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Shortput

Shortput

OPENING: TSLA JANUARY 15TH 200 SHORT PUT ... for an 8.95/contract credit. Notes: You know the drill ... . A neutral to bullish assumption bet that TSLA doesn't finish the year below 200. Break even/cost basis in shares is at 191.05, so the setup makes money anywhere above 191.05.

Long

by NaughtyPines

Updated

OPENING: XLE JUNE 19TH 30 SHORT PUT ... for a 1.06 credit/contract. Notes: With rank/implied at 47/57, going bullish assumption here with the notion that oil prices recover somewhat as COVID-related restrictions lift. My general go-to is short strangle, but didn't want to get whipped on the call side if the recovery is dramatic.

Long

by NaughtyPines

Updated

OPENING (IRA): EWA SHORT PUT LADDER ... for a 1.41 credit total. Notes: This isn't paying much from a credit standpoint and isn't the most liquid thing in the world, but wouldn't mind acquiring shares. Currently a 6.20% yield.

Long

by NaughtyPines

Updated

OPENING: TQQQ JUNE 19TH 35 SHORT PUT (LATE POST)With rank/implied at 74/124 and the at-the-money short straddle paying a whopping 33% of the value of the stock price in the June expiry (57 days until expiry), sold the 84% probability of profit strike for a 2.06/contract credit late in the session. Break even of 32.94.

Long

by NaughtyPines

Updated

OPENING: AMC SEPTEMBER 18TH 2 SHORT PUT ... for a .75/contract credit. Notes: Another small, COVID-19 weakness-related underlying, with a cost basis of 1.25/share if assigned.

Long

by NaughtyPines

Updated

OPENING: IWM JUNE 19TH 91 SHORT PUT ... for 2.79/contract. Notes: The highest rank/implied broad market instrument on the board currently. Going small, a little bit farther out in time, since May only has 38 days left in it ... .

Long

by NaughtyPines

Updated

CLOSING: /CL1! PUTS This ... will leave a mark. Simply too much risk to be naked/unhedged here in light of what occurred with the May contract, which may lather, rinse, repeat with the June.

C

by NaughtyPines

OPENING: /CL APRIL 16TH 14 SHORT PUT ... for an $850 credit. Notes: With implied/rank at 67/181 and WTI crude at multi-year lows, adding in neutral to bullish assumption in April. Scratch at 22.41 for the whole show.

CLong

by NaughtyPines

Updated

OPENING: TSLA MAY 15TH 315 SHORT PUT ... for (wait for it) ... 11.10. Notes: You know the drill ... . A bet that TSLA doesn't lose half its value over the next 66 days.

Long

by NaughtyPines

Updated

OPENING: TQQQ MAY 17TH 28 SHORT PUT ... for 2.65/contract. Notes: High rank/implied. I'm generally not a big fan of leveraged, so am going small here, 16 delta. Break even at 25.35 if assigned.

Long

by NaughtyPines

Updated

OPENING: CL1! MAY 14TH 15 SHORT PUT ... for a $2260 credit. Notes: Layering on some additional short put on weakness. Will begin to clean up near max loss April spreads here shortly ... . Scratch at 83.91.

CLong

by NaughtyPines

OPENING: CL1! MAY 14TH 16 SHORT PUT ... for a 1.47 ($1470) credit. Notes: With my short put spreads all but goners, looking to re-coup some on this massive sell-off, where -- in all likelihood -- the "risk" is to the upside. Scratch at 36.11. I'll slap my Grandma if /CL breaks below 16.00. Laddering these out in time ... .

CLong

by NaughtyPines

OPENING: CCL APRIL 17TH 30 SHORT PUT ... for a 2.43 credit. Notes: High rank/implied at 99/80. With a current yield of 5.30%, I'm fine with taking on stock here with a cost basis of 27.57 if that ends up happening.

Long

by NaughtyPines

Updated

OPENING: FCX MARCH 20TH 12 SHORT PUT ... for a .57 credit. Notes: High rank/implied with earnings. Going with a Plain Jane Wheel of Fortune short put here, as I did with BBBY. (See Post Below). Break even/cost basis in shares at 11.43.

Long

by NaughtyPines

Updated

OPENING: TSLA MARCH 20TH 445 SHORT PUT ... for a 3.50 credit. Notes: With implied at >100%, how can I not? My standard bet that it doesn't lose half its value in the next 44 days ... .

Long

by NaughtyPines

Updated

OPENING: SNAP MARCH 20TH 18 SHORT PUT ... for a 1.18 credit. Notes: A "Wheel of Fortune" short put. Run to expiry, either keep the premium or be assigned stock with a cost basis of 16.82, after which you proceed to cover.

Long

by NaughtyPines

Updated

CLOSING: SPY SEPT 18TH 273 SHORT PUT ... for a 3.39 debit; 1.84 ($184) realized gain; scratch at 94.63. Notes: A profitable subtractive adjustment and/or taking off downside risk (it's looking somewhat rickety here). Net delta remains short.

by NaughtyPines

OPENING: SPY NOVEMBER 20TH 280 SHORT PUT ... for a 5.59 credit; scratch at 96.47. Notes: Adding back in some 16 delta short put side as a delta under hedge after taking profit on some long delta on Friday (See Post Below). Overall setup remains net delta short.

by NaughtyPines

OPENING: SPY NOVEMBER 20TH 280 SHORT PUT ... for a 5.98 credit. Notes: A delta cutter in the first expiry in which the at-the-money short straddle pays greater than 10% of the underlying; scratch at 93.39. Net delta for the entire show remains short. Getting somewhat bigger of a position than I wanted, but sticking with the basic program. As a standalone trade: 88% probability of profit, delta/theta 16.92/2.46.

by NaughtyPines

OPENING: SPY NOVEMBER 20TH 275 SHORT PUT ... for a 5.68 credit. Notes: Adding a delta cutter in the first expiry in which the at-the-money short straddle pays greater than 10% of the stock price which is (ugh) November. Scratch at 90.55. Net delta remains short with the vast majority attributable to the September 282 short call (-83.02 delta/2.83 theta/5.44 extrinsic), so it's as though I'm basically working a synthetic covered put that I've overwritten (is one way to look at it).

by NaughtyPines

OPENING: BBBY FEBRUARY 15TH 16 SHORT PUT ... for a 1.30 credit; delta/theta 37.77/1.70; downside break even at 14.70. Notes: High IV/IVR with earnings on Wednesday. Will sell call against on test of break even; otherwise, will run it to expiry, cover if assigned/bag premium.

Long

by NaughtyPines

OPENING: XOP MARCH 20TH 21 SHORT PUT ... for a .36 credit. Notes: A delta hedge against my XOP position in the first expiry that pays greater than 10% of the value of the stock. Delta/theta -4.94/3.22, with 3.19 extrinsic and setup value of 10.19 versus 8.64 scratch.

by NaughtyPines

OPENING: SPY OCTOBER 16TH 276 SHORT PUT ... for a 5.52 credit. Notes: A delta under hedge in the first expiry in which the at the money short straddle pays more than 10% of the share price (currently in October). Scratch at 81.99 versus current setup value of 88.02; delta~21; theta 22; extrinsic of 44.89. I'm approaching the max that I want to devote to working my way out of this trade, so will potentially look at delta adjustments using existing units as opposed to additive ones going forward.

by NaughtyPines

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