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Opened: IWM May 20th 176/229 Short Strangle... for a 1.19 credit. Comments: A bit of an experiment here, selling the 90 day duration 2 x expected move strikes in shorter duration. Using the June 30th expiry (86 days) as the basis for this setup, I looked at the strikes nearest the 16 delta in that duration, and then sold premium in those same strikes in the expiry nearest 45 days. The benefit is a higher probability of profit setup, with the trade-off being less credit received. I'll look to manage it, however, like any other short strangle -- rolling in untested sides, taking profit at 50% max and/or rolling to a delta neutral setup in longer duration for a realized gain and a credit.
AMEX:IWM
by NaughtyPines
Rolling (IRA): SPY May 20th 365 Short Put to June 17th 393... for a 3.08 credit. Comments: Cleaning up the remainder of my short put ladder a bit after closing out or rolling a bunch of stuff in April expiries. With the May 20th 365 only worth .83 (i.e., way greater than 50% max), rolling it out to June. Total credits collected of 23.91 (See Post Below) plus the 3.08 here for a total of 26.99 relative to the June 393 short put price of 3.94 or so, so I've locked in gains of about 23.05 ($2305) so far. I'll return to selling shorter duration stuff of around 45 days' duration if <16 delta strikes start paying again. Currently, the strike paying around 1% of the strike price in credit is at the 420, paying 4.24, and that's at the 19 delta.
AMEX:SPY
by NaughtyPines
Opening (IRA): SPX May 6th 4110/2 x 4210/4260 BWB*... for a 4.40 credit. Comments: I would like IV to be higher and SPX to be weaker, but can't have everything. Selling the 20's and erecting my longs out from there. 4.40 credit on buying power effect of 45.60; 9.6% ROC at max 4.8% at 50% max. Will generally look to take profit at 50% max, but will also look to manage the two aspects of this setup (a short put vertical credit spread and a long put vertical debit spread) if the opportunity presents itself. * -- Broken Wing Butterfly.
SP:SPXLong
by NaughtyPines
Rolling: NVDA April 14th 215C/265P to 220C/280P... for a 12.80 credit. Comments: Chasing my tail a little bit with this one. Total credits collected of 70.48 on a 60 wide inverted, so I can still make money on a finish between my break evens which are now at 290.48 and 209.42, but am basically just looking to scratch it out at this point. Previously, it was functionally as though I was long stock at 265 covered by a 215 short call. Now, it's though I'm short stock at 220 covered by a 280 put (i.e., covered put).
NASDAQ:NVDA
by NaughtyPines
Rolling (IRA): SPY April 14th 375 to May 20th 408... for a 3.75 credit. Comments: Unfortunately, shorter duration isn't paying what I would like to see in SPY, so rolling it out to the monthly <16 delta strike paying at least 1% of the strike price in credit. I've collected a total of 4.00 (See Post Below), plus the 3.75 here for a total of 7.75 with the 408 currently paying 3.91, so I've realized gains of around 3.84 ($384) so far. Still have April 14th, April 22nd, April 29th, May 20th, and June 17th rungs on to play with.
AMEX:SPYLong
by NaughtyPines