{"id":19057,"date":"2012-05-24T12:25:06","date_gmt":"2012-05-24T16:25:06","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=19057"},"modified":"2023-04-18T09:00:42","modified_gmt":"2023-04-18T13:00:42","slug":"longer-term-broken-wing-on-spxpm","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/longer-term-broken-wing-on-spxpm","title":{"rendered":"Longer-Term Broken Wing on SPXPM"},"content":{"rendered":"<div>\n<p><em>This post is another in a series tracking the hypothetical performance of broken wing butterfly trades selected by Greg Loehr of Optionsbuzz.com.<\/em><\/p>\n<p>Over the past several weeks I&#8217;ve been selecting and tracking hypothetical broken wing butterfly trades, in real time, using the weekly options.  I was using AAPL, SPX and most recently SPXPM, and all six trades produced simulated profits ranging from 1% to 31% over those weekly time frames.  Not bad at all.<\/p>\n<p>But now I&#8217;m going to track a trade on SPXPM using the regular expiration June options, which have 22 days until expiration. \u00a0The trade I&#8217;m following is the 1250-1240-1220 put broken wing butterfly for a credit of $0.65. \u00a0The max theoretical risk is $9.35, but that loss should never be reached if managed properly. \u00a0If the market sells off, this trade can work out very nicely depending on the speed and timing of the drop. \u00a0And the worst thing for this trade would be a hard sell off in a very short time frame.<\/p>\n<p>If the market stays above the 1250 strike by June expiration, then the credit would represent a profit of 6.9%. \u00a0Here&#8217;s a look at the stock chart:<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/05\/SPXpm_chart_052412.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-19060\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/05\/SPXpm_chart_052412.jpg\" alt=\"\" width=\"529\" height=\"271\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/05\/SPXpm_chart_052412.jpg 1101w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/05\/SPXpm_chart_052412-300x153.jpg 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/05\/SPXpm_chart_052412-1024x524.jpg 1024w\" sizes=\"auto, (max-width: 529px) 100vw, 529px\" \/><\/a><\/p>\n<p>I use basic support and resistance when looking at a chart for technical analysis. \u00a0With the market having sold off recently, and with the support I see around 1,270, a bounce in the market would be a good thing for this trade. \u00a0And a move down to 1,270 over a few days would also be good.<\/p>\n<p>Now, what I&#8217;m going to track differently on this one, besides the fact that the time frame is longer, is that I&#8217;m going to track the hypothetical results on a trade putting 5% of a portfolio at risk, and another trade putting 1\/3 of a portfolio at risk. \u00a0Position sizing is a key component I discuss with my mentoring students from the Broken Wing Butterfly video series. \u00a0While putting 1\/3 of a portfolio into an option trade seems risky, and it certainly can be, I know money managers that do just that because they are completely comfortable understanding the real risk of the trade, how much market movement is needed before they can get hurt, and how to adjust the position if necessary.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/05\/SPXPM_riskgraph_052412.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-19061\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/05\/SPXPM_riskgraph_052412.jpg\" alt=\"\" width=\"509\" height=\"192\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/05\/SPXPM_riskgraph_052412.jpg 909w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/05\/SPXPM_riskgraph_052412-300x113.jpg 300w\" sizes=\"auto, (max-width: 509px) 100vw, 509px\" \/><\/a><\/p>\n<p>I&#8217;ll be back later next week, or as market conditions dictate, and let you know how this trade is going.<\/p>\n<p>Trade safe!<\/p>\n<p>Greg Loehr<\/p>\n<p>Optionsbuzz.com<\/p>\n<p><em>Please note: Hypothetical computer simulated performance results are believed to be accurately presented. However, they are not guaranteed as to accuracy or completeness and are subject to change without any notice. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Since, also, the trades have not actually been executed; the results may have been under or over compensated for the impact, if any, of certain market factors such as liquidity, slippage and commissions. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any portfolio will, or is likely to achieve profits or losses similar to those shown. All investments and trades carry risks.<\/em><\/p>\n<p><a href=\"http:\/\/www.cboe.com\/resources\/intro.aspx\" target=\"_blank\" rel=\"noopener\">Risk Disclaimer<\/a><\/p>\n<p>No relevant positions.\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>This post is another in a series tracking the hypothetical performance of broken wing butterfly trades selected by Greg Loehr of Optionsbuzz.com. Over the past several weeks I&#8217;ve been selecting and tracking hypothetical broken wing butterfly trades, in real time, using the weekly options. I was using AAPL, SPX and most recently SPXPM, and all six trades produced simulated profits &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/longer-term-broken-wing-on-spxpm\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":904,"featured_media":19061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1377],"class_list":["post-19057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-comments-2","tag-l"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Longer-Term Broken Wing on SPXPM | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/longer-term-broken-wing-on-spxpm\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Longer-Term Broken Wing on SPXPM | SMB Training\" \/>\n<meta property=\"og:description\" content=\"This post is another in a series tracking the hypothetical performance of broken wing butterfly trades selected by Greg Loehr of Optionsbuzz.com. Over the past several weeks I&#8217;ve been selecting and tracking hypothetical broken wing butterfly trades, in real time, using the weekly options. I was using AAPL, SPX and most recently SPXPM, and all six trades produced simulated profits ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/longer-term-broken-wing-on-spxpm\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-05-24T16:25:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-18T13:00:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2012\/05\/SPXPM_riskgraph_052412.