$MES1! Charting to Purchase $SPY 1-DTE Call Option, 15-min TF
Contract: 
SPY 27 FEB 25 598c
Entry: $2.03 on 1:09pm
Exit: $1.26 on 1:58pm (-$77, -38%)
So after seeing price decrease 0.75%, 45 pints, 179 pips in 2 hours from $6,023.75 to $5,980 (support area), I decided to purchase a call expiring today on Feb 27, 2025.
On the 15min and 5min I noticed price bounced around the $5,980 area and thought price would reverse to the upside.
1) Yesterday on Feb 26 @ 1:09pm, I enteredSPY 27 FEB 25 598c @$2.03 because of the drop and potential reversal.
On the 5min:
- candle had made a higher low
- became an inside (1) candle #thestrat
- began consolidating & hit support around 5,980.
2) When placing my stop loss, I mistakenly set up my option call to sell whenSPY (the stock) touched or went above $3.05 instead of programming the option call to sell when the specific option call (SPY 27 FEB 25 598c) touched or went above $3.05.
You live and you learn.
On to the next play.
SPY 27 FEB 25 598cEntry: $2.03 on 1:09pm
Exit: $1.26 on 1:58pm (-$77, -38%)
So after seeing price decrease 0.75%, 45 pints, 179 pips in 2 hours from $6,023.75 to $5,980 (support area), I decided to purchase a call expiring today on Feb 27, 2025.
On the 15min and 5min I noticed price bounced around the $5,980 area and thought price would reverse to the upside.
1) Yesterday on Feb 26 @ 1:09pm, I entered
SPY 27 FEB 25 598c @$2.03 because of the drop and potential reversal.On the 5min:
- candle had made a higher low
- became an inside (1) candle #thestrat
- began consolidating & hit support around 5,980.
2) When placing my stop loss, I mistakenly set up my option call to sell when
SPY (the stock) touched or went above $3.05 instead of programming the option call to sell when the specific option call (SPY 27 FEB 25 598c) touched or went above $3.05.You live and you learn.
On to the next play.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.