Closing: /ES June 24th 2950 Short Put... for a 1.40 debit.
Comments: In for 3.25 (See Post Below), out here for 1.40. Net profit of (3.25 - 1.40)/2 = .925 ($92.50). Still have the June 30th 2500's and July 15th 2200's on.
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Closing: /ES June 17th 2950 Short Put... for an .85 debit.
Comments: In for 3.20, (See Post Below), out for .85 today. (3.20 - .85)/2 = 1.175 ($117.50) profit.
Rolling: NVDA June 17th 170C/275P to July 17th 170P/195C... for a 92.02 debit.
Comments: Now that the underlying has done its "earnings move," I'm uninverting and rolling for a debit that is less than the total credits I've collected so far (95.25). I generally don't like to make a habit of doing this, but with both legs in the money and with the 275 somewhat illiquid (and therefor a pain to roll), I'm doing it here. Still 3.23 net credit to date.
Rolled: IWM June 17th 165/200 Short Strangle to July 1st 158/194... for a .90 credit.
Comments: Locking in some realized gain here on this little bounce, recentering side risk, and receiving a credit all at the same time. I rolled both sides to the 16 delta strikes, so that the position is back to delta neutral.
Total credits received of 4.69, relative to a current short strangle price for the July 1st 158/194 of 3.28, so I'm up 1.41 ($141) on the position.
SPX Weekly RangesHere are the past 7 weeks of PVI Volatility Ranges for SPX . The Ranges are computed every weekend from a myriad of data points and ratios (Index, Volatility variations, SKEW, HV, IV, etc...)
We compute the ranges on the weekend, along with our roadmap & Game Plan for the week ahead. Some of us enter their first tranche on Sunday nights or early Monday (depending on confirmation from Futures ).
We do NOT sell fixed Deltas for our credit spreads, but rather utilize the data driven from our volatility algo for the specific Index (primarily SPX ).
The PVI Weekly SPX Credit Spread portfolio is up just over 47% YTD with 20 straight weeks of profits and zero drawdowns. The ranges have been breached 3 times since the start of 2021 (by an amount greater than 10 SPX points). The system is NOT designed or programed to be perfect, it is to provide us with the most competitive SPX weekly Range with the highest VALUE between Premium & Expectancy
Opened: /ES July 17th 2200 Short Put... for a 3.05 credit.
Comments: Another late post I was unable to get to yesterday ... . I'm doing a few of these far out-of-the-money short puts in /ES as an engagement trade while I wait for the July mopex to come into the 45 days until expiry wheelhouse (it's currently 55 days out) for my general go-to setup (short strangles).
Rolled: NVDA June 17th 200 Short Call to the 170 Short Call... for a 9.21 credit.
Comments: Late post that I was unable to get to yesterday ... . Doing a defensive roll ahead of earnings to reduce directionality in the event it continues on its path downward. I also took off the June 17th 225 short call, which I added in to reduce net delta and reduce cost basis further for an .82 debit, but didn't want to leave it on in the event price rips up, as it could complicate the setup and/or rolling. Total credits collected of 95.25 on a 105-wide inverted.
Functionally, I'm long stock at 275, but with a current cost basis of the strike price (275) - total credits collected (95.25) or 179.75, so the short call is currently below my cost basis, which I'm okay with at least temporarily. Post earnings, I'll look to roll out the inverted as a unit, reducing cost basis further (although this trade is getting quite long in the tooth).
I've indicated that it's long, not because that is my sentiment as to where the stock goes from here, but because delta/theta is 42.95/34.32.
Rolling: XRT June 17th 82 Short Call to June 17th 67... for a .74 credit.
Comments: With the 82 approaching worthless, rolling it in to the strike that cuts position net delta approximately in half. Total credits collected of 2.74.
Closing: SMH June 17th 198/270 Short Strangle... for a 3.43 debit.
Comments: Filled for a 5.55 credit (See Post Below). Taking 2.12 ($212) worth of profit here ... .
