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Rolling (IRA): QQQ June 18th 297 Short Put to June 30th 288... for an .11 credit. Comments: Here, doing a little "window dressing" rolling ... . With the 297 at greater than 50% max (See Post Below), rolling it down and out in duration a little bit for a realized gain and a small credit. Here, I just want to take profit up to this point and reduce risk (since the 288 is farther away from current price than the 297, but also milk the remaining risk premium out of the play. Total credits collected of 2.99 + .11 = 3.10 versus the June 30th 288 current short put value of 1.46, so I've realized a profit of 3.10 - 1.46 or 1.64 ($164) so far.
NASDAQ:QQQ
by NaughtyPines
Rolling (IRA): IWM May 28th 200 Short Put to June 30th 200... for a 1.64 credit. Notes: With only .48 or so of extrinsic left in it, rolling out the May 28th 200 (See Post Below) to the June 30th 200 (51 days, 16 delta) for a 1.65 credit and a realized gain on this little bit of weakness here. Total credits collected of 3.79 versus a current contract value for the June 30th 200 of 2.16, so I've realized profits of 3.79 minus 2.16 or 1.63 ($163) in this puppy so far. It also happens to be the last May contract I had on, so it doubles as a little bit of a "housekeeping" trade.
AMEX:IWM
by NaughtyPines
Rolling (IRA): SPY August 20th 300 to September 324... for a 1.75 credit. Notes: With the August 20th 300 approaching 50% max, rolling it out to the September 324 for a 1.75 credit. Total credits collected of 6.04 versus a current short put value of 3.26, so I've realized a gain of 2.78 on this so far. Previously, I was rolling up intraexpiry at 50% max where there were >45 days until expiry, but am kind of doing some housekeeping here in advance of vacation, so rolling out instead of up, as this results in the strike being farther away from current price relative to one of shorter duration.
AMEX:SPY
by NaughtyPines
Rolling (IRA): SPY June 18th 329 Short Put to July 367... for a 2.88 credit. Notes: With only .84 of extrinsic left in the June 18th 329, rolling out to July to the strike paying at least 1% of the strike price (which is the 367, paying 3.71 at the moment). Total credits collected of 5.87 + 2.88 = 8.75 versus the 367 value of 3.71, so I've realized a gain of 5.04 ($504) on this so far. Ordinarily, I would just roll up intraexpiry with >45 days to go, but wanted to clean the ladder up a bit here and kick th can down the road a little bit in advance of summer vacation.
AMEX:SPY
by NaughtyPines
Rolling (IRA): SPY May 21st 381 Short Put to June 18th 389... for a 2.75 credit. Notes: Part of a longer-dated setup I started at the beginning of the year. With the 381 at >50% (See Post Below), rolling* out to June for a realized gain and a credit to the strike paying at least 1% of the strike price (i.e., the 389 is paying 4.05 at the moment). This naturally could be done in a more favorable volatility environment or on greater weakness, but looking at staying mechanical with this setup and bringing in credit versus waiting around for ideal volatility/weakness conditions. Total credits collected of 9.49 + 2.75 = 12.24. * -- Rolling involves buying back the option contract you sold and selling a new one either in the same expiry or a different one. (It's the inverse if you want to roll a long). You can do a roll as a two-step process (i.e., buy back the short put you previously sold and then sell a new one), but I generally opt for just doing it in one step.
AMEX:SPY
by NaughtyPines
Opening (IRA): IWM May 28th 200 Short Put... for a 2.15 credit. Notes: Opened this late in the day using my phone app, which I'm comfortable using to either open or close one-legged setups. Here, my standard 16 delta short put in the broad market exchange traded fund with the highest 30-day, which has been IWM for several weeks in a row. Here's my current short put ladder arrangement in IWM: the April 30th 207.5's, the May 7th 192.5's, the May 14th 205's, the May 21st 204's, and -- with this addition -- the May 28th 200's. As each rung approaches worthless, I'll roll out to the weekly nearest 45 days until expiry to the 16 delta strike, assuming that price stays remains wide of my strikes. If not, I'll either take assignment, sell calls against at the strike price I originally sold the put (i.e., establish a covered call) or roll the put out for additional credit, reducing cost basis from there until I'm able to be either called away (in the case of the covered call) or otherwise exit the setup profitably. Currently, the April 30th 207.5's worth 1.20; the May 7th 192.5, .49; the May 14th 205, 1.98; and the May 21st 204, 2.32. Were one of those contracts closer to worthless, I probably would have just rolled it out to the May 28th 16 strike for a credit, but decided to wait until more extrinsic leaks out of these before considering doing that. Naturally, opening a new unit or units costs buying power and increases risk, so I could have seen, for example, rolling the May 7th 192.5 out to the May 28th 200 for a credit, which would have brought in a credit, but kept the number of units the same while more modestly increasing buying power effect.
AMEX:IWM
by NaughtyPines