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    The “Daily Call” From Option Alpha

    Join Kirk Du Plessis on The “Daily Call”, created and dedicated to you, the options trader, stock market investors or trading wannabe. This is your daily dose of actionable advice, tips, and strategies to help you learn how to generate and earn income investing with options.

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    Latest Episodes:
    #370 - Maintenance Margin Requirement Basics Sep 27, 2018
    Show notes

    Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we are going to be talking about maintenance margin requirement basics and specifically talking about how they relate to trading stocks. We'll cover in a future podcast some maintenance margin requirements and how margin works for options trading, but I wanted to get back to basics, so you guys have a building block and a foundation of understanding first how maintenance margin works for traditional stock purchases. When you actually open up a margin account and most brokers require now at least $2,000 to open up a margin account, what that does is that allows you then to buy stock on margin and it's just a fancy way for brokers and investors to basically say, "Buy stock with the help of a loan." Now, you don't have to do this and I definitely don't suggest necessarily that people do this because it can amplify the gains, but it can also amplify the losses. But when you buy stock on margin, you are basically putting up half of the value of stock in most cases and then the broker is allowing you to borrow the other half of the value of stock and buy the rest of the shares. For example, if a stock is trading at $100 and you want to buy 100 shares, you would basically only really be paying for 50 shares. The broker would then allow you to borrow the money to purchase the other 50 shares which in theory, frees up a lot more capital for you to go out and invest elsewhere. Instead of buying 100 shares of one stock, you can now buy 50 shares of one and 50 of another and because you've done it in a margin account, the brokers allow you to do this. Each broker has their own different requirements. Some are 50%, some are 25%, some are 75%, some are 70% minimum requirements for the initial margin that you purchase.

    What happens then is that after this trade starts going on and let's say the stock starts to decline in value because that's always the worst-case scenario, what happens is that you start losing your equity first. The brokers know that their margin is protected. If they gave you say a $5,000 loan to purchase the rest of the shares of stock, that $5,000 does not decline in value as the stock goes down. It's not like you guys are 50-50 partners on this thing on the way down. This is the conception I think most people have. When you get into a margin requirement trade, the loan that the broker gives you stays in place. It's very much like real estate. If you buy a piece of real estate and you borrow $100,000 from the bank, well, if the value of the real estate goes down, that $100,000 is still owed to the bank and the same thing happens in a margin situation with a broker. As a stock is going down in value, now your equity goes down in value as well. And so, what happens is you reach these maintenance margin requirement levels which many brokers might even set them at typically 30%. That means that when your equity gets down below 30% of the initial price, plus the full margin amount, you get what's called a margin call and you have to basically put some more equity back into this position, so that it's not getting too low, so you're not running out of potential equity and the broker is left with nothing. And so, that's where you hear all these horror stories in some cases about margin requirements and margin calls and people not being able to cover them because maybe they have a lot of margin securities and they've all gone down in value. That's really what it is. It's just this minimum level that says, "Look. You're getting short or slim on the equity that you have left in the position. You need to sell something else or deliver some more cash to be able to cover this position."

    Now, again, this is mainly focused today based on stock trading and stock investing. We'll do another podcast in the future that talks about how it works a little bit more with options trading. It's the same general concepts with options trading, except we don't actually borrow money in the case of options trading. You just basically set aside money in your account versus borrowing it from the broker, so that's the big distinction. But hopefully this helps out. As always, if you guys have any questions, let me know and until next time, happy trading.


    #369 - What Does BP Effect In Stocks Mean? Sep 26, 2018
    Show notes

    Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to be answering the question, "What does BP effect in stocks mean or more specifically, what does buying power effect in stocks mean?" When you're actually trading, it's actually pretty simple to understand. But when you're trading, whether it's stocks or underlying options, whether you're buying options, selling options, doing simple strategies or complex strategies, all that BP or buying power effect means is that is the amount of money that comes out of your account or gets set aside in your account to cover that position. Now, I say that it's two of those because it's not necessarily both. That money is always coming out of your account. For example, if you buy stock, money would come out of your account for the purpose of purchasing shares of that stock. Now, you have stock that's valued at the same amount as where you purchased the shares, but you actually forfeited the right to the money by buying the shares and delivering money to somebody else. In the same way, when you are buying options, whether a single strategy or an option spread, money goes out of your account and gets transferred to the option seller in exchange for the options contracts.

