New Initiative: Day trading options.

It's almost an ideal to trade weekly SPX options on the day of expiration in my mind. No overnight and multi-day risks. Fastest price decay. And with the addition of the Wednesday options, one can trade like 7x per month in this manner. I will probably continue the weekly iron condor routine. In fact, of the last 4 iron condors I put on (3 of them virtually and "on paper") all were successful although the real one was hit by Brexit but still managed to make a $320 profit on a $1200 max loss....profit would have been $860 if it closed clear.

I also recently learned about calendar spreads. That really adds another dimension to options trading. Not only are there a multiplicity of strikes and expiration time frames, but one can trade cross-time frames as well. I'm hoping to do calendar spreads on SPX...The advantages are 2-fold: you can basically sell a strangle without all the margin necessary to do so. And strangles are the most profitable things possible...the protection of an iron butterfly reduces the profit tremendously of course. And sine the long portion has a much lower delay than the shorts you can exit the longs after the day and they will have the majority of their value while the shorts have gone to nothing.

The second advantage is one could keep one or the other side of the longs on overnight etc. if the market is starting to rally or plummet and then potentially make even more money! Even after the calendar trade is closed.

If calendar spreads don't work there are also double diagonals and if I can't do these on such a short time period I can always make iron condors or regular butterflies or double butterflies or ratio spreads...the options are numerous (excuse the pun) however the calendar spread holds much promise to me. The big issue is it will probably be very expensive relative to other trades and thus although it provides good odds a lower-yielding iron condor might be more worthwhile. That rally advantage, however, is something to consider. Basically if the market was rallying strongly and you got hit on the short, you could hold the longs and potentially make much more. However, you could always put additional trades on so really...meh.

Since I am now fully committed to inverse volatility at the moment, and I don't know how well or if this will work, I am going to paper trade it. Good boy! Paper trading the experimental strategies before employing them! Very good.