Five Options Strategies Every Elliott Wave Trader Should Know · 2013-05-02 · Position 2 or 4 of...
Transcript of Five Options Strategies Every Elliott Wave Trader Should Know · 2013-05-02 · Position 2 or 4 of...
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Five Options Strategies
Every Elliott Wave Trader Should Know
© 2009 Elliott Wave International
Elliott Wave International, Inc.
P.O. Box 1618, Gainesville, GA 30503
(800) 336-1618 (770) 536-0309
Fax (770) 536-2514
www.elliottwave.com
Wayne Gorman
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© 2009 Elliott Wave International 2
First ScenarioRegular Flat or Expanded Flat?
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© 2009 Elliott Wave International 3
First ScenarioRegular Flat or Expanded Flat?
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© 2009 Elliott Wave International 4
Sell 1 OTM Call
Buy 1 ATM Call
Buy 1 ATM Put
Sell 1 OTM Put
Net Debit
Looking for Sharp but Limited Move in Either Direction
Relatively Longer-Term Strategy, 3 Months
Maximum Risk Capped at Net Debit
Maximum Reward Capped at Difference in Adjacent Put or
Call Strikes - Net Debit
Upper Breakeven: Long Call Strike + Net Debit
Lower Breakeven: Long Put Strike - Net Debit
Short Iron Butterfly
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© 2009 Elliott Wave International 5
Wave: Characteristics:
Function Reactionary / Countertrend Moves
Structure Expanded Flat, Regular Flat
Position 2 or 4 of Impulse Wave, B of Zigzag or Flat, X, Y, Z
Degree Relatively Low
Entry PointWave (c) of Wave b Zigzag
Favorable Implied Volatility
Prior to Entry Point at
Next Lower DegreeImpulse or Diagonal
Optimal Elliott Wave Characteristics for Using
Short Iron Butterfly
Rely on Elliott wave rules and guidelines.
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Second ScenarioSteady Continuation of the Main Trend or Choppy?
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© 2009 Elliott Wave International 25
Second ScenarioSteady Continuation of the Main Trend or Choppy?
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© 2009 Elliott Wave International 26
Second ScenarioSteady Continuation of the Main Trend or Choppy?
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© 2009 Elliott Wave International 27
Buy 1 OTM Call
Short Asset
Sell 1 OTM Put
Net Debit
Cautiously Bearish
Relatively Longer-Term Strategy, 6 Months to 1 Year
Maximum Risk Capped at Difference Between Asset Price Received
and Long Call Strike + Net Debit
Maximum Reward Capped at Difference Between Short Put Strike
and Asset Price Received - Net Debit
Breakeven: Asset Price Received - Net Debit
Collar with Short Position
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© 2009 Elliott Wave International 28
Sell 1 OTM Call
Long Asset
Buy 1 OTM Put
Net Debit
Cautiously Bullish
Relatively Longer-Term Strategy, 6 Months to 1 Year
Maximum Risk Capped at Difference Between Asset Price Paid
and Long Put Strike + Net Debit
Maximum Reward Capped at Difference Between Short Call Strike
and Asset Price Paid - Net Debit
Breakeven: Asset Price Paid + Net Debit
Collar with Long Position
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© 2009 Elliott Wave International 29
Wave: Characteristics:
Function Actionary / Main Trend
Structure Impulse or Ending Diagonal
Position 5
Degree Relatively High
Entry PointWave 7 of Wave 5
Favorable Implied Volatility
Prior to Entry Point at
Next Lower Degree Impulse or Diagonal [(c) of 7]
Optimal Elliott Wave Characteristics for Using Collar
Rely on Elliott wave rules and guidelines.
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Third ScenarioContinuation of Long-Term Trend or Swift and Major Reversal?
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Third ScenarioContinuation of Long-Term Trend or Swift and Major Reversal?
