SLV - OTM Puts to Synthetic Call multi leg entry
I was long silver for most of 2024, made money both ways through hedged equity (SLV) and various options. I closed by position at $28.50 for a profit, and rode OTM puts to the current 20 day low.
I didn't want to buy at the bottom of the channel because of the overhead resistance where silver futures are now testing. I see a trade setup for a sellside liquidity run (stop sell run) back to around the 25% of the 20 day trading range near support where bullish orderblocks are visible at higher timeframes.
I plan to enter OTM puts 30-60 days out at a strike around approximately 25% the current 20 day range and cover them by buying the underlying (SLV) when they are ITM. The trade setup has a 3:1 risk/reward, but if I can multi-leg enter into a synthetic call I am likely to have little or no risk on the trade, assuming it sets up as I have outlined.
I didn't want to buy at the bottom of the channel because of the overhead resistance where silver futures are now testing. I see a trade setup for a sellside liquidity run (stop sell run) back to around the 25% of the 20 day trading range near support where bullish orderblocks are visible at higher timeframes.
I plan to enter OTM puts 30-60 days out at a strike around approximately 25% the current 20 day range and cover them by buying the underlying (SLV) when they are ITM. The trade setup has a 3:1 risk/reward, but if I can multi-leg enter into a synthetic call I am likely to have little or no risk on the trade, assuming it sets up as I have outlined.
註釋
Not sure if this is visible, but this is how the trade could unfold.
At 5 contracts on Feb 21, initial risk of $337.50 at current market price. If I am able to pick up 500 shares at 26.47 total risk is $72.50 with unlimited upside and a delta of 304.
optionstrat.com/wHQN8ebF9QVH
註釋
Also note, I'm trading options on SLV, but using the microsilver contract for my analysis as it is much clearer. 
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