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Opened (IRA): SPY Oct/Nov/Dec/Jan Short Put Ladder... for a 13.52 credit total. Comments: A slightly different deployment approach, dispersing risk across expiries and strikes, rather than bunching up all my risk with multiples in one expiry (e.g., a 4 x October 21st 356). Here, targeting <16 delta strikes in successive expiries paying around 1% of the strike price in credit. You can do a maximum of four different strikes with any given order, so can either leg into these one strike at a time or look to get filled for the entire four leg kit-and-kaboodle. The alternative way to look at laddering out is as an acquisitional strategy where you're looking to acquire shares at increasingly lower prices if they present themselves. Since I'm going to manage each of these "rungs" separately, here's what I got paid for each leg: 3.65 for the October 21st 356 3.24 for the November 18th 335 3.41 for the December 16th 320 3.22 for the January 20th 300 Generally, I'll look to roll out a month at 50% max, whenever that occurs. Alternatively, if monied toward expiry, I'll compare and contrast rolling out (with or without strike improvement) versus taking assignment of shares and selling call against.
AMEX:SPYLong
by NaughtyPines
Rolled (Margin): NVDA October 21st 210 Short Call to 160for a 3.88 credit. Comments: Rolled to a short straddle today. Total credits collected of 11.56 with a cost basis of 148.44/share if assigned on the 160 short put. It's not great relative to where it's trading now, but I'm getting whipped on both the call and the put side, so I guess the benefit of a covered call (if it goes that way) is that I'll eliminate call side risk. I'm indicating it's "long" here, since the delta metric is 49 or so, but don't have a particular opinion on where NVDA goes from here.
NASDAQ:NVDALong
by NaughtyPines
Rolled (Margin): XOP September 16th 135/145 Short Strangle... to the September 16th 142/159 short strangle for a 4.94 debit. Comments: Up to this point, I had collected a total of 9.35 in credits. Instead of rolling out a month, I opted to pay a debit to recenter risk here intraexpiry (basically to an expected move setup) in order to give it a chance to work out this cycle (while temporarily reducing assignment risk, since I moved the short call from in-the-money to out-of-the-money). Total credits collected now 9.35 minus 4.94 or 4.41 relative to a current value for the 142/159 of 7.15 at the mid price . -1.03/25.55 delta/theta.
AMEX:XOP
by NaughtyPines