Opening (IRA): IBIT March 21st 52 Covered Call... for a 49.83 debit.
Comments: Back into IBIT, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 49.83/share
Max Profit: 2.17
ROC at Max: 4.35%
50% Max: 1.09
ROC at 50% Max: 2.18%
Will generally look to take profit at 50% max, add at intervals, assuming I can get in at strikes better than what I currently have on, and/or roll out the short call if my take profit is not hit.
Moniedcoveredcall
Opening (IRA): TNA March 21st 37 Covered Call... for a 36.06 debit.
Comments: On second thought ... . Maybe I'm not done with March yet. Here, selling the 84 delta call against shares to emulate the delta metrics of a 2x expected move 16 delta short put, but with the built-in defense of the short call. This is less risk than what I ordinarily take, but still has the >2.0% ROC at max I like to see out of these setups.
Metrics:
Buying Power Effect/Break Even: 36.06
Max Profit: .94
ROC at Max: 2.61%
50% Max: .47
ROC at 50% Max: 1.32%
Opening (IRA): TMF March 28th 36 Covered Call... for a 35.08 debit.
Comments: Selling the -75 delta call against shares on weakness to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 35.08
Max Profit: .92
ROC at Max: 2.62%
50% Max: .46
ROC at 50% Max: 1.31%
Will generally look to take profit at 50% max, add at intervals if I can get in at strikes/break evens better than what I currently have, and/or roll out the short call on approaching worthless if my take profit is not hit.
Opening (IRA): SOXL March 21st 23 Covered Call... for a 21.09 debit.
Comments: Adding at strikes better than what I currently have on, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 21.09/share
Max Profit: 1.91
ROC at Max: 9.06%
50% Max: .86
ROC at 50% Max: 4.03%
Will generally look to take profit at 50% max, add at intervals, assuming I can get in at strikes better than what I currently have on, and/or roll out the short call if my take profit is not hit.
Opening (IRA): TNA March 28th 35 Covered Call... for a 34.04 debit.
Comments: Adding at strikes better than what I currently have on, selling the -84 delta call against shares to emulate the delta metrics of a 16 delta short put, but with the built-in defense of the short call. Going lower net delta here as a personal choice, since I've already made goal for February, so don't see the need to take on my normal amount of risk.
Metrics:
Buying Power Effect/Break Even: 34.04/share
Max Profit: .96
ROC at Max: 2.82%
50% Max: .48
ROC at 50% Max: 1.41%
Will generally look to take profit at 50% max, add to the position at intervals if I can get in at strikes/break evens better than what I currently have on, and/or roll out my short call on approaching worthless if my take profit hasn't hit.
Opening (IRA): SPXL March 21st 154 Covered Call... for a 151.04 debit.
Comments: Selling the -84 call against shares to emulate the delta metrics of a 16 delta short put, but with the built-in defense of the short call. (In all honesty, this is just an attempt to keep my theta/net liquidity ratio above .05, which is kind of the minimum of where I like to have it).
Metrics:
Buying Power Effect/Break Even: 151.04/share
Max Profit: 3.96
ROC at Max: 1.96%
50% Max: 1.98
ROC at 50% Max: .98
Opening (IRA): TNA March 21st 40 Covered Call... for a 38.17 debit.
Comments: High IV; starter position. Going out to the 56 DTE March monthly for my starter position, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 38.17/share
Max Profit: 1.83
ROC at Max: 4.79%
50% Max: .92
ROC at 50% Max: 2.40%
Will generally look to take profit at 50% max, add at intervals, assuming I can get in at strikes better than what I currently have on, and/or roll out the short call if the take profit has not been hit.
Opening (IRA): EWW March 21st 46 Covered Call... for a 45.00 debit.
Comments: Taking a small (ish) directional shot in the Mexico exchange-traded fund, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 45.00/share
Max Profit: 1.00
ROC at Max: 2.22%
50% Max: .50
ROC at 50% Max: 1.11%
Will generally look to take profit at 50% max, add at intervals, and/or roll out the short call if my take profit isn't hit.
Opening (IRA): TQQQ March 21st 72 Covered Call... for a 68.95 debit.
Comments: Starter position on weakness. Selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 68.95
Max Profit: 3.05
ROC at Max: 4.42%
50% Max: 1.53
ROC at 50% Max: 2.21%
Will generally look to take profit at 50% max, add at intervals, assuming I can get in at strikes/break evens that what I have on at the time, and/or roll out short call if my take profit is not hit.
Opening (IRA): TNA March 21st 39 Covered Call... for a 37.05 debit.
Comments: Adding to my TNA position at a slightly better break even than what I currently have on, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 37.05/share
Max Profit: 1.95
ROC at Max: 5.26%
50% Max: .98
ROC at 50% Max: 2.63%
Will generally look to take profit at 50% max, add at intervals, assuming I can get in at strikes better than what I currently have on, and/or roll out the short call if my take profit is not hit.
Opening (IRA): XBI March 21st 86 Covered Call... for an 84.20 debit.
Comments: Adding to my position at strikes better than what I currently have on, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 84.20
Max Profit: 1.80
ROC at Max: 2.14%
50% Max: .90
ROC at 50% Max: 1.07%
Will generally look to take profit at 50% max, add at intervals, assuming I can get in at strikes better than what I currently have on, and/or roll out the short call if my take profit isn't hit.