Closing: EWZ June 17th 27 Short Puts... for .18/contract debit.
Comments: A little bounce, a little volatility contraction ... . In for a .71/contract credit (See Post Below); out for .18 here with 28 days to go. .53 ($53) profit/contract.
Opening (IRA): QQQ July 1st 250 Short Put... for a 2.52 credit.
Comments: Targeting the <16 delta strike in the expiry nearest 45 days paying at least 1% of the strike price in credit in the highest 30-day, broad market exchange traded fund on the board.
Rolling (IRA): QQQ May 27th 305 Short Put to July 1st 301... for a 3.30 credit.
Comments: Gotta roll, gotta roll, gotta roll. Rolling to the expiry/strike nearest 45 days paying around 1% of the strike price in credit. 6.50 collected so far with a cost basis of the short put strike (301) minus total credits collected (6.50) or 294.50 relative to where QQQ is currently trading at around 291.
Opening (IRA): IWM July 1st 154 Short Put... for a 1.64 credit.
Comments: Keeping on keeping on ... . I don't have much IWM on, so am selling something new in the July 1st expiry, targeting the <16 delta strike that is paying at least 1% of the strike price in credit to emulate dollar cost averaging into the broad market.
Rolling (IRA): IWM May 27th 183 Short Put to July 1st 179... for a 1.72 credit.
Comments: Staying mechanical and rolling to the strike nearest 45 days until expiry for a credit that is about 1% of the strike price. Total credits collected of 8.54. Although it's in-the-money, my cost basis is now the short put strike (179) minus total credits collected (8.54) or 170.46 relative to where it's currently trading at 176.40.
Rolled: QQQ June 17th 310 Short Call to 300... for a 3.20 credit.
Comments: Rolled the untested side in. Total credits collected of 15.53.
Rolled: IWM June 17th 210 Short Call to 200 ... for a .56 credit.
Comments: Although the 165 hasn't been tested, the 210 is converging on worthless, so rolled it down a smidge. Total credits collected of 3.79.
Opening: /ES June 30th 2500 Short Put... for a 3.10 credit.
Comments: And here we go again. Adding a rung on weakness ... . Have the June 17th 2950's, the June 24th 2950's, and now the June 30th 2500's.
Opening: /ES June 24th 2950 Short Put... for a 3.25 credit.
Comments: Adding another rung around 75% out-of-the-money, 39 days until expiry.
Opening: /ES June 17th 2950 Short Put... for a 3.20 credit.
Comments: Back into /ES far out-of-the-money short put here, after exiting all the rungs of my /ES short put ladder at the end of last week. Since delta value isn't very informative (my platform is showing this as a .01 delta strike, which isn't particularly helpful), I'm targeting the strike that is paying around 75% of the current price of /ES in the shortest duration that is paying 3.00 or so.
Closing: /ES June 17th 2400 Short Put... for a .95 debit.
Comments: In for 3.35 (See Post Below); out for .95 here. (3.35 - .95)/2 = 1.20 ($120) profit. Out of the last rung of my /ES short put ladder on this up move/volatility crush.
Closing: /ES June 10th 2800 Short Put... for a 1.45 debit.
Comments: Filled for 3.25 (See Post Below); out for 1.45 here. (3.25 - 1.45)/2 = .90/$90 profit.
Closing: /ES June 3rd 2900 Short Put... for 1.00 debit.
Comments: In for 3.40 (See Post Below), out here for 1.00. (3.40 - 1.00)/2 = 1.20 ($120) profit.
Closed: /ES May 27th 3200 Short Put... for a 1.90 debit.
Comments: Taking a smidge of risk/long delta off here. Filled for a 3.00 credit (See Post Below); closing out here with 15 days to go. (3.00-1.90)/2 = .55/$55 profit. Still have the June 3rd 2900, June 10th 2800, and June 17th 2500's on.