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"909\" \/>\n\t<meta property=\"og:image:height\" content=\"343\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Greg Loehr\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Greg Loehr\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/longer-term-broken-wing-on-spxpm#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/longer-term-broken-wing-on-spxpm\"},\"author\":{\"name\":\"Greg Loehr\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/eca1238be72d9e66123c20153cbd2158\"},\"headline\":\"Longer-Term Broken Wing on 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firm Susquehanna Investment Group. Loehr began his career on the floor of the Chicago Mercantile Exchange in Susquehanna\u2019s FX futures and options operation as part of a team supporting five currency option traders, as well as the firm\u2019s traders on the Philadelphia Stock Exchange and the London spot currency trading desk. His professional training came in the form of game theory, quantitative option theory and pricing, and position risk management, and he spent time training with the firm\u2019s founding partners before going on to trade the firm\u2019s capital for the next three years as an equity options market maker on the floor of the Chicago Board Options Exchange. Loehr co-founded Third Millennium Trading, LLC with a Susquehanna colleague after leaving that firm in 1995. He continued to trade on the floor of the CBOE and co-managed the firm's trading desk. He also was responsible for training the firm\u2019s market makers to trade the company\u2019s capital. After nine years as a member of the CBOE, Loehr left the trading floor. In 2004, he discovered his passion for sharing his knowledge with others, teaching options strategy, and has been teaching online courses and weekend seminars ever since. Loehr\u2019s approach to options education breaks down \u201ctheory to tactics\u201d as he details the core skills used by every professional on Wall Street into useable and practical details we can all follow. Loehr has taught thousands of students through webinars and in-person seminars throughout the US and around the globe including Ireland, England, Dubai, Canada and Australia. Loehr earned his J.D. from The John Marshall Law School in Chicago, IL; and he holds the RG146 license from the Australian Securities Investment Commission.\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/author\/gloehrroadrunner-com\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Longer-Term Broken Wing on SPXPM | SMB Training","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.smbtraining.com\/blog\/longer-term-broken-wing-on-spxpm","og_locale":"en_US","og_type":"article","og_title":"Longer-Term Broken Wing on SPXPM | SMB Training","og_description":"This post is another in a series tracking the hypothetical performance of broken wing butterfly trades selected by Greg Loehr of Optionsbuzz.com. 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Loehr began his career on the floor of the Chicago Mercantile Exchange in Susquehanna\u2019s FX futures and options operation as part of a team supporting five currency option traders, as well as the firm\u2019s traders on the Philadelphia Stock Exchange and the London spot currency trading desk. His professional training came in the form of game theory, quantitative option theory and pricing, and position risk management, and he spent time training with the firm\u2019s founding partners before going on to trade the firm\u2019s capital for the next three years as an equity options market maker on the floor of the Chicago Board Options Exchange. Loehr co-founded Third Millennium Trading, LLC with a Susquehanna colleague after leaving that firm in 1995. He continued to trade on the floor of the CBOE and co-managed the firm's trading desk. He also was responsible for training the firm\u2019s market makers to trade the company\u2019s capital. After nine years as a member of the CBOE, Loehr left the trading floor. In 2004, he discovered his passion for sharing his knowledge with others, teaching options strategy, and has been teaching online courses and weekend seminars ever since. Loehr\u2019s approach to options education breaks down \u201ctheory to tactics\u201d as he details the core skills used by every professional on Wall Street into useable and practical details we can all follow. Loehr has taught thousands of students through webinars and in-person seminars throughout the US and around the globe including Ireland, England, Dubai, Canada and Australia. Loehr earned his J.D. from The John Marshall Law School in Chicago, IL; and he holds the RG146 license from the Australian Securities Investment Commission.","url":"https:\/\/www.smbtraining.com\/blog\/author\/gloehrroadrunner-com"}]}},"_links":{"self":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/19057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/users\/904"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/comments?post=19057"}],"version-history":[{"count":1,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/19057\/revisions"}],"predecessor-version":[{"id":53650,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/posts\/19057\/revisions\/53650"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/media\/19061"}],"wp:attachment":[{"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/media?parent=19057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/categories?post=19057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.smbtraining.com\/blog\/wp-json\/wp\/v2\/tags?post=19057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}