#Tenet The major problem I had with Tenet was not the complexities of the concepts, but how the characters weren't characters in themselves and merely existed just to serve the purpose of giving the audience an exposition of the ideas and rules of the world.

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)

We need to stop imagining the Jan 6 fascists are purely "brainwashed," misguided, etc. Neither are they guided by white supremacy *only*.

They are largely a vanguard of principled petty bourgeois reactionaries who oppose democracy whether in its mass/working-class or liberal bourgeois form. They have allies in the most conservative and reactionary corners of the "big" bourgeoisie.

They see through a funhouse mirror the hypocrisy of liberal bourgeois democracy (no, the electoral college is not "sacred" 🙄). They also vehemently abhor the capacity of true democracy—socialism—to liberate oppressed, exploited workers upon whom their precarious fortunes depend.

To the extent liberal bourgeois democracy engages mass politics and gives even a highly attenuated and mostly suppressed voice to the working masses, that section of the petty bourgeoisie which turns to fascism regards liberal democracy as a betrayal. Only capital should speak.

The woman who died attacking the Capitol Building was a small business owner from San Diego. Yes, her head was full of conspiracist nonsense but she didn't just invent that lockdowns and worker protections might save lives but hurt her bottom line.

💥BOOM💥 Linn Wood!! They can't stop what is coming!
Chief Justice John Roberts must resign today. Over the past several weeks, I have met with a courageous whistleblower who has risked his life to tell you the truth. Jeffrey Epstein arranged for the...
Part 1.1