Closed (IRA): QQQ July 29th 230 Short Put... for a 1.13 debit.
Comments: Plain Jane profit-taking. In for a 2.54 credit (See Post Below); out here for 1.13. 1.41 ($141) profit.
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Rolled (IRA): SPY June 30th 383 to September 16th 365... for a 3.66 credit.
Comments: (Late Post). With only .36 worth of extrinsic left in the June 30th 383 (and a scant 9 days to go), rolling it down and out here to the strike that's paying me about 1% of the strike price to roll. Total credits collected of 8.51 (See Post Below) plus the 3.66 here, for a total of 12.17.
This is longer-dated than most like to go, but I'm generally fine with that in the retirement account, particularly since the roll reduces buying power effect, risk of assignment, delta, and cost basis. I still may naturally have to take assignment of shares, but it will be at 365 (minus credits received) instead of at 383 (minus credits received).
Rolled: IWM July 22nd 176 Short Call to 172... for a 1.35 credit.
Comments: Rolling down the untested side of my July 22nd short strangle, the short put leg of which is at the 167.5. Total credits collected of 8.39. End of day delta/theta 7.48/19.31.
Opening: /ES August 19th 2100 Short Put... for a 3.50 credit.
Comments: A small, low risk engagement trade while I wait on trades ... . Targeting the strike that is at least 25% below where /ES is currently trading and that routes for around 3.00. 1.75 max* on buying power of around 20.58, 8.58% ROC at max.
* -- It's only 1.75 max because /ES -- unlike SPY -- has a 50x multiplier (instead of a 100x multiplier) so if your options table, for example, says that the trade is going to route for a 10.00 credit, it actually only ends up routing for half of that or 5.00.
Closed: ARKK July 15th 32/50 Short Strangle... for a 1.32 debit.
Comments: In for 1.54 (See Post Below), out here for 1.32. .22 ($22) winner ahead of the long holiday weekend.
Opening: EWZ August 19th 23 Short Put... for a .47/contract credit.
Comments: Selling some 15 delta premium in the Brazil exchange-traded fund (IVR/IV 83/54) on weakness. .47 on buying power effect of 2.31 (on margin). 20.3% ROC at max; 10.2% ROC at 50% max.
Opening (IRA): QQQ July 29th 230 Short Put... for a 2.54 credit.
Comments: Targeting the <16 delta 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.
Will pause a bit here with additive long delta trades to focus on the housekeeping of shorter duration rungs. I will want to see what I want to (or have to) take assignment of shares on, since this will affect net portfolio delta and inform how much short delta I need to have on to remain "delta comfortable." Covered calls, after all, are more long delta heavy than far out-of-the-money short puts.
Opening (IRA): IWM July 29th 140 Short Put... for a 1.49 credit.
Comments: Targeting 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.
Opening (IRA): SPY July 29th 330 Short Put... for a 4.00 credit.
Comments: Targeting 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.
Rolled: IWM July 22nd 187 Short Call to 176... for a 1.89 credit.
Comments: Rolling down the untested side ... . Total credits collected of 7.04 with 160.46/183.04 break evens. With delta/theta at 29.47/16.08, the setup could benefit from a bounce ... .
Rolling: NVDA July 15th 190 Short Call to 175... for a 2.93 credit.
Comments: Beginning to kind of hate this underlying ... . Rolling in the untested side. Total credits collected of 6.16.
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.
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.