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Buy 1 ATM Call
Buy 1 ATM Put
Net Debit
Looking for Significant Move in Either Direction
Relatively Longer-Term Strategy, 3 Months
Maximum Risk Capped at Net Debit
Maximum Reward Uncapped
Upper Breakeven: Strike Price + Net Debit
Lower Breakeven: Strike Price - Net Debit
Long Straddle
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© 2009 Elliott Wave International 51
Wave: Characteristics:
Function Actionary / Main Trend (Continuation or Major Reversal)
Structure Impulse
Position 1 (Major Turning Point)
Degree Relatively High
Entry Point End of Wave 5
Prior to Entry Point at
Next Lower DegreeImpulse
Checklist
Satisfy Elliott Wave Rules and Guidelines
Fibonacci Price Target or Cluster
Fibonacci Time Target or Cluster
Favorable Implied Volatility at Entry Point
Optimal Elliott Wave Characteristics for Using
Long Straddle
Rely on Elliott wave rules and guidelines.
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Fourth ScenarioSideways Market
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Fourth ScenarioSideways Market
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Buy 1 OTM Call
Sell 1 ATM Call
Sell 1 ATM Put
Buy 1 OTM Put
Net Credit
Market Neutral
Relatively Shorter-Term Strategy, 1 Month
Maximum Risk Capped at Difference in Adjacent Put or Call Strikes - Net Credit
Maximum Reward Capped at Net Credit
Upper Breakeven: Short Call Strike + Net Credit
Lower Breakeven: Short Put Strike - Net Credit
Long Iron Butterfly
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Wave: Characteristics:
Function Reactionary / Countertrend Moves
Structure Contracting Triangle, Barrier Triangle
Position 4 of Impulse Wave, B of Zigzag, X (Y,Z)
Degree Relatively Low
Entry Point End of Wave c Zigzag
Prior to Entry Point at
Next Lower Degree Impulse or Diagonal [(c) of c]
Optimal Elliott Wave Characteristics for Using
Long Iron Butterfly
Rely on Elliott wave rules and guidelines.
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Fifth ScenarioDeeper Correction? Sideways? or Continuation of the Main Trend?
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Fifth ScenarioDeeper Correction? Sideways? or Continuation of the Main Trend?
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Fifth ScenarioDeeper Correction? Sideways? or Continuation of the Main Trend?
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Sell 1 ATM Put
Buy 1 OTM Put
Buy 1 Further OTM Put
Net Credit
Bearish
Relatively Longer-Term Strategy, 3 to 6 Months
Maximum Risk Capped at Difference of First Two Strikes - Net Credit
Maximum Reward Uncapped
Breakeven: Short Put Strike - Net Credit
Breakeven: Lower Long Put Strike - Maximum Risk Amount
Bull Put Ladder (Short Put Ladder)
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Buy 1 Further OTM Call
Buy 1 OTM Call
Sell 1 ATM Call
Net Credit
Bullish
Relatively Longer-Term Strategy, 3 to 6 Months
Maximum Risk Capped at Difference of First Two Strikes - Net Credit
Maximum Reward Uncapped
Breakeven: Short Call Strike + Net Credit
Breakeven: Higher Long Call Strike + Maximum Risk Amount
Bear Call Ladder (Short Call Ladder)
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Wave: Characteristics:
Function Actionary / Main Trend
Structure Impulse
Position 1, 3, 5
Degree Relatively High
Entry Point
For Waves 3 and 5, After Shallow 2 and 4 Due to Possible Flat; Middle
of Wave 4 Triangle, i.e. Wherever There’s Ambiguity as to Whether
Correction Has Ended
For Wave 1, After Key Reversal, i.e. “Outside” Week or Month
Prior to Entry Point at
Next Lower Degree
Ending Diagonals, Truncated Fifths, Fifth Wave Extensions, or Other
Evidence of Reversal
Optimal Elliott Wave Characteristics for Using
Bear Call Ladder and Bull Put Ladder
Rely on Elliott wave rules and guidelines.
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5 Options Strategies Every Elliott Wave Trader Should Know Summary
Scenario Market Situation Options Strategies
1 Regular Flat or Expanded Flat? Short Iron Butterfly
2Steady Continuation of the Main
Trend or Choppy?Collar
3Continuation of Long-Term Trend
or Swift and Major Reversal?
Long Straddle
(or Long Strangle)
4 Sideways Market Long Iron Butterfly
5Deeper Correction? Sideways? or
Continuation of the Main Trend?
Bull Put Ladder
(or Bear Call Ladder)
Rely on Elliott wave rules and guidelines
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