With the #NYSI rising, the “broken record” SPY options day trade focus is on the calls off the LOD for a 200% gain — 06/21/2023

THE SIMPLE STRATEGY

They say buying options is a “fool’s game” and day trading options is impossible. So let’s say right off — they are wrong about that.

TRADES are based on this simple day-trading strategy to be on the long side of the calls and puts for day trades; and referenced in this story — I told a guy how to make 100% day trading options and I doubt he believes me.

There are two key levels to trigger an entry into a SPY options day trade — the option strike’s open and the option strike’s low of the day (the LOD).

The open signal is clear and truly simple.

If the call options are above their open, buy those; if the put options are above their open, but those.

The LOD signal, on the other hand, is complicated.

Besides a low of the day on the option’s strike, the LOD needs another indicator one can trust to give better chance of following through to the upside and ideally being a signal taken on the last low of the day.

06/21/2023 — During the day…

Yesterday a follower, Diego Degese, asked:

Hi Michael, to determine if you have to buy calls or puts you use the $NYSI or you just buy the one that is positive after its open?