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Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,059 since Dec 2013
Thanks Given: 4,410
Thanks Received: 10,226
This could be interesting... (well at least for me)
Implied Functionality on Crude and Refined Energy Futures Butterflies
Effective Sunday, August 6 (trade date Monday, August 7), implied functionality will be enabled for Crude and Refined Energy Butterflies in the first 12 months plus June and December for two additional years. Butterflies are identified with “BF” in tag 762-SecuritySubType in the MDP 3.0 Security Definition (tag 35-MsgType=d) message.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,059 since Dec 2013
Thanks Given: 4,410
Thanks Received: 10,226
The email they sent out actually had more information on how the implication will work. I'm not sure that it will make much of a difference for the prompt 12 one-month butterflies, but I suspect that it will make a big difference in the six-month flies.
Trading from where we are now to those targets will have wild swings up or down making it risky to trade. Once the US Session opens, we should see within an hour or two what oil wants to do. It may just go to a prolonged period of consolidation and then a crazy spike to one of the targets. For today, I will be very, very patient and allow the price action to guide me moving forward.
Does this mean now I can put the entire exchange traded 6 month flies and trade it just like any other instrument? And what happens if I adjust one of the calendars? Or even just 1 contract?