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One thing that some of us are doing when the vols are really low especially below vix of 14 we switch to calendars. It allows us to trade while the vix is really low and they have been working pretty good. Last week the grind up has made it challenging but that's just part of making money.

Yeah, I remember someone at Fidelity say they only charge for one leg but didn't really understand and thought I misunderstood it since I only placed trade so far. I'll keep my eye on that.

Who is they? Fidelity doesn't charge to close a option that is $.65 or lower in value. Not sure what Schwab does.

I just put one in analyzer and locked the price. Then saved it. Will save any adj. Let me know how your trade does.

Right I don't either as of now. Did you do some SPY trades?

If I can't use SPY then I will trade it at Fidelity. They only charge $.50 per contract but as you know their platform is just past stone age. One of my friends is moving some of his accounts Schwab because they offered the same commission and he hopes they one day roll it into TOS and drop...

Thanks for the info. The thing about limited commissions is why would you ever let it an ITM option go to expiration if you can close it for free. I set up one of my BWiFly trades on TOS on SPY as a test. I really don't have rules about how wide the wings are because I look at the T-0 line and...

Before Christmas I talked to Scott Sheridan one of the partners on TOS before they sold and works with Tasty Trade and he suggested SPY to me. The only thing I don't like is they charge $1 per contract to open and zero to close on SPY but they don't have any limit on commissions. So you can...

$97k less commissions.

Your explanation was better than mine about 1256 status. Last year I spent over $15k in commissions at $.65 per contract. 90% of my trades were in the SPX. If I can lower that to a max of $60 per month that would be a tremedous effect on my costs assuming that the SPY works similarly to the...

What I am saying in there is no difference in the retirement account but there is in reg account. Trading the SPY in the reg account forfiets the 1256 tax advantage.

Some of the other brokers are offering a max commission of $60 per month on SPY so trading 100s of contracts of SPY would cost less than a 10x butterfly in SPX since I rarely let them go to expiration. I would only do the SPY in the IRA accounts because you lose the 1256 tax advantage if done...

Absolutely but managing your costs is important to any business.

Simple summary that I feel I can share. SPX BWiFlies when the vix is over 15 and Calendars when it drops below 15 as a general rule. Mostly 14 to 30 days out. Adjust when it hits certain designated points. Has lots of family accounts so that really adds up. We were both at $.65 per contract...

Last year I traded almost 2,000 contracts per month and they wouldn't go less than $.50. The person I know trades almost 3x the amount I do.

I know someone who got $.45 from TDA based on his volume and amount of money in multiple accounts. I am at $.50 too. Has anyone looked at trading SPY instead of SPX. The commissions have changed to the point it looks like it could be really inexpensive to trade SPY.

Has any analyized replacing SPX with SPY? Based on their pricing you can trade SPY unlimited contracts for $60 per month. $500 per year is pretty good saving if the perform similarly.

That is strange. Maybe they got tired to telling the 3 month story and decided to just tell people they aren't accepting IRAs at this time. I was looking at their website and was wondering about this. https://screencast.com/t/KwCXeOJapGIh

I called Choice Trade and they are not opening any IRA accounts at this time. Only individual, joint or corp accounts.

Is your PL the same on TOS as it is in Fidelity? Mine is off by more than $600. Same trades and same prices for the calendar spreads.