DKNG IC Strangles & Straddles...Sold 10 IC for Friday at peak on Monday for the premiums.
I liked the down move early but the sideways pattern needs to move by Friday expirations.
The range needs to move more for max profits... we'll see!
Ironcondor
Update: I'm just slow but hey it workedSo I called out a potential UVXY trade and I missed the one indicator that every trader relies on
Resistance
However I mentioned that I was wanting to sell premium, and this retraction was actually beneficial to my theta gang strategy on my paper trading account
5pt iron condor at strike 85/90 call strike 45/40 puts strike
It gained $50.00 P&L today bringing me to p&l open of (22.50)
Theta: 9$ per day
$2500 bp effect
profit zone= 20-25% of max p&l
P&L % (-%1.44)
Re iterating my ridiculous price target yesterday Id want UVXY to stay between $55-65 until market close on friday.
OPENING: IWM APRIL 17TH "DOUBLE DOUBLE" 136/146/2X172/2X177... for a 1.79 credit.
Notes: Here, going defined in one of the smaller accounts with a "double double" iron condor. The call side short aspect is at half the delta of the put side short aspect, with the call side spread half the width, but doubled in contracts to accommodate skew. I'm not collecting one-third, but want to avoid potential whipsaw in this high volatility environment.
The naked ratio'd 146/2x 172 is paying 2.85 for those not wanting to give up premium to the wings.
$AAL Iron CondorHaven't posted on here in a bit. Figured I would share some plays that take advantage of the recent spike in volatility.
Airlines have taken an absolute beating, and if you put a gun to my head I would say that will continue. However I don't see it happening at the same pace and we should get a couple green days mixed in. The high IV has provided a very wide profit zone here, a range equal to nearly 50% of the underlying with only 3 weeks til expiration.
Buy: 3/20 24 Call
Sell: 3/20 22 Call
Sell: 3/20 14 Put
Buy: 3/20 12 Put
Net Credit: $52
Max Loss: $148
$TLT Iron CondorBuy: 3/13 164 Call
Sell: 3/13 162 Call
Sell: 3/13 149 Put
Buy: 3/13 147 Put
Net Credit: $45
Max Loss: $155
$NFLX Iron CondorJust stay in the green box...
Buy: 3/20 415 Call
Sell: 3/20 410 Call
Sell: 3/20 340 Put
Buy: 3/20 335 Put
Net Credit: $172
Max Loss: $328
AMD Iron Condor Idea: relief rally should have happened both bull and bear sides are scared about holding into the weekend. Ideally 4RR trade. Leaving put spreads close to ITM and calls higher up for bullish bias.
Reason: Low risk setup for a weird risk day and itching for a trade. The second reason will be the death of me :)
Edit: Oct. 19*
CLOSING: /CL APRIL 16TH 49/50/67/68 IRON CONDOR... for a 2.10 db; .80 ($80) profit (27.5% max for the pairing).
Notes: Fairly delta neutral subtractive adjustment that profitably mixes and matches put side with call side. Scratch at 14.40 versus current setup value of 13.25.
This also makes the sides a little less "crowded" for potentially making adjustments going forward.
OPENING: /CL APRIL 16TH 51/52/67/68 IRON CONDOR... for a 3.30 credit.
Notes: A delta neutral, extrinsic additive trade in the first expiry in which the at the money short straddle is paying greater than 10% of the value of the underlying for which I'm collecting at least one-third the width of the wings; scratch at 17.40.
Otherwise, a perfectly decent, defined risk, delta neutral trade ... .
CLOSING: /CL FEBRUARY 14TH 49/50 SHORT PUT VERTICAL... for a .20 ($20) debit on approaching worthless for a 1.10 ($110) profit; scratch on remainder of 22.80.
TSLA Iron Condor290/295/380/385 Exp Jan 17
0.18/0.2/0.23/0.26
Credit was $150 ideally I should be collecting 1/3 the width so 166 but I went for this anyways.
$75 price target with a sell order set GTC.
If it breaks 290/385 I will turn it into an iron fly.
Max loss is $300 if I lose completely but this will be turned into an iron fly.
BA Iron CondorBA 315/320/380/385 Iron Condor Spread EXP Jan 17 looking to profit at the end of December.
$150 Credit $350 max loss.
Delta's were 0.11/0.155/0.20/0.17
I have a GTC order to take a $75 profit and if one of the sides breaches I will turn it into an iron fly by rolling up or down.
