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Options Pro Strategies & Defense Tactics

Webinar Topic: "Delta Hedging With Outrights"

Presented by John F. Summa, Ph.D Founder & President, OptionsNerd.com, LLC

Copyright 2010 OptionsNerd.com, LLC

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

STRATEGIES OVERVIEW

Iron Condors

Diagonal Spreads

Call Options Credit Spread + Put Options Credit Spread

Short Front Month Options + Long Back Month Options

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

DEFENSE TACTICS OVERVIEW

Iron Condor Defense (Adjustment) Tactics:

Butterfly Roll (Puts/Calls) Butterfly Ratio Roll (Puts/Calls) Asymmetrical Butterfly Roll (Puts/Calls) Delta Reversal Roll (Puts/Calls) Dynamic Delta Hedging (Puts/Calls) Layered Vertical Debit Spreads

Bull Call Spreads (Ratio Layering) Bear Put Spreads (Ratio Layering)

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

DEFENSE TACTICS REVIEW

Case Study: Delta Hedging An Iron Condor

(AKA Covered Strangle)

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

IRON CONDOR PROTOTYPE E-mini SP Futures Options

Calls Spreads: -5 OTM +5 FOTM

Plus Condor Premium Collecte d= $600

Puts Spreads: -5 OTM +5 FOTM

Net Credit Put Net Credit Call Spreads Spreads = $300 Calls + Puts = $300

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

DEFENSE TACTICS REVIEW Iron Condor Example

Feb Iron Condor (March SPs = 1132)

Call (Credit) Spread (.4 P.Delta/DTE=37)

Sell 5 Feb 1190 Calls @ 4.25 Buy 5 Feb 1200 Calls @ 3.00

Net Credit = $1.25 ($62.50 x 5 = $312.50) Max Loss = $1,875

Put (Credit ) Spread (.4 P.Delta/DTE=37)

Sell 5 Feb 1080 Puts @ 9.50 Buy 5 Feb 1070 Puts @ 8.25

Net Credit = $1.25 ($62.50 x 5 = $312.50) Max Loss = $1,875

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

DEFENSE TACTICS REVIEW February Iron Condor P&L

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

DEFENSE TACTICS REVIEW: Condor Hedging Tactics

Iron Condor Delta Defense Tactics

Short Delta Hedging with Long call(s)

Buy in FOTM calls (Debit)

Get Flat or Get Long Delta

Long Delta Hedging with Long puts(s)

Buy in FOTM puts (Debit)

Get Flat or Get Short Delta

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

DEFENSE TACTICS REVIEW

Short Delta Hedge: Buy 1 Feb 1210 ES Call

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

DEFENSE TACTICS REVIEW

Short Delta Hedge: Buy 2 Feb 1210 ES Calls

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

DEFENSE TACTICS REVIEW

Long Delta Hedge: Buy 1 Feb 1010 ES Put

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

DEFENSE TACTICS REVIEW

Long Delta Hedge: Buy 2 Feb 1010 ES Puts

There is risk of substantial loss trading options and futures. Trade with risk capital only. Past performance is not a guarantee of future results. This is not an offer to buy or sell any security or commodity interest.

-The EndLearn More About OptionsNerd.com's Next Defense Tactics Seminar (January 30-31 in Burbank, CA) Click URL Below For More Info:

http://www.optionsnerd.com/OptionsProStratPakSeminar.htm

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