Covered Calls for Fun & Income

Videos

Interactive Brokers Trader Workstation Training Videos

How to enter a 3-legged order in TWS Option Trader for a SuperPut trade.

A short video on how to download, install and configure the Cyberxpert IB-Excel Adapter. Hint – looks much better on YouTube.

A demonstration of one way that the Interactive Broker’s Option Trader panel can be used to create a buy-write (covered call) order.

A short video on how I use Interactive Brokers Trader Workstation’s OptionTrader panel to roll options out a month, up or down in strike price, and roll out up and down.

This short video (in HD) will show you how to set an alert on a security and trigger an action (a Sell Limit Order) from that alert.

CallWriter Service Training Videos

Describes and demonstrates how to input theoretical and actual trades into the Trade Management Calculator.

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15 Comments »

  1. very good. i was wondering how this tool was used. thanks, jd

    Comment by joe derosa — May 30, 2009 @ 9:55 PM

  2. Joe – not sure about your comment: if you were asking how it was used or happy to see how it’s used.

    Jeff

    Comment by Jeff — May 31, 2009 @ 6:48 AM

  3. Jeff,
    I just went through the obstacle course of opening a new rollover IRA acct at IB. I watched your excellent video of the buy-write procedure and have one question: My stand alone version of TWS does not have the “option spreads” button on the option trading page. How do I add it? I know I should be able to ask IB but their customer service is all but extinct.

    Comment by Bob Milota — July 4, 2009 @ 2:48 PM

    • Bob – sorry it took so long but I needed the TWS available to verify how to do this.

      In Option Trader, select “Configure”
      Scroll the list on the left to “Spread Trader”
      Open that tree and select “Settings”
      Check the “Display Toolbar” box and any other box you might want.
      Click “OK”

      Their User Manual says nothing about this, and your right, their Customer Support leaves a lot to be desired, but man oh man, are those commission GREAT!

      – Jeff

      Comment by Jeff — July 5, 2009 @ 8:29 PM

  4. Jeff,
    This is a follow up to my previous msg. about the ‘missing’ “option spreads” button on the option trader page of TWS. I have it corrected now so you can disregard my other msg. Thanks

    Comment by Bob Milota — July 6, 2009 @ 12:02 PM

  5. Jeff,
    I had tried your solution with no luck, but the actual solution is to go to the main TWS page and select configure at the top of the page. Then select “feature selector”. When that page opens, uncheck the “features” box, then re-check the features box and click apply.

    Comment by Bob Milota — July 6, 2009 @ 12:11 PM

  6. Hey there Jeff,

    I downloaded the demo IB program and I do NOT have the Option Spread button on the top of the Option Trader panel. You show that by clicking the Option Spread button you can do a buy-write which enables you to buy the stock and write the call at the same time.

    How did you get that button to show?

    Comment by Schlange — August 19, 2009 @ 3:03 PM

    • I never did anything to enable that button, nor can I find any setting that takes it away or anything in TWS documentation that addresses this. You might try the following, otherwise call IB, Option 6 and ask them.

      In OptionTrader select Configure
      Select Settings
      Open Trading Tools on the left
      Open OptionTrader
      Make sure Display Tool Bar is selected
      Open SpreadTrader
      Select Settings
      Make sure Display Tool Bar is selected
      Save

      If you are still having problems, let me know and I can email you my configuration file and I can tell you where to save it.

      – Jeff

      Comment by Jeff — August 19, 2009 @ 4:07 PM

    • I FOUND IT!
      Configure
      Global Configuration
      At the bottom of the configuration tree you will see a button that says “Some Options are Hidden…” Click it
      On the dialogue box that opens, select “Click here to open feature selector now.”
      On the Tree, check Order Management
      When that opens, check Combos/Spreads.
      Hit Apply and check to see if Option Spread button is there.
      If it is, hit Save.

      I am 99.99% sure this will fix it.

