Opening (IRA): QQQ Dec 29th/Jan 15th 321/315 Short PutsComments: Targeting the <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market.
Adding two rungs here, since I no longer have anything in the Dec 29th expiry or in Jan. Will naturally look to add at better strikes and in shorter duration should IV expand at some point.
Premiumselling
Opening (IRA): XBI January 19th 55 Short Put... for a .61 credit.
Comments: Adding a rung to beaten-down biotech at strikes better than what I currently have on in October at the 76, November at the 71, and December at the 63, targeting the <16 delta strike paying around 1% of the strike price in credit.
I'll be assigned shares on the 76 here shortly (and possibly the 71), after which I'll proceed to sell call against.
Opening (IRA): XBI Dec/Feb 57/50 Short PutsComments: Adding a couple rungs to my XBI position at strikes better than what I currently have on, targeting the <16 delta strike paying around 1% of the strike price in credit.
December 15th 47: .62 credit
February 16th 50: .57 credit
I would've also gone with January, but already have a rung on at where I'd want to pitch my tent.
Opening (IRA): TSLA Dec/Jan 155/130 Short PutsComments: Now that TSLA has done its "earnings thing," adding to my position at strikes better than what I currently have on, targeting the <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging in. 30-day is still pretty decent here at around 54.7%.
Opening (IRA): QQQ Jan/March 305/280 Short PutsComments: Targeting the <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market.
January 19th 380: 4.19 credit
March 15th 280: 3.06 credit
There currently isn't a February monthly yet, so I'll add that in later, assuming I can get in at strikes better than what I currently have on.
Opening (IRA): IWM Dec/Dec 29th/Jan/Feb 154/151/146/141... short put ladder.
Comments: Adding on weakness at strikes better than what I currently have on, targeting the <16 delta strike to emulate dollar cost averaging into the broad market.
December 15th 154: 1.60 credit
December 29th 151: 1.63 credit
January 19th 146: 1.49 credit
February 16th 141: 1.50 credit
Opening (IRA): SPY December 15th 403 Short Put... for a 4.07 credit.
Comments: My weekly broad market short put in the shortest duration contract where the <16 delta is paying around 1% of the strike price in credit to emulate dollar cost averaging into the market without actually being in stock.
My basic options here are (a) do nothing, waiting for higher IV to sell premium; (b) continue to sell premium in shorter duration, but at strikes that are closer to at-the-money; (c) continue to sell premium in shorter duration, but at given delta strikes; or (d) scrounge around in the market for premium in other exchange-traded funds or single name that aren't so "weak sauce." I'm opting for (a) here, but may also scrounge around ... .
Examples:
Shorter Duration, But Closer to At-The-Money:
SPY September 1st (42 Days Until Expiry) 447.5 (38 delta), 4.48 credit (around 1% of strike price in credit).
Shorter Duration, But at a Given Delta:
SPY September 1st (42 Days Until Expiry) 436 (20 delta), 2.34 credit (around .54% of strike price in credit).
Opening (IRA): SMH January 19th 115 Short Put... for a 1.27 credit.
Comments: Targeting the <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into the underlying. I currently have a December 125 and January 120, so this is at a better strike than what I currently have on.
Opening (IRA): IWM Dec 19th/Jan 19th 146/142 Short PutsComments: Squeezing in a couple of extra rungs here at strikes better than what I currently have on, targeting the <16 strike paying around 1% of the strike price in credit.
December 29th 146: 1.47 credit
January 19th 142: 1.47 credit
After this, will primarily look to do "housekeeping" trades running into the end of the year ... .
Opening (IRA): TLT October 20th 93 Short Put... for a .74 credit.
Comments: Adding in an October rung here in 20 year+ maturity paper after taking off my July rung. 30-day IV remains higher than SPY.
Am fine with getting assigned shares if that happens. Prior to COVID, I had a rather large TLT covered call position in my IRA, but felt compelled to take profit on it at or near COVID highs and have been looking to get back in ever since then.
Opening (IRA): XBI October 20th 76 Short PutComments: Looking to sell the around the 30 delta here in the October monthly, which is more aggressive than I usually go, but am fine with taking assignment, selling call against if it comes to that.
Currently, the strike is bid 1.45/ask 1.65 with a 1.55 mid, so will look to get a fill "in that neighborhood."
Just looking for some "engagement" in this broad market, low IV environment with my standard go-to's (IWM, QQQ, SPY) at 17.8%, 18.8%, and (ugh) 13.6%, respectively for their 30-days.
The Day Ahead: TQQQ, GDXJ, USO, GDX, FXI Premium SellingIt's Friday ... the 13th. Here's what's shakin' in exchange-traded fund premium selling ... .
Top 5 Options Liquid ETF's Ranked by 30-Day IV:
TQQQ 22.9 IVR/60.4 IV
GDXJ 23.6/38.9
USO 46.4/38.8
GDX 26.0/33.6
FXI 14.8/31.4
Ideally, you want to have IVR at >50 and IV at >35% in ETF premium-selling land, but you can't have everything in this market ... .
Broad Market Shortest Duration <16 Delta Strike Paying 1% of the Strike Price In Credit:
IWM, the January 19th 151, paying 1.58 at the mid (14 delta)
QQQ, the January 19th 325, paying 3.44 at the mid (15 delta)
SPY, the February 16th 385, paying 3.93 at the mid (15 delta)
Me, Personally
Currently, I still have quite a bit of broad market on in fourth quarter expiries, with the majority being in the December monthly and the end-of-quarter December 29th. (I have one IWM straggler on in the November monthly). I've begun to deploy out a smidge into the 2024 first quarter), but may just sit on my hands this week depending on whether I can get in at strikes better than what I currently have on.
Because of that, I may dabble small with TQQQ as an engagement trade (and to see what all the fuss is about). Pictured here is a 16 delta short put at the 30 strike in the December 15th monthly paying 1.01 at the mid which I'll do as a starter position and then work it from there as I wait on my other positions.
I also already have a GDXJ covered call on (See Post Below), but may add a short put to give me a little extra sumthin' sumthin' on that play.
Opening (IRA): SMH November 17th 130 Short Put... for a 1.32 credit.
Comments: Targeting the shortest duration <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into the semiconductor ETF.
I have no current position on in SMH, so will look to add at intervals should IV remain decent (it's currently at 28.7%, but at the low end of its 52-week range).