    Now, where this is a little bit confusing sometimes is where it comes into play with option selling. When you are doing an option selling strategy, whether you're selling an individual contract or you are a net seller of a spread, you do still see a buying power effect in your account. And so, what people often get confused on is – "Well, what happens? Because I'm not actually buying anything, so I'm just selling options. Why is there a reduction in my buying power?" And the reduction in your buying power comes into play because the brokers know that you have to have a certain amount of money in your account to cover the potential risk in the position. For example, I'm just looking at EWZ right now because we're actually trading EWZ right now. But if I was to sell a simple $1 wide spread in EWZ and I took in a credit of $27, my buying power effect that would come out of that account would be about $73 per spread that I'm selling. If I did 10 contracts, I did $730 in buying power effect. Now, again, that's not money that's actually being transferred out of my account in this case. I'm not delivering that to anybody because I am the option seller. I'm selling the spread. But what happens is that the broker basically set aside this money and say, "Look. You can't trade with this chunk of money, this little sub-grouping of money because it's used to cover this EWZ position if it were to go bad."

    That's what buying power effect really tells you. It tells you how much money you have left to basically buy or sell options or to get into all these positions. And so, once your buying power effect goes all the way to zero, you don't have any ability to get into new existing positions. You basically are forced then to start closing positions to liquidate some cash. Hopefully that helps out. As always, if you guys have any questions, let me know and until next time, happy trading.


    #368 - What's The Difference Between VXX And UVXY? Sep 25, 2018
    Show notes

    Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question now, "What is the difference between VXX and UVXY?" In yesterday's daily call podcast, we talked about VIX versus VXX. Today, we're going to be talking about the differences between VXX and UVXY. Now, there's a lot that we could get into and we'll try to narrow it down as much as possible, but the main difference between these two because they are both still ETNs and they do trade like ETFs and like ETNs, you can buy and sell them, you can trade options on them, etcetera, but the main difference is that UVXY is leveraged. This could work to your advantage, depending on which direction you're trading it or it could work to your disadvantage.

    What happens with VXX is that VXX holds unleveraged positions in Vix futures. It would consider typically, sell the front month contracts that it's long and then buy the back month contracts to replace. Well, in the case of UVXY, they hold a leveraged position, sometimes 1.5. I know it's changed before. It was higher. I think it went down. But they hold a leveraged position in the Vix futures which means that it's generally going to be a little bit more volatile in pricing than VXX and that means in both directions.

    We've talked about on the weekly podcast the advantage or disadvantage to these pro or ultra ETNs basically that have these leveraged positions and how they work in either direction, so I would encourage you to go back through the weekly podcast to check out that show that we did. But again, that's really the main difference, is that that leverage creates some additional drag which could, like I said, in times of high volatility, be very beneficial if you're long volatility, but if you're short volatility, it could also work to your advantage unless you're using it as a hedge. Hopefully that helps out. As always, if you guys have any questions, let me know and until next time, happy trading.


    #367 - What's The Difference Between VIX And VXX? Sep 24, 2018
    Show notes

    Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to be answering the question, "What's the difference between VIX which is the Vix and VXX?" The first thing you have to understand is that these two things are not the same. I think actually, a lot of people interchangeably use VIX or VXX when they mean one or the other, but not the same. Now, they are different products, but they use the different, I guess underlying to track and trade. The first one is the Vix. The Vix in and of itself is not something that you can necessarily trade directly. You can trade options on it, you can trade futures on the Vix, but you can't trade VIX itself. You can't buy VIX in the open market. And what the Vix does is just simply track implied volatility on a 30-day basis for the S&P 500. You could think of it as the implied volatility reading or chart of the S&P 500.

    Now, the difference here is that VXX in an ETN. And so, VXX, you can trade, you can short, you can buy long, you can also trade options on it, but what the VXX does is it replicates a forward position in VIX by buying futures and then selling and rolling those futures on an ongoing basis. And because it's basically selling front and buying back month futures on a continuous basis, it has this negative drag or this downward spiral that it will always be in based on its current pricing or its current structure. And so, for me, it's really interesting when people start interchangeably using them because they actually talk about them in completely different context and use them in completely different ways. Again, the VIX is something that you can trade options on, but you would probably actually do yourself a better service to trade options on VXX which has pretty decent volume as well and also has this negative drag that's based on its pricing structure or how it's built. Hopefully that helps out in understanding the differences between them. As always, if you guys have any questions, let me know and until next time, happy trading.


