Opening: /MES February 28th 4080 Short Call... for a 27.50 credit.
Comments: Additive short delta adjustment after taking off a lower short delta call in profit.
MES1!
Closing (Margin): /MES February 28th 4190 Short Call... for an 8.75 debit.
Comments: Opened this for a 14.50 credit. Closing it here to erect a short call further down the ladder to delta balance. (14.50 - 8.75)/.2 = $28.75 profit.
Opening (Margin): /MES February 28th 3620/4140 Short Strangle... for a 37.25 credit.
Comments: An additive delta adjustment trade, selling the -18 delta call, and the +12 delta put.
Closing (Margin): /MES Feb 28th 4200, 4220, 4250, 4260 CallsComments: Doing this all in one fell swoop, rather than in separate posts.
Closed:
February 28th 4200 Short Call for an 11.00 debit. (22.00 - 11.00)/.20 = $55.00 profit.
February 28th 4220 Short Call for a 9.00 debit. (16.50 - 9.00)/.20 = $37.50 profit.
February 28th 4250 Short Call for a 6.50 debit. (13.25 - 6.50)/.20 = $33.75 profit.
February 28th 4260 Short Call for a 5.75 debit. (13.50 - 5.75)/.20 = $38.75 profit.
Opened:
February 28th 4110 for a 27.00 credit.
February 28th 4130 for a 22.25 credit.
February 28th 4160 for a 16.25 credit.
If you're asking yourself why I'm selling at these particular strikes, it is to sell call against at a delta that is correspondent with existing legs' short put delta (e.g., the 4110, -23 delta short call strike was selected to sell against my 3770 +24 delta short put; the 4130, -20 delta short call against my 3740, +21 delta short put, etc.). When I finished doing this, I also figured I could afford to resolve having the extra short call unit on by just closing one of the extra short calls that was currently in profit. This leaves me slightly net delta long in the position.
Opened (Margin): /MES February 28th 4190 Short Call... for a 14.50 credit.
Comments: Kind of had to do this on the fly with my phone app ... . Additive short delta adjustment. It was at the -15 delta at the time of fill. Will probably roll down some profitable short call now that I have an opportunity to survey the landscape from the desktop app.
Closing (Margin): /MES February 28th 3730/4230 Short Strangle... for a 38.00 debit.
Comments: Filled the two legs of this short strangle for a total of 44.75 in credits. Closing out here results in a realized gain of (44.75 - 38.00)/.20 = 33.75.
/MES position net delta leans slightly long at the moment.
Opening (Margin): /MES February 28th 3670/4200 Short Strangle... for a 40.50 credit.
Comments: An additive delta adjustment trade, selling the +12 delta put and the -19 delta call to pick up net -7 delta. Will mostly look to mix and match profitable put with profitable call to peel off units from here to 21 DTE.
Opening (Margin): /MES February 28th 3770/4260 Short Strangle... for a 41.75 credit.
Comments: Additive delta adjustment trade, selling the +18 delta put and the -13 delta call.
As before, looking to mix and match profitable short call with profitable short put to reduce size, while simultaneously attempting to keep the position delta neutral.
Opened: /MES February 28th 3740/4250 Short Strangle... for a 37.50 credit.
Comments: (Late Post). Last kind of additive delta adjustment trade I did yesterday ... .
Opened (Margin): /MES February 28th 3700/4220 Short Strangle... for a 38.50 credit.
Comments: Additive delta adjustment, selling the 14 delta short put and the 16 delta call.
Opening (Margin): /MES February 28th 3730/4230 Short Strangle... for a 44.75 credit.
Comments: Moving into the February 28th (47 DTE) expiry here after pulling off all of my Feb 15th stuff. Selling the 16 delta strikes on both sides. $223.75 max on buying power effect of 868.42; 25.8% ROC at max; 12.9% at 50% max.
Closing (Margin): /MES February 15th 3910/4080 Short Strangle... for a 108.75 debit.
Comments: I collected a total of 95.75 for the two legs of this short strangle. Closing it out here on abysmally low IVR for a realized loss of (108.75 - 98.75)/.20 = $50.00.
In spite of taking off these last two short strangles as losers, net realized gain on primarily February 15th cycle /MES: 236.25.
