Opening (IRA): QQQ October 14th 270 Short Put... for a 2.89 credit.
Comments: Targeting the <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market.
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Opening (Margin): GDXJ October 21st 26/34 Short Strangle... for a 1.23 credit.
Comments: High IVR/IV at 53/49. 1.23 credit on buying power of 2.98. 41.3% ROC at max as a function of buying power effect; 20.6% at 50% max.
Rolling (Margin): XOP Sept 16th 142/159 to October 21st 127/165... for a 1.76 credit.
Comments: Was hoping price would stay more centered in my setup running into September mopex, but ... nope. Rolling out/recentering risk with 14 days to go. 6.17 total credits collected relative to the 127/165's marking at 8.02, so it's still a bit underwater. Delta/theta at 1.58/16.78.
Closed (Margin): BITO October 21st 11C/16P Short Strangle... for a 6.00 debit.
Comments: Collected a total of 5.01 for this. (See Post Below). Closing it out here as less of a loser (.99/$99) than it was previously.
Closed (Margin): QQQ September 16th 338 Short Call... for a .08 debit.
Comments: Closed the approaching worthless call side of my short strangle. Net credits collected of 2.59. Will look to roll out the put side, sell call against if it becomes "monied."
Rolled (Margin): SMH October 21st 255 Short Call to 235... for a 2.32 credit.
Comments: Reduced directionality. Total credits collected of 9.67 with a resulting delta/theta of 16.95/19.49.
Rolled (Margin): NVDA October 21st 210 Short Call to 160for a 3.88 credit.
Comments: Rolled to a short straddle today. Total credits collected of 11.56 with a cost basis of 148.44/share if assigned on the 160 short put. It's not great relative to where it's trading now, but I'm getting whipped on both the call and the put side, so I guess the benefit of a covered call (if it goes that way) is that I'll eliminate call side risk.
I'm indicating it's "long" here, since the delta metric is 49 or so, but don't have a particular opinion on where NVDA goes from here.
Opening (Margin): /ES November 18th 2300 Short Put... for a 3.30 credit.
Comments: Laddering out a bit here in longer duration on weakness, targeting the <75% of current price strike paying around 3.00. 1.65 max on buying power effect of 14.15; 11.7% ROC at max, 52.7% annualized; 5.9% ROC at 50% max, 26.4% annualized.
Opening (IRA): SPY October 21st 360 Short Put... for a 3.60 credit.
Comments: Targeting the <16 delta strike in the shortest duration paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market without actually taking on stock.
Opened (IRA): QQQ October 21st 260 Short Put... for a 2.69 credit.
Comments: Targeting the <16 delta strike in the shortest duration paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market without actually taking on stock.
Opened (IRA): IWM October 21st 161 Short Put... for a 1.62 credit.
Comments: Targeting the <16 delta strike in the shortest duration expiry paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market.
Opening (Margin): /ES October 21st 2550 Short Put... for a 3.05 credit.
Comments: Targeting the <75% of current price strike paying around 3.00 in credit. 1.525 credit on buying power effect of 11.71; 13.0% ROC at max, 87.9% annualized; 6.5% at 50% max, 43.9% annualized.
Opening (IRA): EFA October 21st 58 Short Put... for .65/contract.
Comments: Deploying a little bit of buying power into EFA on weakness here. It has a high correlation with SPY (3-month of .88), but with a higher 30-day IV (29.02% versus SPY's 23.1%).
Opening (IRA): QQQ October 7th 280 Short Put... for a 2.84 credit.
Comments: Adding a rung on weakness, targeting the <16 delta strike paying around 1% of the strike price in credit. (And here, I was, just yesterday, going uber long-dated in SPY because shorter duration wasn't paying ... ).
Opening (Margin): QQQ September 16th 292/338 Short Strangle... for a 2.67 credit.
Comments: Selling longer duration delta strikes in shorter duration here ... . I went out to the October monthly, looked at what the 25 delta strikes would be there and am selling those same strikes in shorter duration. 2.67 credit on buying power effect of 40.42; 6.6% ROC as a function of buying power effect, 17.4% annualized; 3.3% at 50% max, 8.7% annualized. Delta/theta currently 4.16/18.84.
Opening (IRA): QQQ October 7th 285 Short Put... for a 2.99 credit.
Comments: Targeting the <16 delta strike in the expiry nearest 45 days paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market.
Opening (Margin): SMH October 21st 205/260 Short Strangle... for a 7.35 credit.
Comments: 30-day IV still a smidge above 35% with IVR at mid-range (46.9th percentile). Selling around the 20 delta on both sides. 7.35 credit on buying power effect of 23.20; 31.7% ROC as a function of buying power effect; 15.8% at 50% max. Delta/theta -.3/15.55.
Opening (Margin): /ES October 21st 2850 Short Put... for a 3.05 credit.
Comments: Targeting the <75% of current price strike paying around 3.00 in credit. 1.525 ($152.50) max on buying power effect of 14.37; 10.6% ROC at max as a function of buying power effect; 5.3% at 50% max. A little longer-dated than I'd like to go, and the 30-day IV isn't as stellar as I'd like, but you can't have your pudding if you don't eat your meat.
Rolled (Margin): XOP September 16th 135/145 Short Strangle... to the September 16th 142/159 short strangle for a 4.94 debit.
Comments: Up to this point, I had collected a total of 9.35 in credits. Instead of rolling out a month, I opted to pay a debit to recenter risk here intraexpiry (basically to an expected move setup) in order to give it a chance to work out this cycle (while temporarily reducing assignment risk, since I moved the short call from in-the-money to out-of-the-money).
Total credits collected now 9.35 minus 4.94 or 4.41 relative to a current value for the 142/159 of 7.15 at the mid price . -1.03/25.55 delta/theta.
Opening (Margin): /ES September 30th 3080 Short Put... for a 3.10 credit.
Comments: Already have a September 30th on at the 3210, but adding a rung here on this weakness, targeting the <75% of current price strike paying around 3.00. 1.55 max on buying power effect of 16.76, 9.2% ROC as a function of buying power effect; 4.6% at 50% max.
Opened (IRA): October 21st 369 Short Put... for a 3.75 credit.
Comments: (Late Post). Back from a long(ish) weekend, I managed to sneak this in around the close with my phone app. Part of a longer-dated strategy targeting the <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market. I now have October 369's, November 340's, December 325's, January 315's, and March 280's in my SPY "ladder."
Rolling (Margin): BITO Sept 12C/17P to Oct 11C/16P... for a .63 credit.
Comments: Rolling out with 28 days to go, but adjusting strikes slightly to delta neutral, since there wasn't a ton of difference in credit between rolling out "as is" versus delta balancing. Total credits collected of 5.01 on a 5 wide inverted. The setup is currently marking at 6.46 relative to my cost basis of 5.01, so it's underwater by 1.45 ($145). Moreover, the max the setup can make is 5.01 minus the width of the inversion (5.00) (i.e., $1), so I'm just looking to cut that loss a smidge before calling it a day if I can, with price ideally staying between the short option strikes throughout the life of the setup.
Resulting delta/theta of -8.42/2.18.
Rolling (Margin): XOP Sept 16th 123 Short Put to 135... for a 2.31 credit.
Comments: Rolling up the untested side to delta balance with 28 days to go. Total credits collected of 9.35 with a resulting delta/theta of -21.12/22.65. The 135/145 is marking at 10.18 at the moment, so still slightly underwater with the setup leaning net delta short.
