Michael Petryni
1 min readAug 30, 2023

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If the buy is on the open of the call or put then the stop is the low of the day. If stopped out usually the other side is now long above the open. Or if both are below the open because of theta, and stopped out I start looking for a LOD signal. The stop on the LOD signals is another low of the day.

I don't think I've stated it explicitly but I do have a bias to go in the same direction as the NYSI but not always since a counter trend to the NYSI can be a 100% winner.

I used to post multiple percentage profit targets and stops when I was posting on twitter in "real time" but I don't think that's helpful since it really isn't real time by the time I'd get it posted..

Yes, I have levels during the day but they vary according to what the market is doing. Really these signals are mostly a context to trade.

I've posted charts with the high of the day and a "trusted" indicator to see if anyone has noticed it is just as valuable as the low of the day with the same "trusted" indicator.

I don't know what to think about your comments on the inconsistency between the NYSE versus the S&P. How inconsistent is it? Enough to really matter given that the options trade is always a day trade?

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Michael Petryni
Michael Petryni

Written by Michael Petryni

Journalist, film critic, screenwriter, proprietary trader seeking simplicity in trading. https://thegodoftrading.medium.com/subscribe

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