Bullish Ascending Triangle
iShares iBoxx $ High Yield Corporate Bond ETFArca
Description
⋅ Here is a nice example of a bullish Ascending Triangle.
Put/Call ration is 4.31 and Open Interest in top 10 for Sept 16 expiry
After that it's quad witching and FOMC so anything goes.
Volatility I'm sure it's getting tightly wound for quad witching and Powell.
Volatility gained strength today despite indexes being higher.
My overall outlook for volatility is more compression into 4XOPEX & FOMC.
CPI in AM could change outcome significantly to the up or down side.
My idea is long 9/16 and short to end of Oct.
Comment
⋅ A look at options naive gamma exposure clearly indicates strong pin strike of 76.
This is naive gamma exposure meaning open interest is NOT confirmed exposed to dealer. Near term I plan to add dealer directional open interest. Comment
⋅ Next is dealer directional & individual stock GEX with a simple 21 day moving average.
2022 has been historically low compared to 2020-2021 and looks more and more like a worse recreation of 2018.