That Was The Week Shocker: It was Up
So, we had a peculiar week that felt like it was doom and gloom but apparently in FTSE world it was peachy. We saw precious metals were battered but came back a little, and that world is a real enigma. Pundits offered us varying explanations about the latest unworldly market moves. YouTube is awash these days with everything from plumbing advice to the vagaries of metals traders, and government debt. HMRC, with whom I enjoy a mutual admiration alerted me(by email) to the tax year 2024-5. So, what could it be? I couldn’t owe more, could I? NO. It was a breakdown of how our taxes are spent. However, it was no comfort to know that 10% of income tax goes to servicing debt. Weird. Sorry, had to share that!
My silver trading foray continues as my position is back into profit, albeit pennies rather than pounds. Comex wields mighty power but this thanks to Keith at https://youtu.be/34MIxg2YZTo?si=Fd-LRWR5HgSCsX4h this graphic sheds more opacity on the subject! 
We learned a new word ‘ eligible’ as if Silver at times was ineligible, like a would be benefits claimant who is clearly working and healthy. However options traders like us know what open interest means. Simple arithmetic tells us there may be trouble ahead if people want to exercise their options. Spread betters may not be troubled by such trifles, but this is yet to play out. I suppose it’s a poor analogy, but it’s like us FTSE traders who cash settle, at £10 a point, seeing too few pounds to cover the claims on the underlying. Any metal traders help us out here?
In The Inbox
Bloomberg toss us a few bones sometimes:
https://www.bloomberg.com/news/newsletters/2026-03-27/us-stocks-crater-under-iran-oil-pressure
Curious that Nasdaq has dropped 10% and is now in a correction*. Forgive me but FTSE hit 10934, and is now 9967. The recent low was 9894, a smidge off that 10% figure. Call me a bear.
There’s still time to get a freebie https://www.masterinvestorshow.com/?mc_cid=41c1e40026&mc_eid=d8dfffc5d3 Generally options traders skulk in a dark corner, but it’s always worth a look as some of the presenters are very smart. London on a Saturday after the show, offers so many treasures, if you’re not local.
* Dax has also dropped 10%
Distraction Trades
ADA was $0.2646 now $0.2487
XRP was $1.4421 now $1.3380 nothing to get excited or concerned about. Is crypto still a thing?
DAX : 2 trade Wins 3 no entries nett 250 Remember this only trades within 30 minutes of market open, so it missed some monster trades. Monday was fortuitous as Dax smashed up after we’d exited.
UK Gilts Were £15.50 now £15.52 This is based on the Vanguard ETF. Last week’s comment: Gilt yields have been rising, but this seems to have found a level.
Silver: Using Wisdom Tree Physical Silver(PHAG) was $63.75 now $64.18 I had another go at $64.10 so we wait to collect a whopping profit of £40! It’s a smaller position, but I have no idea, it should have hit $100 according to the experts (this ETC does not mirror 1-for-1 but reflects the changes )
Legacy Trades New Trade 459
Trade 424 High Roller, This is a Trade Gone Wrong
PRECIS: We started from a July 2025 losing trade as below. Short calls are rarely a good idea.This is a ratio spread 8450/8650 calls
A Glitch as futures prices created a debit where we would normally expect a small credit, thus we pay 7.5 to roll into March (Feb: 2170.5, 1970.5×2,Mar 2159,1961×2)
We had a debit of 1763 ( total income 392 )
O, me miserum! Irrumator! (look it up, it’s rude)
Now 2452.5, 2,253.5 x2= 2054.5 Remember we can run this for years! (We may have to)
1805, 1608.5 x2= 1412 recovered more than £6,000 we soldier on.
1804.5 and 1604.5 (surprisingly enough!) 1404.5
Rolled on Thursday from 1200 to 1230 Credit 30
Last week: running a debit of 1107 (total income to date 392+30= 422) While this looks like folly it’s not a catastrophe as the income has been excellent relative to cash on account (margin)
This week: 1525.5, 1331.5 x2 = 1137 It seemed the week was another big drop but it wasn’t.
Trade 458 Big Vol? Bet The Farm- This is a Lottery
The longstanding view is always sell big volatility so let’s try to keep out of trouble with a very wide strangle. We sell the 8500 Put for 29 and sell the 10500 call for 29.5. Our credit is 58.5 and our risk is at 8441.5 and 10508.5. However if premium on one side trebles, we may adjust.
8500 put 19 10500 call 39.5= 58.5 Doesn’t feel right, frankly but here we are, the prices don’t lie
Trade459 What Can We trade in a No Sense Zone?
What trades are bulletproof? Debit spread trades, condors and butterflies.Other trades may also fit this profile, but may not be practical for retail traders.
Here we go, we are buying 2 cheap (April) butterflies: calls: 9900/10000/10100 those prices 265, 208(x2), 159. Gives us a debit of 8
And for the blue team we have the put butterfly 9900/9800/9700, those prices 204.5, 168.5(x2), 139 gives us a debit of 6.5
So for a total of 14.5 we could make a decent profit, or not, anywhere between 10,050 and 9750 We’d like to land on either 9800 or 10,000 for the max 100.
Apologies to those who rightly point out I get the strikes in the wrong order most of the time. However you’re all aware the centre strike is where we are selling 2 lots, called the body, against the single lots that we own, which we call the wings.
For those new to options:
https://optionsinvesting.co.uk/special-edition-how-options-work-1/
https://optionsinvesting.co.uk/special-edition-how-options-work-2/
https://optionsinvesting.co.uk/how-options-work-page-3/
Contact: surreyhantstraders@gmail.com.
If there is anything you’d like help with, we all started somewhere and yes, it can be baffling. There are no stupid questions, give it a whirl. (AI gets things wrong, remember)
All opinions expressed here are not to be taken too seriously and all of the trades are for educational purposes only.