right template set up Trying to get 5, 10 Filled at 5, 20 For Tranch 2 Yeah, that last 5 minute bar J-Trade It ran pretty quick So getting out at 5 minutes Till the bell was the perfect for yesterday Yeah, that'll tend to hurt your feelings When it just rips your heart out like that At the last minute But there, you know, there are no feelings in trading Just like there's no crying in baseball Feelings don't matter in trading Alright, Tranch 1's trading at 680 I'm looking for 490 Tranch 2, I got filled at 520 So I'll be looking for 310 To reduce my stop on Tranch 2 New fresh lows on the day, 4270 Hey, Nick, welcome Glad to have you Yeah, so I always enter the longs first Just so I have that buying power reduction Already in place And then I just, from that point on I use the order templates in TOS So I don't know if you use TOS Or what broker you use But if you use TOS, you can check out the In the course, zero DTE course channel A video and some examples of the order templates And so once I have the longs on As soon as it's time to enter the actual trade I just enter the shorts along with the OCO orders That includes the stop and the profit target And the profit target set at like 90% And that's really just there So that when it gets time to close the trade It's easy to have that limit order there To kind of adjust to get filled As you'll see towards the end of the day here And there are no silly questions, Nick So ask away And that goes for anybody If there's anybody new here We just, you know, once we get in a trade There's a lot of downtime So we just kind of chit chat But if there's any real questions Or real things you want to talk about Feel free to post Yeah, I always recycle the longs If they're available Like today I had some I already had my put Like these long, these long calls down here 4,400 strike, that's a little bit far away They weren't going to really give me much So I bought 10 new longs For the Trunch 1 But on the put side I already had 12 puts That were close enough That they would already give me the relief So when I got into Trunch 1 I didn't even buy any longs Because I already had them from earlier So yeah, anytime we can recycle We are very environmental friendly Around here, we like to recycle 4,268 new lows on the day Five minutes until Trunch 3 And then Nick, I think you probably understand this But then, you know, from that point on The longs are pretty much worthless So we just let those expire Yeah, you'll never get filled Because those, once they have zero bid A stop won't fill And your limit order won't fill If there's no bid So yeah, I just got to manage those shorts See, if you look at the longs That I bought for both Trunch 1 and Trunch 2 They're both zero bid at this point So those are definitely Don't want to be trying to fill an order That includes those longs Or they're too far out of the money at this point That is why you paper trade, my friend That is why you paper trade Get those mistakes out of the way Nice I love to see the light bulb moments Many more to come, hopefully Alright, Trunch 3 coming up I'm going to buy some more longs for Trunch 3 So what I do is I go out and buy the 5 cent Longs Sometimes I'll buy the 10 cent longs on the put side But these 5 cents are close enough That might as well pay less Alright, so I got filled on the longs for 10 cents So now I just, when I enter the order I'll enter it just the shorts And the shorts for Trunch 3 Looking for the closest to 2 bucks It looks like it's going to be the 75, 65s Give it another minute Oh yeah Yeah, that's very true trader Bianca Don't you worry, you're not going to You're not going to get all the mistakes out of the way Paper trading But if you can get a bunch of them out of the way That's a big deal S&Ps down a cool, 71, 50 Puts are right between 65s or 60s Go with the Looks like the 75, 60s Lower premium but wider It's closest to Trunch 3, 15 wide I get filled at 255 Filled at 255 for Trunch 3 75, 60s Nick, what do you mean they don't handle Option expiration properly? By the way, I would be a little cautious Of using Trader for zero DTE They don't have their OCO orders set up yet They're working on it but My Trunch 1 Stop is at 12, 20 Trading at 6, 60 Trunch 2 stops at 8, 20 Trading it a little under 6 bucks Hmm Yeah, I haven't let The only thing I've really traded on Trader Is butterflies and calendars And I never let those expire I haven't experienced I don't have any experience in that But if you buy an option For 5 cents I mean you can't Can't lose more than 5 cents so I'm not sure what the deal is there What kind of program is it Like a Python based program Or I've been using trade hoc By the way, if you haven't heard I've mentioned it a couple of times But we'll be posting More details about it But we've got a A web class on October 12 Thursday October 12 After the market closes So 330 Central With Lex Who's the creator of trade hoc So trade hoc and tradier We'll be doing a A little webinar with them That's cool Nick, I'd love to Once you kind of get that All good to go Or maybe it is Love to hear or see more about it VIX up to 1940 Look at that little VIX go Ivy percentile on VIX Reaching the 93 level Okay, that's cool So it is it automated Like it's actually entering the orders Based on the option of make it time Or okay, nice Tronch 1 is trading at 625 I'm looking for 490 Tronch 2 is trading at 512 I'm looking for 310 to reduce my stop We are just above 4,500 in SPX A little over a week ago Now we're at 4,270 How about that? Need another buck To come out of Tronch 1 to reduce my stop A little over a buck and a half To come out of Tronch 2 I think SPX hurt us Hurt us screaming for some premium A zero DT ears You want some premium, do ya? Boom, there you go Although 5 wide Tronch 1 is nothing As we that we're trading last year now A little more of a bounce Should get us down to 490 on Tronch 1 Those are the 70-75 strikes So if we get up to 72 Should get us down to that 490 If Tronch 3 