Opening (Margin): /MES February 28th 4020 Short Put... for a 50.50 credit.
Comments: Continuing to adjust to keep my delta/theta ratio sub-1.0, with the position still leaning net delta short.
Premiumselling
Closed (Margin): /MES February 28th 3870 Short Put... for a 21.00 debit.
Comments: Opened for 32.50; closed for 21.00. (32.50 - 21.00)/.2 = $57.50 profit.
Opening (Margin): /MES February 28th 4080 Short Put... for a 73.75 credit.
Comments: Functionally rolling to a 4080 short straddle here to delta balance and bring my delta/theta ratio to back under 1.0. The position remains net delta short, which I'm fine with since we're at 30 day highs here. Will look to take off the whole kit and caboodle in the next several days here, since I've only got 32 DTE to go in this contract, and would like to move on to the March fairly soon.
Closed (Margin): /MES February 28th 3960 Short Put... for a 37.25 debit.
Comments: Filled this leg for a 59.25 credit. Closing here results in a (59.25 - 37.25)/.20 = $110.00 profit.
Opening (IRA): SPY April 21st 368 Short Put... for a 3.80 credit.
Comments: Targeting the <16 delta strike in the shortest expiry that is paying around 1% of the strike price in credit, which is (ugh) currently April (84 DTE). Will look to add in shorter duration if we get an uptick in IV.
Opening (IRA): SPY February 17th 407 Covered Calls... for a 391.65 debit.
Comments: As with my IWM covered calls, re-erecting long delta that I took off yesterday to offset the short delta of my SPY short delta hedges, targeting the short call strike paying around 1% of the strike price in credit. The February 17th 407 is paying 4.21 at the mid at the moment. Similarly, probably not the greatest spot to be doing this, but just trying to keep my port "net delta happy."
I'll only be doing this in IWM and SPY, since I still have some covered call on in the Q's, a March 31st 296, and a June 16th 310 and don't need the long delta there at the moment.
Opening (Margin): /MCL March 16th 70*/101 Short Strangle... for a 1.33 credit.
Comments: An additive delta adjustment trade, selling the +13 delta put at the 70 and the -8 delta call at the 101. The position still leans net delta short here, which I'm fine with since WTI is toward the top of its 30-day range.
* -- The 70 is shown at the 69 strike.
Opening (Margin): /MES February 28th 4000, 4010, 4040 Short PutsComments:
Replacing the short puts I took off in profit to delta balance.
Opened the 4000 for a 56.00 credit.
Opened the 4010 for a 59.00 credit.
Opened the 4040 for a 70.75 credit.
Net delta of the position leans net short, but delta < theta, so I'm fine with the position remaining slightly short for now. The basic notion here is to make delta adjustments for realized gains at intervals to keep delta < theta, peeling off oppositional sides in profit where possible or the whole she-bang at once, so long as total realized gains exceed unrealized losses (which is the current case with what I have on now).
Closing (Margin): /MES February 28th 3890, 3925, 3940 Short PutsComments: Going to continue reverse gamma scalping this for a bit with 33 days to go in the contract.
Closed the 3890 for 30.25. (41.00 - 30.25)/.2 = $53.75 profit.
Closed the 3925 for 37.50. (49.25 - 37.50)/.2 = $58.75 profit.
Closed the 3940 for 41.00. (53.25 - 41.00)/.2 = $61.25 profit.
Will open new, higher delta short puts to delta balance in a minute here.
Opening (Margin): /MCL March 16th 66/93 Short Strangle... for a 1.58 credit.
Comments: Selling the +10 delta put and the -17 delta call to delta balance.
Opening (Margin): /MES February 28th 3870 Short Put... for a 32.50 credit.
Comments: After taking off a lower delta'd short put leg in profit, replacing it here with a short put with a strike that cuts my net delta in half or so.
Closed (Margin): /MES February 28th 3740 Short Put... for a 15.75 debit.
Comments: Filled this leg for a 24.25 credit. Closing it out here results in a realized gain of (24.25 - 15.75)/.2 = $42.50. I'll replace it with an appropriately delta'd short put higher up the ladder in a minute here ... .
Closing (Margin): /MES February 28th 3670 Short Put... for a 13.00 debit.
