About a year ago I came up with a beginner-friendly strategy for the @unusual_whales Hot Chains & Tickers page π³
Here's an updated thread on #FireFishing π₯π£ with recent examples + utilizing the new features UW has to offer π§΅
What is #FireFishing π₯π£?
It's a beginner-friendly strategy that utilizes the Hot Chains & Tickers page on @unusual_whales to find the most traded out-of-the-money contracts (cheaper plays) with the most volume/open interest π(people trading/holding them)
β’ Go to "π₯Hot Chains & Tickers"
β’ Find a ticker with 3 of the hottest chains π₯΅
β’ Expiries must be within 14d β
β’ At least 1 of the chains has a strike OTM β
See $AAPL in this pic for reference (closed at $165.81 today)
This works both ways: bullish or bearish.
β’ 2 OTM Bull Chains + 1 ITM Bull Chain = #bullish
β’ 2 OTM Bear Chains + 1 ITM Bear Chain = #bearish
With the new features that @snorlax_uw has added it gets even better π₯
β’ Click on the contract expiry
β’ It brings up the contract flow + the ticker flow
β’ You can click a candle of interest and it will take you to the time in the live flow feed that it came through
Things to look for π#FireFishing
β’ Does the Daily P/C Ratio and historical options volume line up with your bull or bear thesis?
β’ Are contracts being bought at the bid or ask? (ask shows urgency)
β’ Has Volume been turning into OI the next trading day? (holding contracts)
Wanna Super Charge your #FireFishing?
Use the @unusual_whales Super Flow Dashboardβ‘οΈ
Have your flow feed, flow alerts & hot chains on the same page π€―
Follow @TheHeatSheet a free newsletter every day Sunday where I'll post #FireFishing pick every issueπ₯π£ getrevue.co/profile/redhotβ¦
Thanks for reading! π₯
S/O @unusual_whales for being the best options data site out there
Oh & I'll leave this here π€
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