    #366 - The 1st Machine Learning AI Technology For Retail Traders (OTIS) Sep 23, 2018
    Show notes

    Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to be talking about the first machine-learning AI technology for retail traders, one that we are coining, OTIS. It was hard to decide what I was going to follow up show number 365 which was our one-year review of the daily call podcast and I figured the best thing is to talk about this new technology which is truly the most exciting thing that I have been kind of working on with our team and something that I'm really excited to get out to you guys here in the next couple of months. But we've hinted at this in a couple of different areas, not only on the podcast, but also on our Facebook Live channel, also in the membership area and the forum. But our team has developed what I think is one of the coolest pieces of technology and that is a deep-learning AI technology for the stock market. Now, this is something that's not new to the stock market. If you're thinking to yourself, "Well, I've heard of this before. I've seen this before." it's probably true. You have heard of AI technology. You have heard of deep-learning computer machine-learning and it has been applied to the stock market in numerous instances. The difference is that what we are trying to do is release the first ever public open display for retail traders of how this technology works and what the actual outputs of this technology end up being.

    What you see many times with AI technology in the finance world, especially in the stock market or in the options trading market is that this technology is reserved or in a black box for hedge funds or high frequency trading shops and our goal is to basically break that box wide open and give people the ability to not only see how we build our machine-learning technology, what inputs we used, what data went into it, but also to understand how this can potentially generate some better signals or at least more confidence in some of the trades that we're doing. Now, we posted, like I said before, some of this information already on some of our Facebook channels and inside of our groups with elite and pro members and what I can tell you right now is that the way that the machine-learning technology works is that it's reading and crunching market data and then trying to figure out correlations between them in very Layman's terms and try to figure out a predictive model for where the stock might go in the future. Now, we know that these breakthrough models are never going to be 100% chance of success or 100% confidence, but if we can get it to around 60%, 65% confidence with a small margin of error, then we're going to be basically developing something that nobody have seen in the retail space for average traders like me and you, people that trade for ourselves, the self-directed investors. This has never been done before on this scale.

    And what I think is really cool about this is that we can not only take this technology and basically publicly display it and show everyone how it works and what the signals are, but then couple this with our auto-trading technology, so that we have two mechanisms that work together. Now, what we've done is we've basically developed a profile around this, if you will and we're calling it OTIS which stands for Options Trading Integrated System or Intellectual System. And so, our idea is that OTIS as the person or a man or whoever he is becomes basically the figure this of this, our little bot guy. It's that OTIS will have the ability to now add some predictive power to our auto-trading platform. If we have a stock that we're looking at, OTIS will have the ability to say, "Okay. Where do we think the stock might go with a 60% confidence and a small margin for error in the next month or two months and then how can we build a trade around that?" and let the system basically auto-trade it. It's taking a lot of different elements of trading that we've been wanting to integrate into auto-trading and technology and computer deep-learning, science and bringing them all together under one roof which I think is insanely powerful and really, really cool. We're super excited about it. We'll have more details on it. But for us, this was the first, I guess public display and declaration of what we're doing here with OTIS. I hope you guys enjoy it. I would definitely love to hear your comments and your feedback once you see more of the stuff that we'll have rolling out to you guys in the next couple of weeks. As always, hopefully you guys enjoyed this and until next time, happy trading.


    #365 - The "Daily Call" Podcast 1 Year Review Sep 22, 2018
    Show notes

    Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we are reaching the one-year review and update for the daily call. First of all, I want to say thank you for those of you who've been with me this entire journey. It was a long 365 days, but a very much enjoyable process for me. I really like doing the daily call. I really like publishing them and hitting on different topics that we don't generally have an opportunity to touch on in some of our training and some of our content that we put out at Option Alpha. Now, in today's review, what I want to go through are some stats, some of the growth and some of the top shows that we've seen over the last year and also some themes that we might have moving forward on the podcast. Now, I am going to be continuing to do the daily call podcast, so it's not going to be ending at all by any stretch and we hope to continue it for many years and I want to talk about some of the themes that we're going to be going through as we progress.

