THREAD: Gorilla Troop Comms

These people are

THREAD ON IRONFLY

These days the most preferred strategy for option sellers due to improved margins is IRONFLY. It's essentially a short straddle with long strangle. Long strangle acting as 'WINGS', which help in capping the unlimited risk associated with a short straddle.(1/n)

You can also view the position as a combination of Cal & Put credit spreads, if that makes it more easy for you.

There are 3 important things to understand while trading this strategy:

1) Initial size of the Wings
2) Risk Management
3) Adjustments

(2/n)

Since we are selling an ATM straddle, the 1st question is how far our wings should be? Ideally i sell .50 delta straddle & buy .20 or .10 OTM strangle, depending on my view on volatility. So the distance of wings depends on the IV setup. Higher the IVs, greater the distance.(3/n)

If you don't understand greeks, then ideally with 30 days to expiry (dte), wings should be around 300pts either side. If your trading in weekly then it should be not more than 200pts. Higher the premiums, higher the distance as we have more cushion of theta. (4/n)

It is important to understand that we need to reduce the distance of wings with time so as to manage our RISK in gap openings or sudden volatile move. So for eg. if you started with 300pt wings with 30dte, the wings wouldn't give the same protection when there is 7dte. (5/n)

🧵 @DianeLangberg wrote about NDAs in Christian environments, noting “An NDA is an agreement to hide something. In the cases I have encountered it has always been an agreement to exercise power over and hide sin.... [it is] unlike our Lord.”
1/

NDAs are traditionally “non-disclosure” - don’t talk about specific X. Often in church/ministry cases - they’re overly broad - don’t talk abt *anything* re: your employment

but also may include

“non-disparagement” - don’t say anything negative about us EVEN IF IT IS TRUE
2/

Numerous articles have described the use of NDAs in Christian environments and the conflict with principles described in the very faith supposedly being promoted. I’m linking them here then I’ll offer my 20-year lawyer and victim of silencing (gag order) take on the practice.
3/

“Silence of the sheep” (2018) from @emlybelz described how the conference of catholic bishops has now banned NDAs in abuse cases but how some churches and Christian orgs still use them without

Later in 2018, @scotmcknight discussed NDAs after the Bill Hybels sex abuse scandal, noting that often the stronger party is implicated in sin because the whole reason for the NDA is bc they know that something is wrong and they don’t want it

1/ All I keep thinking about in this moment are all the horrible things that Rush Limbaugh did and said. Just flashes of them.

Like how following Trayvon Martin's death, he tried to convince people it was okay to say "n word" now as long as you ended with an "a" (and said it).

2/ Or how, one of his "undeniable truths" was that "Feminism was established so as to allow unattractive women easier access to the mainstream of pop culture."

3/ Or how if a prominent woman would publicly defend another woman, he would refer to it as "solidarity of the vaginas."

4/ How he absolutely hated Michelle Obama...and used to refer to has as "moo-chelle." He really liked this because it both attacked her for mooching off system as he claimed and because it was his way of calling her a cow (he thought she was fat).

5/ He had this one song called "Barack the Magic Negro." The lyrics were even more racist than the name. And he played it all the time. He was still playing that song during his show a few months ago.

1/ The reality is that when Boehner and McConnell joined the Democrats in 2010, to thwart the impact of the tea party, they broke trust with the base.