Opened: /ES July 29th 2300 Short Put... for a 3.35 credit.
Comments: Yeesh. Continued weakness with an IVR near 88. Selling the strike paying around 3.00, which happens to be almost 40% below where /ES is currently trading.
Premiumselling
Opened (IRA): SPY July 29th 325 Short Put... for a 3.45 credit.
Comments: Targeting the <16 delta strike paying around 1% of the strike price in credit in the expiry nearest 45 DTE in this protracted weakness.
Opened (IRA): IWM July 29th 145 Short Put... for a 1.91 credit.
Comments: Targeting the <16 delta strike paying around 1% of the strike price in credit in the expiry nearest 45 DTE.
Opened (IRA): QQQ July 29th 225 Short Put... for a 2.37 credit.
Comments: Keeping on keeping on in this weakness ... . Targeting the <16 delta strike paying around 1% of the strike price in credit in the expiry nearest 45 days.
Currently, I have a couple "rungs" that are in-the-money and will consider taking assignment of shares on some of the higher rungs if I can't roll, strike improve, and receive a decent credit without going out ridiculously long-dated. A couple are high delta strikes, and it may be more advantageous from a delta standpoint to allow assignment and then sell call against (since that will probably result in a lower delta setup where the short put strike is currently at >90 delta, for example). Additionally, deep in-the-money shorts can be illiquid, so taking assignment and selling call against might be "cleaner," since the calls against will be out-of-the-money and more liquid.
Naturally, I'll address each rung as we close in on 7 DTE, which is when I like to do my rolls on these.
Rolled: XBI July 15th 70C to the 65... for a 1.76 credit.
Comments: Inverting further ... . Total credits collected of 11.65 on a now 10-wide inverted. Delta/theta 38.22/9.49. I don't particularly like that delta/theta metric, but am about as inverted as I want to go.
Opened (IRA): SPY July 29th 350 Short Put... for a 4.00 credit.
Comments: Opened on Friday ... . Selling the <16 strike paying around 1% of the strike price in credit in the expiry nearest 45 days.
Still well hedged with QQQ long put diagonal, (See Post Below), and SPY long put diagonal, (See Post Below), although price has pushed into the short legs of those, lessening their net delta. Consequently, I will either look to add short delta with another setup, do some subtractive Plain Jane profit taking on the short put side (long delta), or some combination thereof.
Opened: /ES July 29th 2500 Short Put... for a 3.05 credit.
Comments: Opened on Friday, but ran out of time to post ... . A basic bet that /ES stays well clear of this level through the end of July. Still have July 15th 2960's, July 29th 2850's, July 29th 2700's on.
Opened: ARKK July 15th 32/50 Short Strangle... for a 1.54 credit.
Comments: Opened this on Friday, but ran out of time to post ... . High IVR/IV at 73/76. Selling the 16 delta on both sides. 1.54 credit on buying power of 4.05; 38.0% ROC as a function of buying power at max; 19.0% at 50% max.
Rolled: BITO June 17th 18 Short Put to July 15th 17... for a .45 credit.
Comments: Too many trades, not enough time ... . Rolled this out on Friday for a .45 credit. Total credits collected: .48 (See Post Below) plus the .45 here for a total of .93. The original setup was a spread with the long leg at the 11. It has gone no bid, so I'm leaving it behind as a lotto trade.
Opening (IRA): QQQ July 29th 250 Short Put... for a 3.00 credit.
Comments: Keeping on keeping on while the market is still paying ... . Targeting the <16 delta strike paying around 1% of the strike price in credit. Still have June 24th, July 1st, July 8th, July 15th, and July 22nd rungs on which I'll just address as duration dictates.
Opening (IRA): IWM July 29th 155 Short Put... for a 1.61 credit.
Comments: Targeting the <16 strike in the expiry nearest 45 days paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market. Still have July 1st, July 8th, and July 22nd rungs on.
Rolling (IRA): QQQ June 17th 302 Short Put to July 29th 294... for a 3.10 credit.
Comments: Rolling to the July 29th strike paying me at least 1% for the roll. I've collected 10.45 (See Post Below) plus the 3.10 here for a total of 13.55 with a 280.45 break even.
