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Closing (Margin): /MCL February 15th 63/94 Short Strangle... for a 1.12 debit. Comments: Pairing profitable short put with profitable short call ... . I sold the 94 short call for .79 and the 63 short put for .80 as part of short strangles I put on at different times, for a total of 1.59. Closing out here for 1.12 result in a .47 ($47) realized gain. Still in the February 15th 66/91 for a 2.02 credit and the March 16th 55/103 for a .92 credit with the entire position leaning slightly long delta at the moment.
NYMEX:MCL1!
by NaughtyPines
Opening (Margin): SPX January 17th 3705/2 x 3735/3755 BWB*... for a 1.45 credit. Comments: Doing something a little bit funky here for me, targeting the current zero gamma level at around 3935 with my short options and erecting my longs out from there. Metrics: 1.45 credit on buying power effect of 8.55 with a max profit potential of 21.45. Delta 1.18; theta 4.46. A "perfect landing" would be at 3735 at expiry, but will take profit quickly if the opportunity presents itself. (Hitting a "perfect landing" is extremely rare, since it needs to be right at short put strikes right at expiry). * -- Broken wing butterfly. The 3705/3735 side is narrower than the 3735/3755 side to create a profit zone without any upside risk.
SP:SPXLong
by NaughtyPines
1
Closing (Margin): /MES February 3540/4160 Short Strangle... for a 38.75 debit.* Comments: Mixing and matching profitable short call with profitable short put for a small realized gain ($35.00), leaving me with the 3590/4120, which I'll probably proceed to do an additive delta balance setup on here. * -- The credit and debit amounts take some getting used to. For example, a short strangle that routes for a 50.00 credit actually has a max of only 2.50 ($250) (i.e., 1/20th of what the table says you'll receive in credit).
CME_MINI:MES1!
by NaughtyPines
Opening (Margin): /MCL March 16th 55 Short Put... for a .50 credit. Comments: My position has skewed out to delta/theta >1.0, so I looked at doing a small adjustment here. My options were: (a) take off profitable short delta (there isn't any at the moment); (b) add a skewed strangle as I did before; (c) roll up a profitable short put; or (d) sell a brand new put. I was looking to pick up around +6 delta or so, so opted for (c), but had to go out to March to get paid something decent for a 6 delta strike (although .50 isn't "fabulous"). This also happened to be buying power free and actually freed up a smidge (we're talking like $15, so nothing to really "whoo-hoo" about). I've collected a total of 4.11 in credits and will look to unwind the whole shebang in profit (preferably, at 50% max).
NYMEX:MCL1!Long
by NaughtyPines
Opening (IRA): SPY February 3rd 398 Covered Calls... for a 376.09 debit/contract. Comments: Mixing things up a little bit here and/or attempting to simplify my investment life going forward. Here, I'm targeting the 45 DTE short call strike paying around 1% of the strike price in credit; the Feb 3rd 398 short call is paying a little more than that -- 4.25 ($425). The focus here will not so much be on my "principal" (i.e., the value of my stock position), but how much premium I can bring into my account over time on the short call side of things. Naturally, I will still keep track of my cost basis (376.09/share on fill), since you generally do not want to roll the short call to a strike that is less than your cost basis unless you absolutely have to. I'll generally look to roll out the short call at 50% max to a similarly situated strike (i.e., 45 DTE paying 1% of the strike price in credit) or take profit on the whole setup if it converges on max (which would be 398.00).
AMEX:SPYLong
by NaughtyPines
Opening (Margin): /MCL February 15th 64/94 Short Strangle... for a 1.61 credit. Comments: Doing a slightly short delta-skewed additive adjustment here in my mini-slippery stuff position, with the short call at the -13 delta strike and the short put at the 11 delta strike, for a net of -2 delta. This gives me a smidge of short delta to bring back the net delta of the entire position more to neutral. The other option was to have just rolled down the call side a smidge to delta balance if I wasn't comfortable with adding units here. I can now do one of two things: (a) take the entire four-leg position off in profit; or (b) mix and match in-profit call with in-profit put to peel off units. Total credits collected of 1.90 (See Post Below) plus the 1.61 here: 3.51 total.
NYMEX:MCL1!
by NaughtyPines
Opening (Margin): /ES April 21st 4800 Short Call... for a 3.35 credit. Comments: On second thought ... . Re-erecting a short call here after taking off a shorter duration one at 50% max. This would be better done on strength, but I have some "unit imbalance" here on the put side (i.e., a greater number of put side units than call ones) and would rather keep the short call in place until I'm able to pull one or more of those units off, particularly since I get it buying power free here.
CME_MINI:ES1!Short
by NaughtyPines