Trading Diagonals
A Practical Framework for Directional Income and Multi-Cycle Options Management
A desk-ready framework for trading diagonals with clear risk rules and multi-cycle management.
Simon Hertz
Options trader and author. Practical frameworks for directional income, multi-cycle management, relative-value structures, and defined-risk volatility trades.
Desk notes on volatility, term structure and the tape, posted every day.
Books
Options Synthetics
Put-Call Parity and Relative-Value Trading
A desk book on synthetic relationships, parity, and relative-value trading.
Trading Calendars
Term Structure, Forward Volatility, and Position Management
A calendar is not mainly a bet on time decay. It is a trade in one piece of the volatility curve, the window between two expiration dates.
Trading Butterflies
Pin Risk, Skew, and Defined-Risk Options Management
A butterfly is not mainly a cheap bet on a price. It is a trade in one slice of the distribution, the band of outcomes between its wings.
Trading Verticals
Credit Spreads, Debit Spreads, and Risk Management
A vertical spread is a price on a probability. A desk book on choosing, sizing and managing credit and debit spreads, and on when to pass.
Trading 0DTE Spreads
Same-Day Index Options, Gamma, and Defined-Risk Intraday Management
A planned exit is not a maximum loss. A desk book on sizing same-day index spreads to the loss the structure can produce, and managing them with written exits.
Trading Iron Condors
Range Pricing, Position Sizing, and Trade Management
An iron condor is a price on a range. A desk book on reading what the range is priced at, sizing on account risk, managing to a written plan, and on when to pass.
Not sure where to start? Take the six-question quiz to find the defined-risk structure that fits the way you trade.
Latest desk notes
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Nasdaq Falls 0.91% as Nvidia Slide Extends, VIX Climbs to 19.30: Closing Notes for Friday
Nvidia fell another 2% and AMD dropped 8.76% as chip stocks sold off, pulling the Nasdaq down 0.91% even after a softer-than-expected PPI print. The VIX rose 0.60 point to 19.30, but all three major averages still finished the week higher.
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Futures Edge Up as Nvidia Steadies; PPI and Fed Speakers Ahead: Desk Notes for Friday
S&P 500 futures are up 0.30% and Nvidia is higher pre-market after Thursday's leadership shock, while Cisco slips after its report. October PPI lands at 8:30 a.m. ET, the VIX is at 18.21 and the 10-year sits near 5.14%.
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Nasdaq Slips 0.39% as Nvidia Sinks on CEO Exit, VIX Rises to 18.70: Closing Notes for Thursday
Nvidia fell 4.34% after CEO Jensen Huang's departure, the Russell 2000 dropped 1.66% and the 10-year yield climbed to 5.133% as oil rose. The VIX gained 1.21 points to 18.70; Cisco and Cerebras reported after the bell.
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Nasdaq Futures Slide as Nvidia Drops; Claims and 30-Year Auction Ahead: Desk Notes for Thursday
Nasdaq 100 futures are down 0.86% and Nvidia is off 7.48% pre-market on reports its board is weighing the CEO's future. The VIX is up at 18.18, bonds reopen with the 10-year near 5.00%, and claims, Fed speakers and a 30-year auction fill the day.
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About
Simon Hertz writes the Hertz Trading Books series for traders who want defined-risk process over noise. More about the author.