is in decent position I'm gonna let it go to expiration So if it's fairly centered I'm gonna play the expiration game on that one That was part of my trade plan for the month If it was a strangle And if it was fairly centered I could use my discretion to Take it off 5 minutes to the bell Or let it go Haven't done it once this month Maybe today is the day Yesterday would not have been a good one With that last 5 minute rally But today is a new day, Elliott What do you mean you can't believe it? You do it all the time The back test shows Over many occurrences You're better off letting it expire I don't think we need to go much lower here Mr. SPX, you put in a nice low of the day Cooking quesadillas during power hour? You are a multitasking fool Good call, Meach Bring out the good stuff for the dipping sauce But stick with the paper plates We broke out the expensive china for the salsa Alright, where are we at here? Tronch 1 is at a little over 5 bucks Oh, that's close If it gets down to 490 I'll change my stop to 790 Little tiny bounce will get us there 495 485, right, there it is Changing my stop to 790 On Tronch 1 Tronch 2 I need 310 It's currently trading at 390 That's the 70-80 strike So a little bounce up to about 75 I wouldn't even have to bounce that high 75 is a good number 73 4273 It just rolls off your tongue Really nicely Tronch 2 down to 380 I need 310 A little more bounce will get there It gets down to 310 I changed my stop to 510 345 340 330 315 305, there we go Changing my stop on Tronch 2 to 510 Trash your mouth, Anil Talk that rubbish 4273, I think is what you meant to say Yeah, I like the old stop reduction I like the fixed stops The first month I used them in August This is just from memory But I think I may have been saved by a fixed stop versus a trailing stop I only remember one day But September It's saved me quite a few times I'm getting stopped out just from those of you who use trailing stops Posting that you got stopped I got saved, so I like the fixed stops But I also like the 40% being able to reduce those It takes a little It takes a little of the edge off Tronch 1 is trading around 4 bucks Tronch 3 is trading at 230 We're approaching the upper strike Tronch 3 Tronch 2 is trading down to 250 15 minutes till the bell 10 minutes until I close at least part of my position Tronch 2 It's 10 wide So that one could be a possibility as well We'll see where we shake out here in the next 10 minutes That's a good idea, I got an Apple watch on I'm going to do that right now Let's see, how do I do that There's a heart button, I bet that has something to do with it Okay, so my heart rate currently is measuring I'm at 96 beats per minute right now 93 79 Is that real? Seems a little low 81 76 Anil, are you like walk pacing? 72, 73 is where I'm at Like a dick K at 68 Coming in, just a pinnacle of health, the machine Does he even have a heart rate? He just has like chips pushing blood through his streams I just jumped up to 87 What about how fast you can go from low to high? Is that good? Is that a good metric? Now if I could just keep it on without having to tap it every 2 minutes A little over 10 minutes until the bell Ooh, I love Utah Park City Used to go there I went there every year for about 12 years straight skiing Didn't go last year Dear Valley, that's my favorite Getting a little down move, need to pop back up above that 42.70 would be ideal Here in the next 5 minutes My trunch 3 is 75 to 60, so Looks like the one I'm going to be leaving on Oh boy, my heart rate just jumped up to 92 It's getting crazy I'm about to get wild Let's start talking about leaving it on it My heart rate jumped Let's see, where's my bids at here 20, 30, oh yeah Got some bids 42.60 is getting down there So I'm definitely taking off trunch 1 Go ahead and put that Trunch 1 at 230 For now It's going to have to come down here in the next couple of minutes for me to leave trunch 3 on But maybe I go with trunch 2 Which is the 70, 80 Trunch 1 orders at 230 It's currently trading at 260 I'm going to kick trunch 1 up to 250, try to get filled on that one I filled it 245 for trunch 1 What to do here Trunch 3 is not I'd have to come down, it's just sitting at the upper strike so I'm going to take off trunch 3 as well Trying to get filled at a buck 25 Partial fill at $1.20 Filled at a buck 25 on trunch 3 So trunch 2 is going to the bell boys and girls Let's go It's trading at 80 cents I'm going to put my limit at 10 cents How about that Just in case I need to wiggle out 3.5 minutes Okay cool 79 BPM Down to 55 cents 2.5 minutes Heart rate 94 91 This isn't giving me much of a It hasn't moved so That's okay on the old heart 35 cents Bring this Bring it down to 5 cents I don't think that'll even fill Let's see 10 cents is minimum I just got rejected That's why 10 cents is minimum I just got to stop now 1 minute to go Heart rate 79 I don't know what the big deal is Elliott This thing hasn't moved Isn't this how it works every time 83 5 4 1 Beautiful That was on my biggest tranche too Even better That tranche alone was good for 8,320 Let's see I may have set a new record for myself For power hour here today my friends So let's see Tranche 1 got in at 820 Out at 245 20 minus 245 So tranche 1 Was good for 5,750 I think I hit a new record here And then tranche 3 Got in at 255 Out at 125 We'll call it 255 Times 14 Good for 1820 Plus 5,750 Plus 8,320 Total take today On power hour 15,890 I don't know if that's a record or not I can't remember I know I've had some I think I had a 16,001 Yeah I think I've had a 16 something But I think this is top 3 Sweet Love it Yeah less the longs Of course So that'll settle out So call it 15,000 Alright my friends good stuff Was it 18 Decad? I don't know that might be right Anyway Good good Alright so tomorrow Is the 27th Alright so we'll be streaming live Zero DTE At the open And then we'll be back for power hour So both times tomorrow Alright my friends have a good day Have a good night Talk to you soon