Pairs trading strategy combined with dividend pulling

GARREI

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an old idea i am sure but is this the basis of a higher odds trading strategy?

i am looking for a short term pairs trading system, that concentrates its correlation effort around the ex dividend date of "x" share or shares. my idea is to hedge the divi producing share with a highly correlating share, and after pulling the divi unwind the hedge. Obvioulsy the divi has to be decent and the corresponding spread on the 2 shares less than the divi amount. Not a home run by any stretch, but better odds than outright long/short strategy?

would like to be in and out of each spread within max 3 days inorder to maximise my opportunities

it would be great if something was available off the shelf
 
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