      – Jeff

      Comment by Jeff — August 19, 2009 @ 4:22 PM

  7. Thanks Jeff,

    I fixed that part now. Second issue is the net debit in the bid column for the buy-write. at 4:59 in your video (http://www.youtube.com/watch?v=7yVTyOK24N0&eurl=https://buywrite.wordpress.com/videos/&feature=player_embedded) one can see the price for the buy-write. My copy of the TWS does not show it.

    I might just go ahead and email you asking for the config file and where to save it 🙂

    Thanks mate.

    Comment by Schlange — August 20, 2009 @ 12:50 PM

  8. Thanks Jeff,

    I fixed that part now. Second issue is the net debit in the bid column for the buy-write. at 4:59 in your video (http://www.youtube.com/watch?v=7yVTyOK24N0&eurl=https://buywrite.wordpress.com/videos/&feature=player_embedded) one can see the price for the buy-write. My copy of the TWS does not show it.

    I might just go ahead and email you – where do I find your email address – asking for the config file and where to save it 🙂

    Thanks mate.

    Comment by Schlange — August 20, 2009 @ 12:52 PM

  9. Keep these videos coming please Jeff. They are fantastic. I just signed up with an educational group down here in Australia who use TWS as their preferred platform for clients. I find it difficult to navigate without instruction such as yours. Covered calls and spreads (BUPS and BECS) are the strategies they teach so your videos are timely. Have you found a way using TWS to generate a column that gives you the percentage return if you select a certain stock (to buy)and a certain call option (to write)if you want to write a covered call ?

    Comment by Dave K. — August 21, 2009 @ 5:43 AM

    • Dave,

      Thanks for the encouragement. I have a lot of fun making them, and I do get better with each one. Getting comments from people is what I need to keep going.

      No, I have not found those columns, and I am sure TWS is not capable of that. Have you tried my spreadsheet that imports quotes from TWS real time? It’s pretty easy to do what-ifs for CC’s with it, and what I really like is not needing to know the option symbol. I have a newer version set up that also does vertical credit spreads and back spreads, but it’s a bit too complicated to just throw up on my blog and expect people to know how to use it. Maybe a video on that? Good idea, I will work on that.

      I wanted to add there is a Yahoo user group (http://finance.groups.yahoo.com/group/ibusers/) that has 1,800 members, but the group is not active. I think what it needs is new members that can kick start some threads. I just found out about it and signed up myself.

      – Jeff

      Comment by Jeff — August 21, 2009 @ 11:20 AM

  10. Hi Jeff,
    I found your wonderful and most informative blog almost by pure chance. I have read a good portion of the material contained and the question and answer section as well. I am wondering as to why the the last questions and comments are no longer posted since approx August on last year. Also you seem to praise the Super c/c strategy (with the long term put protection) ,yet in a response to one of the questions you mention that for the time being you would rather stay without buying the put protection, but that may be because it was new at the time going back to last summer. I would appreciate hearing from you ,I’m a long time trader and would love to join a like minded group like you have.
    Thank you
    Mike Loewenthal
    mlace123@yahoo.com

    Comment by Mike Loewenthal — February 27, 2010 @ 7:43 PM

    • Mike,

      I don’t know how you missed it, unless you have not been on my home page, but I moved my blog to a new url – http://theoptionguru.com/blog. The new site is self-hosted and I hope you will like it that much more. So that’s the reason there has not been any updates since August on this blog.

      I am no longer 100% Covered Calls/Naked Puts/SuperPuts. I still do them (I have two accounts that are tracked: Conservative and Spread in this blog) in my Conservative account, and I also now do Vertical Spreads, Iron Condors, and Calendar Spreads.

      I didn’t mean to praise Superputs, I just wanted to put the strategy out there for everyone to evaluate. I even tried a few trades in the blog, but they didn’t work out. Your right in that at that time, with the market is a confirmed Bull run, it just didn’t make sense to ‘waste’ capital on that strategy – greed also may have played a part.

      Anyway, I hope you enjoy the new blog – leave me a comment there so I know you made it and let me know what you think.

      – Jeff

      Comment by Jeff — February 27, 2010 @ 9:11 PM


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