You circumvent all alpha, gama, beta, theta by just looking at the visual representation of charts. Easy to use. It is very helpfull for people like me who do not understand the Black Scholes lingo.
You can also use the Dow theory on the spreadline. (Being in trade till we are getting Higher High / Higher low). I use the 36EMA as a reference line once in trade. I do not get out of my trade only on breach of the 36EMA but also going below/above the levels it last breached 36EMA.
Yes Vijay ji. In the chart posted above. The green vertical line is the place where i initiate my trade. I add at the green dotted line. The yellow horizontal line is my current SL.
So when we started the spread was around +140 points. It went down to -180 points and closed at -135.95. My SL currently is around -100 Points. So even if that level hits i would make around 240 points (Rs.9600) in my initial position. And about 150 Points (Rs.6000) in my add as i took it at around +50 levels. These profits have been calculated in case my SL hits. As of fridays close the profits based on this open position would have been more (Rs1500 more in each lot). I have not taken actual trades as i have been testing this only for 2 weeks. But it shows a lot of promise.