As with my NDX/IUXX iron condor, playing defense here, and rolling up the put side for an additional $45/contract credit. Still shooting for 50% max of the original setup ... .
What's new? Playing defense of the call side here on this up move. Rolled for an $85/contract credit ... . Still shooting for 50% profit of the credit received for the original setup, but will need a little assistance to the downside to get there.
Rolling toward current price on this iron condor, as well as on the RUT and NDX ones, too. Basically, I'm rolling to as close to the 85% probability out-of-the-money strike for the expiry ... . I don't want to get in crazy close if this is short-term, short squeeze price action. Know Your Scratch Point: The original setup was put on for a $280 credit; I rolled...
I took off one of my GLD short call spreads in profit pre-Brexit; this is the one I "let ride." Rather than wait for a dip in price to get back into the put side, I'm putting it on here in the event that we see further strength in gold or, alternatively, it just doesn't come off these highs with the speed I would like it to. (I got a fill for a $31/contract...
With 10 DTE left in these June 10th SPY iron condors, I'm closing out the put sides at near worthless, leaving me with short call sides to deal with running into expiration. One was a 199/202 (sold for $29/contract; covered for a $5 debit) short put vertical; the other, a 198/201 (sold for $46/contract; covered for $4). With so little time left, I figured I'd...
As with the IWM "buy to close" below, closed this out for near worthless (an $8 debit). Similarly, I probably look to fill this back in tomorrow with a brand spanking new short put vertical at the 85% probability out-of-the-money strike ... .
Closed out this side for near worthless (a $10 debit). The alternative was to just roll it up toward current price (since I have a day job, I generally just set up a GTC order to close a spread for $10; the fact that it has closed is basically an alert to me that "Hey, you should look at this setup? Should you roll the other side out? Or just replace the spread...
Doing some housekeeping here. Closing out this little straggler for a small profit after having closed out the call side for max profit. In 20-20 hindsight with 10 DTE, I probably could have waited to take it off nearer to worthless, but that was before this 30 handle up move. Oh, well, better safe than sorry.
With 7 days to go, I'm closing this iron condor wing at 50% max profit ($24/contract), leaving me with the short call wing (the short option of which is at 208) to deal with going into expiration. Because the short call side is a rolled spread for which I paid a debit, I'm looking to get out of that side at near max ... . Naturally, I'll roll that side again and...
This is part of a core GLD position I'm working ... . Originally put on for a $82/contract credit, I covered it today for a $20 debit, yielding a net profit of $62/contract. I considered merely rolling the spread up to approximately the 75% probability out-of-the-money strike (for the short put), but I decided to close it out instead, lock in the profit, and...
This is not an ideal place to be adding long delta, but my core SPY position's net delta is skewing a touch farther negative than I'd like, so I'm adding in a little long delta with small brush strokes ... . The other thing is that by doing this, my units on the call side versus the put side become imbalanced, which is something you want to keep an eye on...
Since I have a "virtual gaggle" of VXX trades on, I'm turning my attention to UVXY setups (in spite of its warts) to go long volatility here. Metrics: Probability of Profit: 64% Max Profit: $120/contract Max Loss/Buying Power Effect: $180/contract Notes: The mid price for this setup is $115, but bid/ask is wide in this instrument, so I'd putz with a fill above...
Decided to layer on another UVXY short put vertical here, which I got filled for $100/contract ... .
Looking to add some long delta to my SPY core position here on this weakness. As always, small tweaks where the opportunity presents itself ... . Metrics: Probability of Profit: 83% Max Profit: $39/contract Max Loss/Buying Power Effect: $261/contract Delta: +4.45/contract
I'm adding on a touch of long delta here so that my core SPY position doesn't stray too far to the negative side. The first thing I looked at, however, was whether I could peel off some short call spread action to balance instead, but most of the spreads have not yet decayed enough to make that worthwhile ... . Filled for $41/contract ... .
With volatility sticking around these lows, I'm looking at dispersing risk across several expiries of VXX by laddering short put verticals in June, July, and September (unfortunately, there is no August expiry yet) while I continue to work my VXX short call diagonals. Here's what I'm looking at now in the monthlies: VXX June 12/15 short put vertical...
Sold a short put vertical here on this weakness to complete a May 20th SPX 1940/1945/2120/2125 iron condor. The short call vert was filled for a $110 credit, and the short put vertical for $60, so the entire setup is worth $170/contract max profit. I'll look to take off the whole thing at 50% max ... .
After buying back the short put vertical side of this short duration iron condor yesterday at 50% max, I'm resurrecting the short put side here to hedge against the possibility of further upside in the Russell. The setup is rather tight, with a scant 20 strikes between my short options, but the model is telling me that the 1075/1085 short put vert has a 70%+...