Closed (Margin): /MCL August 17th 59/88 Short Strangle... for a 1.31 debit.
Comments: Took this off earlier in the day, mixing and matching profitable call with profitable put from strangles I put on over time ... . Net 4.11 credits collected at this point, leaving me with the 58P/60.5P/85.5C/89.5C. With the entire position marking at 3.25, so I'm up .86 ($86) at this point.
Premiumselling
Opening (Margin): /MCL August 17th 58/85.5 Short Strangle... for a 1.58 credit.
Comments: An additive delta adjustment trade, selling the -16 delta call and the +10 delta put to pick up -6 of net delta.
1.58 credit on buying power of 4.48.
Total credits collected to date: 5.42.
Entire Position:
58P/59P/60.5P/85.5C/88C/89.5C
Closing (Margin): /MCL August 58/89 Short Strangle... for a 1.29 debit.
Comments: Mixing and matching profitable call with profitable put from short strangles I erected over time. 3.84 net credits received to date, leaving me with the 59P/60.5P/88C/89.5C.
I may go ahead and sell a new short strangle in August to delta balance the entire position back to net delta flat here.
Opening (Margin): /ES September 29th 2100 Short Put... for a 3.00 credit.
Comments: Targeting the strike that is 50% of current price that is paying around 3.00 in credit. 1.50/$150 max (due to the multiplier) on buying power of 9.23/$923; 16.3% ROC as a function of buying power at max; 8.1% at 50% max.
A basic bet that we don't see 2100 by the end of September in the S&P 500; alternatively, a bet that my order to close this will hit 50% max before then.
Naturally, if we get higher volatility and weakness, I'll look to add in shorter duration/better strikes.
Opening (Margin): /MCL August 17th 60.50/89 Short Strangle... for a 1.77 credit.
Comments: Selling the +14 delta put and the -12 delta call here as an additive delta adjustment trade to bring the entire position back to net delta flat.
Entire Position: 58P/59P/60.5P/88C/89C/89.5C
Total Credits Received: 5.13
Closing (Margin): /MCL August 17th 55.5/93 Short Strangle... for a 1.02 debit.
Comments: Mixing and matching profitable short call with profitable short put from the /MCL short strangles I put on in August (See Posts Below).
This leaves me with the 58P/59P/88C/89.5C with a cost basis of 4.38 - 1.02 or 3.36.
Opening (IRA): QQQ Sept 15th 265 Short Put... for a 2.97 credit.
Comments: I have remaining rungs on in July and August, so just rounding out third quarter rungs with one in September, targeting the <16 delta strike paying around 1% of the strike price in credit. I'll naturally look to add in shorter duration at strikes better than what I currently have on should we get further weakness and higher IV.
Opening (Margin): /MCL August 17th 55.5/89.5 Short Strangle... for a 1.39 credit.
Comments: Selling the 10 delta's here both sides. Will look to manage sides on approaching worthless or on side test.
1.39 on buying power effect of 3.51; 39.6% ROC as a function of buying power effect at max; 19.8% at 50% max.
Opening (Margin): /CL August 17th 35 Short Put... for a 1.20 credit.
Comments: Without much on here, doing one of my far out-of-the-money premium selling plays. A basic bet that /CL doesn't lose 50% of its current price per barrel by August opex. 1.20 ($120) max on buying power of around 8.10 ($810); 14.8% ROC as a function of buying power at max; 7.4% at 50% max.
Opening (Margin): /ES September 15th 2000 Short Put... for a 3.20 credit.
Comments: Akin to my /CL trade (See Post Below), a far out-of-the-money put in /ES that is a basic bet that it doesn't lose 50% of its value by September opex. 1.60 max on buying power effect of 10.74; 14.9% at max; 7.4% at 50% max.
Opening (IRA): QQQ August 18th 270 Short Put... for a 3.06 credit.
Comments: Just building out third quarter rungs here, targeting the <16 delta strike paying around 1% of the strike price in credit. I'd naturally prefer it on weakness, higher IV, but will look to add in shorter duration and/or better strikes should we get a sell-off/pop in IV.
Opening (IRA): SPY July 21st 370 Short Put... for a 3.80 credit.
Comments: Targeting the <16 delta strike in the shortest duration that is paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market. Going out to the third quarter, since shorter duration isn't paying here. This is the only rung I have on at the moment in SPY, so will look to add at intervals, particularly if shorter duration starts to pay again.
Opening (IRA): IWM July 21st 150 Short Put... for a 1.48 credit.
Comments: Targeting the <16 delta strike in the shortest duration paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market. IVR/IV isn't fabulous here at 1/22.7%, but will look to add in shorter duration and/or at better strikes in higher IV should we get it at some point.
Opening (IRA): IWM June 30th 157 Short Put... for a 1.61 credit.
Comments: Targeting the shortest duration <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into small caps.
This, admittedly, isn't an ideal premium-selling environment here, with 30-day at the very low end of the 52-week range, but will look to add at intervals and in shorter duration if that starts to pay again.