Firstly, I pre-plan how much I can afford to loss on a perticular option, if the trade go wrong.
I generally enter the market only after 10:30AM - with a rare exceptions. And also check for that days, trend, MaxPain level with IVix and IV of the concerned option, OI etc .
On Monday, I prefer options 700 pts away from current strike and go on reducing in next days ! Rarely try 2000pts away strikes .
Avoid expiry day Hero or Zero game.
Mostly Avoid the trend , which the retail traders are anticipating !
Now abt TSL:
After buying an option after confirmation of intraday uptrend or dntrend , I continuously monitor N or BN spot chart 15m and 5m !
( Some wks before, I have already posted a chart showing 5/15 breakout with MacD or RSI confirmation )
Then I put a sell order, which I think is posible intraday 30m chart !
I
f the option price move upward min 70 pts, I modify sell order and start applying TSL at 30pts below and go on trailing upward manually .
If I see any reversal sign in underlying spot price on 15m chart, book 70% position and hold balance 30%. If SL not trigger then manually book balance 30% at the prevailing price !
60% success ratio ! Some win - some loss ! I do not shy to book some loss.
Instead of Straddle - Strangle etc, I prefer using my extra capital with Swing trading in trending stocks !
Thats all !
Sir, I am a little-bit Newbee in option trading !
View strictly for STUDY PURPOSE !