Rolling: IWM July 22nd 202 Short Call to 197.5... for a .93 credit.
Comments: Rolling in the untested side of my July 22nd short strangle to maintain a <1.0 delta/theta ratio. Total credits collected of 3.80.
Rolling: XBI June 17th 76P/71C to July 15th 75P/70C... for a 2.56 credit.
Comments: Looked like it was going to stay within in the strikes ... until yesterday, so rolling out here for duration and a credit. Total credits collected of 9.89 on a five wide with break evens at 65.11/79.89.
Opening: /ES July 29th 2700 Short Put... for a 3.00 credit.
Comments: A basic bet that we don't see 2700 by July 29th ... . Max profit of 1.50 on BPE of 14.75 (on margin); 10.2% ROC max; 5.1% ROC at 50% max. Still have rungs on at 2960 (July 15th), 2850 (July 29th). I don't have a ton going on the margin account, so sticking these out there small (a relative term) to keep theta on and burning.
Opened: IWM July 22nd 167.5/202 Short Strangle... for a 3.18 credit.
Comments: These WERE 16 delta strikes on both sides when I opened this using my phone app at around 9:45 CST. In any event, 3.18 credit on BPE of 21.00; 15.1% ROC at max as a function of BPE; 7.6% at 50% max. Will look to adjust sides on side test/approaching worthless or a delta/theta ratio >1.0. (The ratio is currently 5.97/10.48 or .57).
Opened (IRA): IWM July 22nd 162 Short Put... for a 1.65 credit.
Comments: Did some in the Q's, some in SPY ... . Figured that I might as well go for the trifecta. Targeted the <16 delta strike in the expiry nearest 45 days' duration paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market.
Will look at net delta tomorrow and determine whether I need to adjust my hedges to keep net delta "happy."
Opened (IRA): SPY July 22nd 365 Short Put... for a 3.62 credit.
Comments: Weakness + higher IV. Sold the <16 delta strike paying around 1% of the strike price in credit in the expiry nearest 45 days to emulate dollar cost averaging into the broad market.
Opened (IRA): QQQ July 22nd 260 Short Put... for a 2.66 credit.
Comments: Just when you thought it was safe to go in the water ... . Sold the <16 delta strike paying around 1% of the strike price in credit in the expiry nearest 45 DTE to emulate dollar cost averaging into the broad market.
Opening: /ES July 29th 2850 Short Put... for a 3.20 credit.
Comments: Targeting the strike that is <75% of where /ES is current trading and that routes for around 3.00 in credit. Max profit of 1.60 ($160.00) on buying power effect of 16.37 ($1637), 9.8% ROC.
A basic bet that /ES doesn't go that low in the next 52 days.
Rolled (IRA): SPY June 17th 393 Short Put to August 360... for a 2.40 credit.
Comments: Been rolling this for quite a while now ... . Mechanically rolling out for duration at 50% max to the <16 delta strike paying 1% of the strike price in credit in the shortest duration expiry, which is currently August (neither July 15th nor July 22nd <16 delta are paying 1%). I'm doing this in lieu of adding units in SPY at the moment, because it doesn't appear it's paying in shorter duration. As usual, I'll look at selling shorter duration if it starts paying again.
Total credits collected of 26.99 (See Post Below) plus the 2.40 here, for a total of 29.39 relative to a price for the August 360 (73 DTE) of around 3.70, so I've realized gains of 25.69 ($2569) so far.
Rolled (IRA): IWM June 17th 179 Short Put to July 22nd 169... for a 1.03 credit.
Comments: Mechanically rolling out at 50% max to the <16 delta strike paying around 1% of the strike price in credit in the expiry nearest 45 days. Total credits collected of 3.76 (See Post Below) plus the 1.03 here for a total of 4.79 relative to the July 22nd 169 short put value of around 1.80, so I've realized gains of 2.99 ($299) so far.
Doing this reduces risk not only because the strike is lower, but also because I collected a credit to do it, reducing my cost basis even further.
Closed: ARKK July 15th 34/56 Short Strangle... for a 1.41 debit.
Comments: In for 1.89 (See Post Below), out for 1.41. .48 ($48) profit, 25% of max. Money, take, run ... .