Closing (Margin): /MES 3850/4120 Short Strangle ... for a 78.50 debit.
Comments: I received 73.25 total in credits for these legs; closing out her results in a realized loss of (78.50 - 73.25)/.20 = 26.25 ($26.25). I'm fine with doing this here, since IVR has plummeted to almost 52-week lows, implying that there is a risk that IV could expand from here. If that happens, I'd rather be in a setup with further out-of-the-money sides.
Opening (Margin): /MES February 17th 3850, 3910 Short PutsComments: Replacing the short put aspects of my short strangles that I took off in profit earlier. (For all practical purposes, these are rolls of the untested side to delta balance).
In any event, I received a 71.25 credit for the 3910 and a 53.25 credit for the 3850, with the resulting position net delta neutral.
Closed (Margin): /MES Feb 17th 3690 and 3800 Short PutsComments:
I received a 36.50 credit for the 3690 and closed it for 23.50, resulting in a (36.50 - 23.50)/20 = $65 profit.
I received a 52.00 credit for the 3800 and closed it for 42.25, resulting in a (52.00 - 42.25)/20 = $48.75 profit.
Closing (Margin): /MES March 17th 3410 Short Put... for a 17.50 debit.
Comments: More housekeeping ... . Filled this for a 22.00 credit as an additive delta adjustment trade. Out here for a 17.50 debit with the result being a small winner -- (22.00 - 17.50)/20 = .2250 ($22.50).
Now everything is tidied up and confined to the February 17th expiry, with the position's net delta leaning slightly short.
Closing (Margin): /MES February 28th 3550/4210 Short Strangle... for a 35.50 debit.
Comments: And now ... totally out of the February 28th expiry for a small winner. The 3550 leg was worth 23.00, the 4210 worth 16.50, for a total of 39.50. Closing it out here for 35.50 results in a (39.50 - 35.50)/20 = .20 ($20) gain. Nice to be able to make a little money on what started out as a mistake ... .
Opening (Margin): /MES February 17th 3800 Short Put... for a 52.00 credit.
Comments: The final step in fixing a flub I made yesterday ... . Now selling a put against in the correct expiry.
Closed (Margin): /MES February 28th 3720 Short Put... for a 42.25 debit.
Comments: Cleaning up a mistake made yesterday, which was an additive delta balancing adjustment in the wrong expiry. Closing out the "odd man out" here ... . This leg was filled for 52.25. Closing it out here for 42.25 results in a (52.25 - 42.25)/20 = .50 ($50) gain. I'll replace it shortly with a short put in the correct expiry ... .
Opening (Margin): /MES February 28th 3550 Short Put... for a 23.00 credit.
Comments: Now selling a correspondent short put in the February 28th expiry to replace the delta of the one I took off in February 17th due to selling an additive delta adjustment short strangle in the wrong expiry. 23.00/.20 = 1.15 ($115) credit for this leg.
Probably would've been easier to just close out my error and re-do it in the correct expiry ... .
Closing (Margin): /MES February 17th 3590 Short Put... for a 21.50 debit.
Comments: Fixing part of my screw up in opening my additive delta adjustment short strangle (which I opened in the February 28th expiry instead of the February 17th). (30.00 credit (for this leg) - 21.50)/20 = .425 ($42.50) profit. I will now proceed to open a 13 delta short put in the February 28th expiry to replace it, but will still have the February 28th 3720 short put on as "an odd man out" for the time being.
Opening (Margin): /MES February 28th 3720/4210 Short Strangle... for a 68.75 credit.
Comments: An additive delta adjustment trade. (68.75/20) = 3.4375 ($343.75) credit. My original thought process was to just leave what I had on mostly alone running into CPI, but didn't like how the position had skewed out short, so am adjusting it here to net delta flat.
I actually intended to open this in the February 17th contract, but am going to go ahead and leave it alone here. All this means is that I'll have to leg out of the sides one at a time versus closing the short strangle as a unit due to the fact that two corresponding legs will potentially be in different expiries.
Closed (Margin): /MES 3530/4240 Short Strangle... for a 25.50 debit.
Comments: Matching profitable short call with profitable short put here and taking off some risk running into CPI. $43.75 profit. Position net delta leans slightly short ... .
