About a year ago I came up with a beginner-friendly strategy for the @unusual_whales Hot Chains & Tickers page 🐳
Here's an updated thread on #FireFishing 🔥🎣 with recent examples + utilizing the new features UW has to offer 🧵
What is #FireFishing 🔥🎣?
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 👀(people trading/holding them)
• Go to "🔥Hot Chains & Tickers"
• Find a ticker with 3 of the hottest chains 🥵
• Expiries must be within 14d ✅
• At least 1 of the chains has a strike OTM ✅
See $AAPL in this pic for reference (closed at $165.81 today)
This works both ways: bullish or bearish.
• 2 OTM Bull Chains + 1 ITM Bull Chain = #bullish
• 2 OTM Bear Chains + 1 ITM Bear Chain = #bearish
With the new features that @snorlax_uw has added it gets even better 🔥
• Click on the contract expiry
• It brings up the contract flow + the ticker flow
• 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 👀#FireFishing
• Does the Daily P/C Ratio and historical options volume line up with your bull or bear thesis?
• Are contracts being bought at the bid or ask? (ask shows urgency)
• Has Volume been turning into OI the next trading day? (holding contracts)
Wanna Super Charge your #FireFishing?
Use the @unusual_whales Super Flow Dashboard⚡️
Have your flow feed, flow alerts & hot chains on the same page 🤯
Follow @TheHeatSheet a free newsletter every day Sunday where I'll post #FireFishing pick every issue🔥🎣 getrevue.co/profile/redhot…
Thanks for reading! 🔥
S/O @unusual_whales for being the best options data site out there
Oh & I'll leave this here 🤘
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