Below is a daily chart of Chevron Corporation (CVX).
Trade: Over the 30-Min. high, consider shorting Feb (2/9) $117/114 bull put credit spread (5 DTE) for mid-point but a limit of $.55/share (closed at $.65/share).
Technical Setup: -WRB on +Vol. to Major Support after extended selloff daily, far from 20-MA.
Option Strategy: Bull Put Credit Spread (BPS), Income Trade with 99% Implied Volatility Rank (IVR).
Stop Loss: $.50 below day’s low of entry.
TRADE WATCH IDEAS:
Below is a daily chart of Big Lots, Inc. (BIG).
We will be watching to see if reverses in the $56 area for possibly selling a weekly Bull Put Credit Spread (BPS).
Below is a daily chart of United Parcel Service, Inc. (UPS).
On Major Support and r200-MA, we will be watching to see if can hold these levels with the market and Transports for possibly selling a weekly Bull Put Credit Spread (BPS) with its 94% IVR.
Below is a daily chart of Apple Inc. (AAPL).
Although Friday was an ugly -WRB, approaching the r200-MA on +Vol. and the Oct. gap breakout area, we will be watching to see if can hold these levels with the market for possibly selling a weekly Bull Put Credit Spread (BPS) with its 94% IVR.
Below is a daily chart of ProShares Ultra VIX Short-Term Futures (UVXY).
As discussed in yesterday’s Video Chart of The Week, with a continued market sell off, we will be looking to sell an OTM weekly Bear Call Credit Spread (BCS) with its 100% IVR (possibly UVXY will move up and stall at the higher resistance area around $18, then we will look for bullish reversal in SPY).
See: https://mastertrader.com/video-profit-volatility-spikes-market-selloffs/
Miscellaneous Member Documents and Reminders:
Adjustments and Comments on Open and Closed trades in Master Trader’s Weekly Options Trader. Note: Our Trade Updates are timely posted in a separate Report in the Member’s Area. Please CLICK HERE to see that document for a current reflection on all Open and Closed Trades since the spreadsheet updates immediately and will always be more current than this e-mail update.
Please see Master Trader Guidelines for Trading the Open and Gaps in Member’s Area for rules on trade entry, gaps, etc.
Below is a link to individual videos explaining in greater detail the definitions of the main option trading strategies used by Master Trader in its advisory letters to generate wealth and income.
Description of Master Trader Directional and Income Option Trades can be seen HERE
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Adjustments and Comments on Open and Closed trades in Master Trader’s Weekly Options Trader. Note: Our Trade Updates are timely posted in a separate Report in the Member’s Area. Please CLICK HERE to see that document for a current reflection on all Open and Closed Trades since the spreadsheet updates immediately and will always be more current than this e-mail update.
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