OPENING: EWZ DEC 16TH 30.5/33.5/33.5/37 IRON FLY
Updated
Going short duration here because I can't find liquidity in the weeklies for the setup and don't really want to go out to Jan.
Metrics:
Probability of Profit: 45%
Max Profit: 187/contract
Max Loss: 163/contract
Break Evens: 31.63/35.37
Notes: As with a short straddle, I'll look to manage this at 25% of max profit.
Metrics:
Probability of Profit: 45%
Max Profit: 187/contract
Max Loss: 163/contract
Break Evens: 31.63/35.37
Notes: As with a short straddle, I'll look to manage this at 25% of max profit.
Note
Chased this a bit. Filled for 1.81 credit.Note
Forgot to post this step: on 12/1, I rolled the 30.5 long put to the 28.5 long put (same expiry) for a .50 credit to lock in the gain experienced by the long put by the down move, as well as improve my put side break even ... . The scratch point is now 1.81+.50 - .10 (fees/comms) or 2.21. Still shooting for my original "take profit" here ... .Trade closed manually
With 10 DTE, covering here for a 1.79 db. Opened for 1.81 credit; .50 in credit for rolls = total credit of 2.31, so gross profit of 2.31-1.79=.52 ($52). After fees/comms, $37, so a small winner.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.