Saw a sine wave pattern, so I mirrored and flipped the bar pattern. It matched up nearly perfect with my plot derived from options and fibs. Won't be perfect, but it should rhyme a bit, for a lil bit.
Options:
For wed expiry, QQQ 362 is put heavy, 7500 p vs 4k c. There's also equal and opposite options at 368, 7500 c/4k p. 366 is max pain and also highest put, so this may act as resistance.
362 is more even P/C than some nearby levels. So may act as a neutral. When you have a level with nearer 1.0 P/C it tends to act like a magnet, cause both calls and puts get squeezed.
366-362=4
362-4=358
So I'm thinking 358-366 range over the next 24hrs. Under 360, calls are all pretty much shot. A few at 356. Huge put wall at 350 should act as support, but under 356 most all puts are ITM.
Target 350, if FOMC minutes sell off fast, but put stops on under 360 and again under 356. Also s/l at 366 from here. I'm already short and ITM, but will scalp any bounce and look to add more shorts near 365/366.
Options:
For wed expiry, QQQ 362 is put heavy, 7500 p vs 4k c. There's also equal and opposite options at 368, 7500 c/4k p. 366 is max pain and also highest put, so this may act as resistance.
362 is more even P/C than some nearby levels. So may act as a neutral. When you have a level with nearer 1.0 P/C it tends to act like a magnet, cause both calls and puts get squeezed.
366-362=4
362-4=358
So I'm thinking 358-366 range over the next 24hrs. Under 360, calls are all pretty much shot. A few at 356. Huge put wall at 350 should act as support, but under 356 most all puts are ITM.
Target 350, if FOMC minutes sell off fast, but put stops on under 360 and again under 356. Also s/l at 366 from here. I'm already short and ITM, but will scalp any bounce and look to add more shorts near 365/366.