... for a .76/contract credit. Notes: A starter "infinite roll" position in VIX in one of the smaller accounts. (See Post Below). Collecting > 1/3rd the width in credit. Will manage toward expiry, either rolling "as is" for a credit or, if necessary, widen the spread for a credit. Generally long-term bet that VIX is below 16 a majority of the time. Using...
... for a $20 debit; $60 profit. Still have the December, February, and March short call verticals on. Scratch at 7.00.
... for a $110 credit. Notes: A delta adjustment trade taking advantage of term structure and in anticipation of potentially having to roll the short put vertical side out for duration to continue to reduce cost basis. Scratch on the whole she-bang at $720 with net delta still long, so this functions as an under hedge.
This is a continuation of a trade I started in July as a VIX "Term Structure" trade with a current scratch of 1.93/contract and a break even of 17.93. (See Post Below). My original thought process was "the usual" -- look to take profit at 50% max. With the spread currently valued at .65 at the mid, I would ordinarily do that here, but am going to continue to...
... for an .80 credit. Notes: A delta adjustment trade to the December iron condor I put on earlier in the cycle. Scratch at 4.10 for the whole she-bang.
... for a $20 debit/$70 realized profit. Notes: Here, peeling off some "approaching worthless" (arrow indicated) which isn't providing much short delta/protection, with the remainder of the November short put side shown, along with longer-dated hedges boxed out in blue. Scratch at 7.70 ($770) at this point.
... for a $20 debit/$70 profit. Notes: Peeling off some call side on approaching worthless. Ordinarily, I would attempt to pair off call side with put side, but the November put side is somewhat "troubled" here on this down move, so will just have to wait to address that side on the grind into expiry. The other note of practical importance: these spreads...
... for a $20 debit/$60 realized profit. Notes: Pulling off some call side here on "approaching worthless." Not providing much downside protection here and rather than rolling it toward current price with 32 days to go, pulling it off and replacing it with a longer-dated short delta hedge that is farther away from current price. (See Post Below).
... for a $110 credit. Notes: Adjustment trade on a /CL core position.
... for a $110 credit. Notes: This only makes sense as a delta hedge/adjustment trade. Unfortunately, sometimes you have to hedge on weakness in the event the position keeps on moving against you. Going out in time to avoid potential whip. Contextually, lines up nicely with recent price action, but that's somewhat coincidental, as the 63 strike is where the...
... for a $90 credit. Notes: Delta hedge. Put on before the pop, unfortunately.
... for a $100 credit. Notes: Delta hedge, thankfully put on just before manufacturing data came out.
... for a 1.10 ($110) credit. Notes: An adjustment trade, adding some short delta to my October position, which has drifted slightly long. Because October only has 31 days left in it, I'm going out another month with my hedge since a similarly delta'd spread farther out in time is more distant from current price than the same delta'd spread sold in shorter...
... for a .09 ($90) credit. Notes: Delta balancing/adjustment trade with the shortie at the 16 ... .
... for a 1.10 credit. Max Profit: $110/contract Max Loss: $890/contract Buying Power Effect: $215/contract Break Evens: 1606.10 Notes: Looking to take a little short shot on gold on strength ... .
... for a .60/contract credit. Notes: A VIX term structure trade with a break even at or above where the corresponding /VX future is trading. Designed to emulate what a correspondent front month futures contract in /VX does as it converges on spot, the short call vertical has a 16.60 break even versus the October /VX contract at 16.55. Will look to take...
... for a .40/contract credit. Notes: This will finish my clean up of my XOP December cycle core position. (See Post Below for all the shenanigans). I've now got "unit balance" (same on put side as on call side), as well as a smaller number of units in total. My scratch point in the position for the December cycle is 5.15/contract, and the net delta of the...
... for a .11/contract debit (.30 profit/contract). Notes: Here, I'm just cleaning up my XOP core position a little bit ... .