    Now, first of all, the first thing I will say is we do have a ton of reviews, but we do not yet have enough reviews of people who listen to the podcast. Here are some of the stats and then I will push you again to go over and leave us a review or a rating on iTunes because again, that's the best place to leave a review or rating. It also helps get this podcast into the hands of people who are just like you. If you've been enjoying the daily call podcast, please take just a couple of minutes right now and head on over to iTunes or Google Play, SoundCloud, Stitcher or wherever you listen to the podcast and please leave us a review and a rating. We got about 120 five star reviews already on iTunes at least at the time that I'm recording this one and we have on every single day, around 3,000 to 5,000 people downloading this podcast. That varies based on the topic and the day of the week, but it's usually somewhere between 3,000 and 5,000 people that are downloading the show. Again, a very small portion of you guys who are listening. You know who you are. I'm speaking to you right now. Yes, you in the mirror right now, sitting in the car or driving or at the gym. Please go ahead and leave us a review and a rating.

    Just to give you some broad stats on some of the growth that we've seen… In the last year, just over the last year, the podcast has been downloaded more than half a million times. We've had a lot of downloads. Every single month, we're growing at an exponential rate. We've seen downloads in June around like 59,000, July, 67,000 downloads, August, 74,000, September at the time that we're actually releasing this right now, over 95,000. We are growing in a very, very quick pace which to me just means that we're hitting the right chords, I guess or hitting the right topics of discussion and the right themes because it seems like people are reaching these shows and listening to them more often. Now, I did go back through our stats and kind of tracking where all of the downloads come in and I think it's pretty interesting, some of our top shows. What I wanted to do was encourage you to go back and listen to some of these shows if you have not already. A lot of these shows have been more recent shows which is interesting because to me, it's interesting that a lot of the recent shows are actually our top shows and not only because people have downloaded them, but also because they seem to be far and above some of the more popular topics that we've discussed.

    Some of the top shows that we've had are, "Buying options with a 70% chance of success." Show number 301. Show number 285, "Zero-risk option trade. Is it possible?" And yes. Show number 228, "The unconventional guide to trading options with $500." Show number 326, "How do you make money selling options?" Show number 262, "The cheapest options trading brokers." Show number 279, "How do I become an options trader?" Show number 276, "What are the best trading tools?" And show number 340, "Why broker platforms suck and what we are doing about it." That would encourage you, I guess like I said, just to go back through and kind of revisit some of these top shows. Maybe you skipped over them. I know that sometimes it can be a lot to listen to these every single day even though they're four to five minutes in length in some cases. But if you have, I definitely want to encourage you to go back through and listen to some of these more recent shows.

    Now, as far as themes moving forward and I think this is really important, one I thrive off of your guys' input, your comments, your insights… I would encourage you, please, not only do not stop doing what you're doing for those of you who are helping out and sending in suggestions. But if you're listening to this right now and you've got some question in your mind, you don't know if we've answered it before, just let me know. That's really all it's about. Whatever questions you have, whatever topics, curiosity bugs that are crawling around in your mind, please let me know because if we have covered it, I'll point you in the right direction and if we haven't and in many cases, we haven't, we'll add it to the queue for the daily call or for our regular weekly podcast. I would first encourage you, please let me know whatever avenue is best for you. You can send me a Facebook message, you can Tweet at us, Instagram, Pinterest, send us an email. You can do whatever you want. Just get your questions, get your topics, get your questions into us and comments because that's really what we thrive off of.

    What I want to start focusing on more as we start moving forward is a lot of the intricacies of strategies. What you'll see with us is a lot of intricacies on the different types of products that are out there, things like, "What's the difference between VIX and VXX? What's the difference between VXX and UVXY?" And then you'll also see a lot of commentary on quick guides. What I wanted to do was have these quick little mini guides on what is an iron condor and how do you trade it or how to roll a position, things that you can really digest in a short amount of time that we don't have to dig down into a bunch of details and case studies. Now, speaking of case studies, I want to start doing more of those on the daily podcast, talking about the potential trades that we've either gotten into or out of without going into too many specifics, but talking through just scenarios that we've been through. In fact, right now as we're recording this, we've just recently exited a huge EWW position that we've been rolling for months and months and months and ended up taking it off at some pretty decent profits after rolling and that was actually a pretty good little case study. I want to start talking about more of those that don't require necessarily these huge long drawn out podcast.

