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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
Trade Plan 12/14/2022 TP1> if we manage to Trade/Bid above MAIN POC 4054, we can test > 4081 > 4141 > 4186 > 4207 > 4221 TP2> if we Open/Trade below MAIN POC 4054 > we can test > 4035 > 3995 > 3980 > 3960 > 3934 > 3914 (LIS - Bulls Trapped) *All those levels will be INVALID as tomorrow 2:00 PM we will have FOMC Interest Rates REPORT ! GET READY for LOTTO TRADES. $ES can move again +100/150 handles.... Yep, believe me or not we are going to survive tomorrow also !! Daily PIN BAR candle fading all the CPI pre-mkt move. STRONG HIGH = SUPER BEARISH / REVERSAL Reason I'm Flat and waiting to short, we have FOMC Tomorrow 12/14/2022 by 2:00pm.
CME_MINI:ES1!
by IronMan_Trader
Theta Machine - 12/07/2022THETA MACHINE UPDATE No New Trades Today I want VIX and IV to go higher so we can collect extra premium...if not tomorrow, by Friday I will increase the cost basis to +500, and Theta will be around $150/day. Overall POP = 84% POP = Probability of Profit *Next Week volatility can spike as we will have CPI (Dec 12) and FED (Dec 13). With that said, I will probably hedge with Micro Futures. *Quick TIP if you want to hedge your portfolio> +50 Delta = 1 /MES (Micro) +500 Delta = 1 /ES (Mini) My Delta Beta Weight now is around 100, so In order to hedge I need to Sell 2 Micro Futures (2x /MES)
CME_MINI:ES1!
by IronMan_Trader
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