Opening (IRA): MU March 21st 75 Covered Call... for a 72.85 debit.
Comments: Looking to do something small here on weakness: Selling the -80 call against shares to emulate the delta metrics of a 20 delta short put, but with the built-in defense of the short call. Earnings are on 3/19, so will look to be out by then.
Metrics:
Buying Power Effect/Break Even: 72.85
Max Profit: 2.15
ROC at Max: 2.95%
50% Max: 1.08
ROC at 50% Max: 1.48%
Opening (IRA): TMF March 21st 36 Covered Call... for a 34.85 debit.
Comments: Starter position. Selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 34.85
Max Profit: 1.15
ROC at Max: 3.30%
50% Max: .58
ROC at 50% Max: 1.65%
Will generally look to take profit at 50% max, add at intervals, assuming I can get in at strikes/break evens better than what I currently have on, and/or roll out the short call if my take profit is not hit.
Opening (IRA): IBIT March 21st 48 Covered Call... for a 46.14 debit.
Comments: Adding to my current position at strikes better than what I have on, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with built-in short call defense.
Metrics:
Buying Power Effect/Break Even: 46.14
Max Profit: 1.86
ROC at Max: 4.03%
50% Max: .93
ROC at 50% Max: 2.02%
Will generally look to take profit at 50% max, add at intervals assuming I can get in at strikes better than what I currently have on, and/or roll out short call if my TP is not hit.
Opening (IRA): TQQQ March 21st 68 Covered Call... for a 64.63 debit.
Comments: Starter position on weakness, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with built-in short call defense.
Metrics:
Buying Power Effect/Break Even: 64.63
Max Profit: 3.37
ROC at Max: 5.21%
50% Max: 1.69
ROC at 50% Max: 2.61%
Will generally look to take profit at 50% max, add at intervals assuming I can get in at strikes better than what I currently have on, and/or roll out short call if my TP is not hit.
Opening (IRA): SOXL March 21st 20 Covered Call... for an 18.21 debit.
Comments: Adding to my current position at strikes better than what I have on, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with built-in short call defense.
Metrics:
Buying Power Effect/Break Even: 18.21
Max Profit: 1.79
ROC at Max: 9.83%
50% Max: .90
ROC at 50% Max: 4.91%
Will generally look to take profit at 50% max, add at intervals assuming I can get in at strikes better than what I currently have on, and/or roll out short call if my TP is not hit.
Opening (IRA): SOXL March 21st 23 Covered Call... for a 20.87 debit.
Comments: High IVR/IV. Adding to my position at a break even better than what I currently have on. Selling the -75 call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 20.87
Max Profit: 2.13
ROC at Max: 10.21%
50% Max: 1.07
ROC at 50% Max: 5.11%
Will generally look to take profit at 50% max, add at intervals (assuming I can get in at a break even better than what I currently have on), and/or roll out the short call in the event take profit is not hit.
Opening (IRA): TQQQ March 21st 71 Covered Call... for a 67.75 debit.
Comments: Starter position, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 67.75/share
Max Profit: 3.25
ROC at Max: 4.80%
50% Max: 1.63
ROC at 50% Max: 2.40%
Will generally look to take profit at 50% max, add at intervals (assuming I can get in at break evens/strikes better than what I currently have on), and/or roll out short call if my take profit is not hit.
Opening (IRA): TAN February 21st 32 Covered Call... for a 31.17 debit.
Comments: Still in the top 5 underlyings for IV on my ETF board, with 30-day at 35.0%. Adding at strikes better than what I currently have on after exiting the 33's at 50% max. Selling the -75 delta call against stock to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 31.17/share
Max Profit: .83
ROC at Max: 2.66%
50% Max: .42
ROC at 50% Max: 1.33%
Will generally look to take profit at 50% max.
Opening (IRA): TNA March 21st 38 Covered Call... for a 36.24 debit.
Comments: Adding in at strikes better than what I currently have on, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 36.24/share
Max Profit: 1.76
ROC at Max: 4.86%
50% Max: .88
ROC at 50% Max: 2.43%
Will generally look to take profit at 50% max, add at intervals (assuming I can get in at break evens/strikes better than what I currently have on), and/or roll out short call should my take profit not hit.
Opening (IRA): SOXL March 21st 20 Covered Call... for a 17.96 debit.
Comments: High IVR/IV plus weakness. Adding at strikes better than what I currently have on, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/ Break Even: 17.96/share
Max Profit: 2.04
ROC at Max: 11.36%
50% Max: 1.02
ROC at 50% Max: 5.68%
Opening (IRA): IBIT March 21st 50 Covered Call... for a 47.78 debit.
Comments: High IVR/IV. Selling the -75 call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 47.78
Max Profit: 1.22
ROC at Max: 2.55%
50% Max: .61
ROC at 50% Max: 1.28%
Will generally look to take profit at 50% max, add at intervals (assuming I can get in at a break even better than what I currently have on), and/or roll out the short call in the event take profit is not hit.
Opening (IRA): TQQQ March 21st 69 Covered Call... for a 65.42 debit.
Comments: High IV + weakness. Selling the -75 call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 65.42
Max Profit: 3.58
ROC at Max: 5.47%
50% Max: 1.79
ROC at 50% Max: 2.74%
Will generally look to take profit at 50% max, add at intervals (assuming I can get in at a break even better than what I currently have on), and/or roll out the short call in the event take profit is not hit.