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Optionstrategies

Trade Idea: GLD August 18th 210/June 9th 185 Long Put DiagonalWith GLD at or near all time highs, looking to buy the back month -90 delta put and sell the front expiry +30 delta to synthetically emulate a covered put with -60 delta or so. Will look to take profit at 110% of my cost basis (i.e., a 21.57 credit, resulting in a 1.96/$196 profit). Metrics: Max Loss: 19.61 debit Break Even: 190.39 relative to 189.64 spot (pre-market) Max Profit: The width of the spread (25.00) minus the debit paid (19.61) or 5.39 ($539) Will adjust price at open if necessary to get a fill.
AMEX:GLDShort
by NaughtyPines
Opening (IRA): SPY March 24th 390/May 19th 434 LPD*... for a 31.62 debit. Comments: Re-establshing my short delta hedge in SPY against a long delta portfolio. Buying the back month -90 delta put and selling the front month +30 to give me around -60 delta of pro per contract. As with my other short delta hedges in IWM and QQQ, will look to roll out the short option leg to keep my portfolio "net delta happy" as well as to maintain a break even at or around where the underlying is currently trading. 31.62 cost basis with a 402.38 break even on a 44 wide.
AMEX:SPYShort
by NaughtyPines
Opening (IRA): IWM February 17th 193 Covered Call... for a 183.77 debit. Comments: Since I still have broad market short delta hedges on in IWM, QQQ, and SPY, replacing a lot of the long delta I took off yesterday in one fell swoop here with covered calls. Here, I'm selling the short call paying around 1% of the strike price in credit. The 193 is paying 2.10 ($210) at the moment, and I'll look to roll it at 50% max. This isn't the best place to be doing this, since IWM is well off its lows and risk premium has collapsed here, but am just looking to keep my portfolio "net delta happy" for the moment.
AMEX:IWMLong
by NaughtyPines
ISRG - MyMI Option PlaysSaw some worse-than-expected Quarterly Results and we were already looking at some Potential PUTs on the stock. We're looking at a potential $225 Price Target which we actually saw those price levels into today's premarket. We expect to see even lower price levels than $219 on a Double Oversold Bounce to the downside on the lower timeframes just due to the momentum to the downside. Could see some potential 100% gains intraday even, so will buy a few and then sell one to take the initial investment back and look at holding shares on the turnaround at the bottom. Will add lower time frame charts in comments on the trade! Thanks for tuning in! MyMI Wallet
NASDAQ:ISRGShort
by MyMIWallet
Assignment (Margin): NVDA 160 Short PutComments: Total credits collected/realized gain of 11.56 ($1156), with the difference between 160 and current price (125.66) an unrealized loss. Will look to sell call against on Monday with a starting cost basis of 160.00/share, as well as potentially covered strangle (short put + stock + short call). Unlike my QQQ 300 covered call (See Post Below), this one is on margin, where being in stock becomes a buying power hog relative to being in an options contract, so the motivation may look to exit at the earliest possible juncture for a scratch, rather than hang out in it endlessly. That being said, both NVDA and AMD are kind of "premium seller faves," since 30-day IV is decent a lot of the time. I'll start out selling 160 calls against and then proceed to roll those mechanically at monthly opex so long as my cost basis remains above current price.
NASDAQ:NVDALong
by NaughtyPines