What tools are used to identify strike, time, risk, and reward for options?

[Bassindora]

I currently am trading using many of the indicators published by @csricksdds in the AGAIG series backstopped by some of the indicators used by @MerryDay . My default position at the moment is too strictly purchase stock (not options) showing an upswing.

Then I stare at the screen while all of these wonderful drop opportunities pass me by because I don't have the tool(s) to suggest/identify the parameters of a successful put buy, e.g. strike price, expiration date, premium, etc. as well as the expected gain based on the risk.

Can someone direct me to the tools most often used by the members of this forum?

 

[antwerks]

I currently am trading using many of the indicators published by @csricksdds in the AGAIG series backstopped by some of the indicators used by @MerryDay . My default position at the moment is too strictly purchase stock (not options) showing an upswing.

Then I stare at the screen while all of these wonderful drop opportunities pass me by because I don't have the tool(s) to suggest/identify the parameters of a successful put buy, e.g. strike price, expiration date, premium, etc. as well as the expected gain based on the risk.

Can someone direct me to the tools most often used by the members of this forum?

Since you're already long-biased, I’d recommend starting with reversal detection tools that flag
Major resistance zones, Volume/price divergence, Overbought with fading volume and Candle patterns like shooting stars or engulfing candles or fractals. (My most successful one is by Sam4Cok@Samer800,
https://usethinkscript.com/threads/fibonacci-trading-for-thinkorswim.16825/
- I hide the Fibonacci and some others things and just focus on the chevrons(fractals))

From there, tools like a custom TOS label that displays a Suggested buy (1 ATR below support) or a
Breakeven + profit zone entry alert.

These are just a very few that can help you not just stare, but have a clearer structure.

 

[Bassindora]

@antwerks appreciate the reply.

I'm assuming the grey shaded area shows support.

Breaking this down Barney style, in the screenshot you would have bought puts at $265 (1 atr below support) with an estimated max profit of $30.5 (265-229.50 (predicted lo)) ignoring contract costs?

 

[antwerks]

@antwerks appreciate the reply.

I'm assuming the grey shaded area shows support.

Breaking this down Barney style, in the screenshot you would have bought puts at $265 (1 atr below support) with an estimated max profit of $30.5 (265-229.50 (predicted lo)) ignoring contract costs?

sorry the 265 was my mark for today to buy into calls 0DTE - disregard that please. I would buy at the green chevrons and sell at the red or as close as possible.

 

[Bassindora]

sorry the 265 was my mark for today to buy into calls 0DTE - disregard that please. I would buy at the green chevrons and sell at the red or as close as possible.

That makes more sense to me. Thanks for clarifying.