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Wiro,
Good point! Always helps to point out the original writer.
You asked how this would be related to options. Trading is a very
personal business. No two individuals are going to trade exactly the
same all of the time. I may see an opportunity to buy when you may
see an opportunity to sell. This is even truer in options where you
can buy and sell in both directions. Think about all the different
terminologies used in the game...butterflies, condors, spreads.
Warren Buffett made a killing selling covered calls. One of the
greatest examples that I know of was his covered calls on silver.
Yes, he got caught and finally was forced to sell his silver but
that was after he had pulled in months of income from the sale of
those calls.
You asked how this indicator would help the options trader? Just
happens that I follow a heavily optioned stock and when I put the
indicator on the chart it was pretty easy to see where support or
resistance had broken and an option would have been profitable. It
was also interesting to see the price action around options
expiration.
Preston
--- In equismetastock@xxxxxxxxxxxxxxx, "Wiro Hardy"
<wiro.pribadi@xxx> wrote:
>
> Hi Preston,
> I need to mention again that I dont code the formula from scratch.
The
> credit is not mine, I think it's Jose Silva who code it, I only
modified it
> :)
>
> I am stock trader and have been learning options for a month, I
wonder how
> is this connected (good) for options trader? I modified the code
to put the
> pivot line on the indicator as you suggested, thanks! It looks
great :)
>
> Have a nice day,
> Wiro.
>
> On 9/2/07, pumrysh <no_reply@xxxxxxxxxxxxxxx> wrote:
> >
> > Wiro,
> >
> > Thanks! Hope a lot of people will take a look at this. If you
are an
> > options trader this is an excellent tool to put into your
arsenal!
> >
>
>
> I would make one small addition to your formula.
> > I would change the last line to r3;r2;r1;pivot;s1;s2;s3;
> > This gives you a chance to closely follow the pivot level
throughout
> > the month. I monitored the pivot level on a consolidating chart
and
> > watching the breakout was like watching an explosion.
> >
> > Once again thanks,
> >
> > Preston
> >
> >
> >
>
>
> [Non-text portions of this message have been removed]
>
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