Get started

Optionsstrateiges

Opening (IRA): ARKK October 18th 36/43/43/50 Iron Fly... for a 3.68 credit. Comments: >35% IV. Doing a smidge of nondirectional here in ARKK, which is toward the top of my ETF board for 30-day IV behind BITO, TQQQ, and SMH (which I already have positions in). Structuring this as a risk one to make one, which is what I like to see out of these. Metrics: Buying Power Effect: 3.32 Max Profit: 3.68 ROC at Max: 110.84% 25% Max: .92 ROC at 25% Max: 27.71% Will look to take profit at 25% max. These generally aren't managed intraexpiry; they work or they don't ... .
AMEX:ARKK
by NaughtyPines
Closing (Margin): /MCL February 15th 68/93 Short Strangle... for a .98 debit. Comments: Although I've still got 30 days to go with this, taking it off in small profit without affecting net delta much (the 68 was at the +11 delta, the 93 at the -10), leaving me with the fairly narrow 74.5/84 to manage in the Feb cycle, along with a far out-of-the-money short put at the 67. I'll leave that short put on here since I still need its long delta at the moment. Collected a total of 1.24 in credits for the 68/93, so closing out here for .98 results in a .26 ($26) profit. I generally like to wait for at least .50 ($50) to take these off, but am already up decently on my /MCL trades for the month, so feel okay with taking small profit here, simplifying the position, and freeing up the buying power to get ready to move into the next cycle.
NYMEX:MCL1!
by NaughtyPines
Rolling (Margin): XOP November 18th 127 Short Straddle... to the December 16th 128C/133P inverted short strangle for a 4.02 credit. Comments: Rolling out at 21 days to go to reduce "random" assignment risk on the short call. Total credits collected of 21.96. I've gone slightly inverted here as well as improved the short call strike a smidge to keep the short delta metrics similar to what they would be were I to be in a covered put with a 40 delta short leg. This results in delta/theta -60.27/15.68 with a call side break even off 149.96. A "perfect" finish would be in between the strikes, but I'm looking to basically scratch this out or make something small on it.
AMEX:XOPShort
by NaughtyPines
Opening (IRA): SPY January 21st 468/June 17th 570* LPD**... for a 98.50 debit. Comments: A short delta hedge against a perennially long delta IRA, which remains net delta long after the addition of this setup, just less long than it was. The back month isn't that liquid, so I no doubt gave up some to the liquidity gods getting this filled. Buying the 90 delta back month, selling the 50 delta front. Paying 98.50 for a 102-wide, it currently has a max profit metric of the difference between what I paid (98.50) and the width of the spread (102) or 3.50 ($350), but its primary purpose is to hedge off or flatten long delta in the rest of the portfolio with its delta/theta metric of -42/8.67. I'll work it like a covered put, rolling the short put up or out on approaching worthless or look to take profit on the entire diagonal on approaching max. * -- The long put is shown below its actual strike in order to fit it on the chart without squeezing. ** -- Long put diagonal.
AMEX:SPYShort
by NaughtyPines
3