Comments: A subtractive delta adjustment here ... . Closing out its +9 delta flattens my net delta (which had begun to skew long), frees up buying power (I had an extra put unit on relative to call units), and results in a small profit of (18.50 - 13.00)/.2 = $27.50.
Opening (Margin): /MCL March 16th 70.5/97 Short Strangle... for a 1.80 credit.
Comments: Delta balancing my existing short strangle by selling the +15 put at the 70.5 and the -13 call at the 97.
Closing (Margin): /MCL March 16th 65/101 Short Strangle... for a .94 debit.
Comments: Taking profit where I can ... . Filled this pair of legs for a total of 1.27 in credits. Closing out here for .94 results in a .33 ($33) profit. The remaining position leans slightly short, so I may go ahead and do a delta adjustment here.
Assignment (Margin): NVDA 160 Short PutComments:
Total credits collected/realized gain of 11.56 ($1156), with the difference between 160 and current price (125.66) an unrealized loss.
Will look to sell call against on Monday with a starting cost basis of 160.00/share, as well as potentially covered strangle (short put + stock + short call). Unlike my QQQ 300 covered call (See Post Below), this one is on margin, where being in stock becomes a buying power hog relative to being in an options contract, so the motivation may look to exit at the earliest possible juncture for a scratch, rather than hang out in it endlessly. That being said, both NVDA and AMD are kind of "premium seller faves," since 30-day IV is decent a lot of the time.
I'll start out selling 160 calls against and then proceed to roll those mechanically at monthly opex so long as my cost basis remains above current price.
Opening (Margin): /MES February 28th 3890, 3925, 3940, 3960... short puts.
Comments: Replacing the short puts I stripped off in profit to delta balance what is now the -27, -31, -33, and -36 delta calls. The remaining -42 delta short call at the 4080 is only partially hedged, so position net delta still leans short.
Opened the February 28th 3890 for a 41.00 credit.
Opened the February 28th 3925 for a 49.25 credit.
Opened the February 28th 3940 for a 53.25 credit.
Opened the February 28th 3960 for a 59.25 credit.
Closed (Margin): /MES February 28th 3620, 3700, 3760, 3770 ... short puts.
Comments:
Filled the 3620 for a 18.00 credit; closed it here for a 10.25 debit. (18.00 - 10.25)/.2 = $38.75 profit.
Filled the 3700 for a 22.00 credit; closed it for a 15.25 debit. (22.00 - 15.25)/.2 = $33.75 profit.
Filled the 3760 for a 31.25 credit; closed it for a 20.75 debit. (31.25 - 20.75)/.2 = $52.50 profit.
Filled the 3770 for a 28.25 credit; closed it for a 22.00 debit. (28.25 - 22.00)/.2 = $31.25 profit.
Will re-erect short puts to delta balance ... .
Closing (Margin): /MCL March 16th 58/108 Short Strangle... for a .48 debit.
Comments: Collected a total of .69 in credits for this pair of legs. Closing out here for a small (.21/$21) winner to free up buying power in the event I have to do an additive adjustment later. Net position leans a smidge short delta, so don't need to do an adjustment here at the moment.
Rolling (IRA): QQQ January 20th 260 to March 31st 246 Short Put... for a 2.65 credit.
Comments: My most at-risk QQQ short put ... . Rolling it down and out to the quarterly. Collected 2.69 (See Post Below) plus the 2.65 here for a total of 5.34.
Rolling (IRA): IWM January 20th 169 Short Put to March 31st 159... for a 1.62 credit.
Comments: My most at risk short put strike in the small caps ETF ... . Rolling it down and out to the quarterly. Collected 1.75 (See Post Below) plus the 1.62 here for a total of 3.37.
Opening (Margin): /MES February 28th 3760 Short Put... for a 31.25 credit.
Comments: An additive long delta adjustment trade here, selling the +20 delta put. Net position still leans slightly short.
Closing (Margin): /MCL March 16th 61/103 Short Strangle... for a .73 debit.
Comments: Net delta neutral subtractive trade to take off a little risk here, particularly since we still have quite of bit of time to go in the cycle (55 DTE). Filled the legs for a total of 1.03 in credits; closing out here for a .73 debit results in a .30 ($30) profit.
