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Re: [listmg] Trading Options

From: James De F.
Sent on: Sunday, March 24, 2013 8:33 AM
Steve. How about volunteering to take the minutes at Thursday night's meeting?.
In a message dated 3/23/[masked]:12:04 A.M. Eastern Daylight Time, [address removed] writes:

From the Greenwich CT VV Users Group:


“…we reviewed the guidelines (see the attached  file) for the Systematic Covered Writer trading system a few of us are now using. It has been almost a year since Stan introduced us to the Systematic Covered Writer and he was kind enough to share his results (via email) of positions he has closed over this time frame. The results were quite consistent and very impressive. Don reports that he started using the system about one month after Stan and has had very similar results for his closed positions to date. We are looking forward to seeing Stan at our April 13th meeting for a further update on this system. If any are interested in learning more, please go to”







Initial Positions

·       15/15 Rule

·       ITM calls 4 to 6 months out

·       Start with 100 shares (small positions/heavily diversified)

·       Up to 10% in Short-Term positions – 5/25 Rule



·       Prefer $1 increments in strikes below $50, $2.50 above

·       Will do $2.50 below $50, $5 above if have LEAPS

·       Generally requires 40% plus Implied Volatility


Stock Selection

·       Prices between $12 and $65

·       RV>1.00; GPE>1.00 on most

·       Reasonable spreads/volume



·       Primary Rule – Always take net cash out when rolling

·       Roll out – get target bid when possible to assure 15% annual return

·       Consider rolling down and in if stock drops by over 20%, but roll to a strike price above current stock price


Interim Positions

·       Strike price below Initial Position strike


·       Roll when Time Value drops below $0.30

·       Roll up and out when possible, with eye on return

·       If no good returns are available for rolling, do Combo Buy Back and Roll Out – doubling down



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