The Rhino Trade - Complex Option Spread Trading

The Rhino is one of my favorite option trades. It takes the delta neutral broken wing butterfly and rehedges during the life of the trade.

In this video, I go over how I trade the Rhino while following along an example trade. Watch me make decisions "live" when the plan calls for them. The Rhino is suitable for larger accounts but you can practice in IWM or SPY in a ~$5k account.

[Gekkothegreatbroker]

Great Video I really liked it. What would be great would be a summary of your rules at the end or the beginning. Like enter 80 DTE - 50, 35, 20 Delte for the strikes. Adjustments when below the short strikes etc. I think if you present the rules at the beginning and after that show a detailed trade like you did in your video he experience would be even better. Once again thanks a lot for the video. One last question regarding the adjustments. When do you adjust? For example when the RUT closes below the short strikes you do it the next morning or are you doing it intraday?

[loubob]

I have watched this video 3 times already. Thank you for such a great instructional video. How often do you hit that 3K mark in profit.

[rsarian]

Great video and the explanantion of your approach. I've traded the Rhino strategy in the past (with Bruno Voisin, and the M3 with J. Locke and the RTT with Aeromir). For the past 2 years, I've been trading my own strategy which is a mash-up of the Rhino-M3-RTT using SPX options. I would like to know if you have tried your approach with SPX options? And if you had success with them? Your opinion of the SPX as the underlying for these kinds of delta-neutral trades? Thanks.

[garysterling]

Hey Oliver, Greetings from Canada ( Currently in d.r for winter.) Really enjoying your videos, have gone through most of them now:) Am just transitioning into retirement over next few years so looking to get more into the options trading. I am certainly liking what I see in terms of your process and trading style. Curious about your analyzer, are you using excel to build?. I have done a few projects with excel myself and am thinking that it would likely be doable in that format but not sure on that. Really looking forward to future videos.
Cheers, Fan from Canada.

[loubob]

Are the delta numbers Beta weighted to SPY? In the video from Brian Larson he mentions deltas of above +/-25 or above +/-50 for a 5 tranche while your at 5 or -5. Thank you

[rsarian]

Hey Oliver, I've a couple of open Rhino trades and have been managing them per your approach in this video. I was interested to know how do you adjust a large positive Delta when the price (RUT) is inside the tent but not yet below the short strikes? Do you buy a spread at the strike of the OTM longs?

[pgroan]

With VIX at very low levels would you consider a + vega trade instead of BWB or IC?