    But as always, I'm always looking for more ideas, always looking for your guys' input. For those of you, like I said, that have been on the journey with me the entire year, all 365 days, we have not missed a single day of this podcast which is pretty incredible and that was one of my first goals starting out. I thank you so much. Always humbled to have your ear and have your insight and be with you on this journey. Until next time, happy trading.


    #364 - One Day All Brokers Will Offer Commission Free Trading Sep 21, 2018
    Show notes

    Hey everyone. This is Kirk here again at Option Alpha and welcome back to the daily call. Today, we're going to be discussing why one day, all brokers will offer commission-free trading. I actually called this a couple of weeks ago. I did a Facebook Live where I said the world is flat and these are basically the three things that nobody sees coming, but this is where the world is going. The world is transitioning and it's changing and one of the things I said in there was that in the future, all brokers will be commission-free. I think Robinhood for sure was the first in this space and they're going to be looked at historically as the leader in this space, but now, a lot of brokers are quickly transitioning to commission-free trading. In fact, just a couple of weeks ago, J.P. Morgan announced that they have their own free trading platform. And so, now, Robinhood has major competition with the likes of J.P. Morgan and I expect in the future and probably in the very near future, many brokers will start moving very quickly towards a commission-free trading platform.

    The question now becomes – How will they generate their money and how will they make money? If they're giving away all this trading for free, how do they make their money? Well, we all know that brokers don't just make money on commissions. They make money on account balances and they make money on asset-management and other products that they sell. I think that the main two categories in which brokers will make money in the future will be assets under management, so managed accounts will still be a main driver of revenue for brokers and then I think the second thing will be technology and content. The winners in this space will ultimately have the best technology and the best content. If you look at even spaces like Netflix which was the first-mover into this video streaming technology, the prices of Netflix and the prices of these other competing services that are out there have really had a damper on Netflix's ability to grow because you have every other platform now launching their own streaming service. And so, how do they differentiate themselves? They differentiate themselves by the technology that they have and by the content that they produce.

    In many respects, I think that the brokerage community is going to have to make a drastic shift which they've not been really associated or accustomed to in the past and that is to be more technology-focused than they were before and to be more content and education-focused than they were before in the past. Many broker platforms have their own education space, they have their own "university", but it's very lackluster, it's very not thrilling, it's not produced very well and they're going to have to really increase and make a significant investment in that space and then the people who are going to ultimately decide which broker they go with is going to be based on the technology and the offering of that brokerage. For example, somebody that offer say auto-trading through our service and commission-free is going to be better than somebody who does not offer auto-trading and commission-free. When fee is no longer the differentiator which it has been for a very long time, you're going to start to see new brokers potentially emerge from this as really powerhouses because of their underlying content, technology and what they can do to manage your account.

    I think it's an interesting space. I definitely think more brokers are going to quickly jump on this commission-free trading. It's going to be a race to the bottom and once we see everybody at commission-free, then it'll be interesting to me to look back on this and see who actually kind of rose above that and ultimately became the winner in this space. I don't know who that's going to be yet. I think it may be somebody potentially completely new in this space. It could be somebody existing that has the financial backing to really make a good strong run at this. But it'll definitely be interesting to see. If you guys enjoyed this, please let me know. Please share this with your friends because I think this is going to be an interesting topic to see evolve over time. Share it with your friends, your family, your coworkers. This is going to be an interesting podcast to review in like five or six years and see how accurate I was I guess in trying to predict the future of the brokerage industry. As always, if you guys have any questions, let me know and until next time, happy trading.