IVR was good around 45%
Roku Iron Condor115/120/180/185 Jan 17
0.14/0.17/0.33/0.30
Deltas on the call side are pretty high.
Credit 150/Max loss $350,
If the call side breaches I'll make an iron fly via rolling up the tested side if it breaches 185.
Max loss is $150 otherwise.
CLOSING: /CL JAN 15TH 47.5/48.5/64.5/65.5 IRON CONDOR... for a 1.20 debit, .60 ($60) realized gain.
Notes: Taking off some risk here with 37 days left to go. It also had the added effect of taking off a little bit of short delta in the position, which makes it less directional than it was. Scratch on the remainder: 15.00.
ULTA Iron Condor SpreadIV is pretty high on ULTA after the drop and its trending well, there are a few false breakouts and RSI is rising. Looks like a good play.
2x Iron condor spread 200/205/275/280
Credit collected as $144 deltas were 0.33 and 0.2 on the options sold
I plan to take my profit at 30% max credit since the IV isn't that high for this to be a 50% max credit trade and deltas are pretty close and low probability.
Max gain will be $90.
Max loss will be $288.
BIIB Iron Condor255/260/325/330 credit was $1.48 Exp Dec 20th.
Deltas were pretty high. 0.34 and 0.3 so I plan to exit this trade at 30% of max credit.
I bought a double spread on this. I will exit the trade at $1 to buy back the spread and profit $96 on this trade.
I plan to exit this trade before December 5th as CTAD congress is on that date which will add more risk to my position.
I need to exit on the 4th of December. Max loss will be $148 or $296 on the double spread.
OPENING: /CL JAN 15TH 49/50/61/62 IRON CONDOR... for a 3.20 ($320) credit.
Notes: Layering on some setup in the January cycle on this OVX pop. Going delta neutral, since the net delta of the entire spaghetti works is basically net delta flat.
OPENING: /CL JAN 15TH 51/52/64.5/65.5 IRON CONDOR... for a 2.00 credit.
Notes: A delta adjustment trade squeezed into January to flatten net delta in that cycle, as well as to keep theta on and burning.
CLOSING: /CL JAN 15TH 49/50/65/65.5 IRON CONDORfor a .14 debit ($140), .08 ($80) profit.
Notes: Taking off some risk here in the January cycle by mixing and matching profitable sides. Scratch of the remainder: .91 ($910).
OPENING: CL1! JAN 15TH 49.5/50.5/65/65.5 IRON CONDOR (LATE POST)... for a $150 credit.
Notes: A slightly long delta iron condor to cut net short delta. You can either skew equally width'd sides or sell one side wider than the other; doing the latter here for the adjustment.
VNQ - Iron CondorThis is a study I wanted to do on strikes with abnormally high open interest and if it affects underlying price movement.
VNQ has pulled back from its ATH to inside the ATB neutral zone.
It also closed with a bearish engulfing candle signaling high probability of sideways to downward trend in next 30-45 days.
Testing a horizontal Iron Condor strategy based on strikes with Highest Open Interest on Monthly Expirations of Dec and Jan 2020.
Option Profit Calculator: opcalc.com
buy 20th Dec $86.00 Put $0.43 $-43.00 (99% of Total OI)
sell 20th Dec $90.00 Put $1.53 $153.00 (99% of Total OI)
sell 17th Jan $90.00 Call $2.08 $208.00 (99% of Total OI)
buy 17th Jan $95.00 Call $0.22 $-22.00 (95% of Total OI)
Credit: $296.00
Collateral: $500.00
Maximum risk: $204 at a price of $101.67 on 20th Dec 2019
Maximum return: $187 at a price of $90 at expiry
Break-evens at expiry: $92.97, $87.27
VNQ needs to stay inside the red bars for profit.
Green line indicates max profit line on a daily basis until expiration.
OPENING: GC DEC 26TH 1535/1545 SHORT CALL VERTICAL... for a 1.10 ($110 credit).
Notes: A delta hedge with price pushing into the put side. Scratch for the whole shebang at 6.20.
CLOSING: /CL DEC 16TH 49/50/64/65 IRON CONDOR... for a 1.80 ($180) debit; .70 ($70) profit; 28% max with 39 days to go.
Notes: Taking off some risk in the December cycle. Still have the depicted setups on in January and February ... .
