http://twitter.com/hamzeianalytics - The Admiral, as a former CBOE Designated Primary Market Maker, often used Option Box Spreads to lock in his profits with other options when he was unable to close out his positions directly. Also, he used Option Box Spreads to flatten his position because it was tough for him to close the amount of positions he had at the end of every trading session.
The featured speaker, whom we affectionately call "The Admiral," was a Designated Primary Market Maker (DPM) on the floor of the CBOE for five years. Although we're not using his real name (so don't ask!) suffice it to say that we consider him to be one of the most knowledgeable option traders on the planet. As a floor trader in the '80s and '90s he did the opening options rotation for 5-25 stocks the old-fashioned open outcry wayâmeaning he opened each option ...