    #363 - Do You Need To Own 100 Shares Of Stock Before Trading Options? Sep 20, 2018
    Show notes

    Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question, "Do you need to own 100 shares of stock before trading options?" The answer to this is absolutely and 100% no. You do not need to own shares of stock whether 100 or one share of stock. It doesn't matter. You do not need to own shares of stock before you can trade options. Now, what most people think about when they start transitioning between stock trading into options trading is they think about a covered call which a covered call does require that you own 100 shares per one call option that you sell. But in many respects, what you can do is you can trade options without owning the underlying stock or shares. Now, this is a really cool feature of options trading in my opinion because it reduces this high capital threshold to be able to get into different positions and different ticker symbols and it also allows you to more appropriately manage your risk and adjust your positions. With trading options, you have the ability to buy and sell spreads or to buy and sell individual option contracts which are a much better means of controlling your risk and potentially building different payoff scenarios than if you were just to own individual shares.

    Now, a lot of people get hung up also on this concept that when you trade options, you have this enormous risk of being assigned or exercised the contract. We've gone through this in many different podcast on the weekly show, but this idea around exercise and assignment only really pops its head when you get closer to the expiration and only then if your option contract is deep in the money. For many traders, even though you would trade options and you could be selling or buying contracts in or out of the money, it still doesn't necessarily mean that you're always going to be assigned and have to deal with the shares. Yes, it can happen. Yes, it probably will happen at some point, but those instances are far and few between. In our trading when we go back and track all of our assignments that we've had over the last 10 plus years, less than 1% of the time are we actually assigned shares. Like I said, it happens very, very small percentage of the time. It's a manageable expectation that you can work around and it's something that you don't need to worry about necessarily as you get started into options trading. If you have any other questions, please let me know and until next time, happy trading.


    #362 - Why Are Options Sometimes Called "Derivatives"? Sep 19, 2018
    Show notes

    Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer the question, "Why are options sometimes called derivatives?" Derivatives are basically any financial instrument that derives its value from something else. And so, this is why options contracts are called derivatives because they derive their value from the underlying stock, ETF or index that they are trading on. Now, if you think about it, every insurance contract out there is also a derivative because any insurance contract is deriving its underlying price and value based on the property or person or car or business that it's trying to ensure. Almost conceivably, many insurance contracts are not always exactly the same because one insurance contract on your house may be different than an insurance contract on somebody else's house and it's the same thing in the options market. Options derive their value from one stock versus one ETF versus another index. And so, that's why they're sometimes called derivatives. A very simple concept here, but oftentimes, you'll hear the word used and thrown around. It's usually used and thrown around when people want to talk at a very high level and seem like they want to talk above what most people understand, but if you break it down, like I said, it just is something that derives its value from an underlying security. As always, if you guys have questions like this, please head on over to optionalpha.com/ask and leave me a voicemail, so I can get them added up and queued to the daily call, also to the Facebook Lives that we've been doing. As always, if you guys need anything else, please let me know and until next time, happy trading.


    #361 - How Important Is A Stock's Closing Price? Sep 18, 2018
    Show notes

    Hey everyone. This is Kirk here again from Option Alpha. Welcome back to the daily call. Today, we're going to answer the question, "How important is a stock's closing price?" To me, a stock's closing price every single day is vitally important to the potential expectation for the next day and I say this only on days that we see a huge move in the stock price because for me, the idea of people trading the stock during the open or afternoon sessions is important, but what's more important potentially is what people are willing to hold overnight because the risk that you hold overnight when you can't actually trade that security is very telling to me as to where the stock may or may not go in the future. For example, if we see a stock have a huge run-up early in the day, but everybody dumps the stock at the end of the day and nobody wants to hold it, well, what does that tell you? That tells you that maybe we might see some sort of reversal or move down the following couple of days.

    On the other hand, if we see a stock open lower, but then some new story comes out or something happens and people start buying up the stock and it closes much higher, we start to see a huge reversal, it basically closes at the highs of the day, that means that people are very comfortable getting into the security and we might see a huge continued move in the same direction. Like I said, I think stock close is important. Oftentimes, what I'll do when I make trades or get into positions is I'll watch and monitor just how aggressively people are buying or selling the stock at the close and again, it's got to be something on the extreme. We're not talking about the regular days or just a little bit up, a little bit down. We're talking about big move days, 2%, 3%, 4% type moves, what's happening during those time periods, what's the catalyst and what could we maybe learn from those environments. Hopefully this helps out. As always, if you guys have any questions at all, please let me know. Just add them over at optionalpha.com/ask and until next time, happy trading.


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