Opening: IWM April 22nd 175/217 Short Strangle... for a 3.68 credit.
Comments: High IVR/IV (73/35). Selling 15 delta on both sides. 3.68 credit on buying power effect of 21.09 (on margin). 17.4% ROC at max; 8.7% at 50% max.
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Closing: ARKK Position... for a 56.93 debit.
Comments: Closing out the entirety of my ARKK position here, on which I collected a total of 33.94 in credits. This results in a 22.99 ($2299) realized loss. That's naturally "no bueno," but the buying power is better utilized elsewhere in something that is not so extremely broken or -- at the very least -- in a fresh, unbroken setup in the underlying.
Closing: IWM April 8th 194C/201C Short Stranglefor an 18.11 debit.
Comments: Collected a total of 19.75 in credits with this little fella, which started out as a 201 short straddle that I inverted defensively. (See Post Below). Closing out here for a 1.64 ($164) profit.
Opening: QQQ April 22nd 290/361 Short Strangle... for a 5.85 credit.
Comments: IVR/IV still high here for a broad market instrument at 77.5/35. Selling 15 delta premium on both sides. A 5.85 credit on buying power effect of 36.15; 16.2% ROC at max/8.1% ROC at 50% max. Will generally look to take profit at 50% max, adjust sides to delta balance.
Opening (IRA): QQQ April 29th 275 Short Put... for a 2.76 credit.
Comments: Targeting the <16 delta strike in the contract nearest 45 days that is paying at least 1% of the strike price in credit to emulate dollar cost averaging into the broad market. Will continue to hit shorter duration in broad market (SPY, IWM, QQQ) as long as it's still paying.
Closing: QQQ May 20th 390/358 Short Strangle... for a 12.12 debit.
Comments: Collected a total of 13.98 with defensive rolls in this puppy. (See Post Below). Rather than adjust further, pulling it off for a profit here to free up the buying power for shorter duration setups. 13.98 - 12.12 = 1.76 ($176) profit.
Closing: IWM April 1st 194C/200P Short Strangle... for a 16.57 debit.
Comments: This started out as a 200 short straddle that I inverted slightly. Collected a total of 19.32 in credits, so closing out here results in a realized gain of 19.32 - 16.67 = 2.65 ($265). Still have the April 8th 194C/201P inverted on (which also started out as a 201 short straddle).
Rolling (IRA): IWM March 25th 178 Short Put to April 29th 170... for a 1.27 credit.
Comments: The March 25th 178's at >50% max, so rolling out to the <16 delta strike paying at least 1% of the strike price in credit. Total credits collected of 4.36 (See Post Below) plus 1.27 or 5.63 relative to what the April 29th 170 is paying (currently 1.96), so I've realized gains of about 3.67 ($367) so far.
Rolling (IRA): SPY March 18th 412 Short Put to April 29th 375 ... for a 1.40 credit.
Comments: This is a smidge shy of 50% max, but has only 7 days to go. Rolling it down and out to the April 29th short put paying at least 1% of the strike price in credit. Total credits collected of 19.07 (See Post Below) plus 1.40 or 20.47 relative to the 375's current price of 3.98, so I've realized gains of 16.49 ($1649) so far. Still sticking with the weeklies here so long as the 45 DTE <16 delta strike continues to pay >1% of the strike price in credit.
Closed: SMH April 14th 20/290 Short Strangle... for a 4.29 credit.
Comments: Received a 5.90 credit for putting this on 6 days ago. (See Post Below). Taking 1.61 ($161) of profit here -- 27% of max with 35 days to go.
Rolling: NVDA April 14th 245 Short Call to 235... for a 3.40 credit.
Comments: Rolling down the untested side. Total credits collected of 49.35 on what is now a 30-wide inverted with a 215.65 downside break even.
Opening: XBI April 14th 75 Short Put... for a 1.83 credit.
Comments: Adding a short back in to strangle my in-the-money high delta 99 short put (which is temporarily acting like long stock). Total credits collected of 15.22 with a downside break even of 83.78.
Rolling: QQQ May 20th 385 Short Call to May 20th 376... for a 1.38 credit.
Comments: A small delta adjustment here to realize a gain on the call side, recenter my risk, and get a credit for doing it. Both sides are now at the 18 delta (ish) strikes, with net delta basically flat. Total credits collected of 10.88 with 77 days to go.
I generally wait for side approaching worthless/side test to do an adjustment, but you can also do adjustments with greater frequency, depending on how "delta anal" you are. Alternatively, you can monitor your theta/delta ratio in the position and look to make adjustments at certain theta/delta ratio intervals (e.g., 2:1, 1:1, etc.). Here, the position wasn't all that skewed out from that standpoint and is currently at 16.38/1.31, so I could've probably also just left it alone, since a theta/delta ratio of >1 implies that theta decay will be such as to outpace any change in the delta of the position (at least when looked at from that snapshot of the position in time).
Rolling: IWM April 1st 201 Short Straddle to April 8th... for a 1.16 credit.
Comments: Taking a little profit (1.40/$140) by rolling here. Total credits collected of 16.30 relative to a short straddle price for the April 1st 201 of 15.82.
Rolling: ARKK March 18th 59.22 Short Put to June 47.22... for a .05 credit.
Comments: Giving myself more room to be wrong on the put side ... .
Opening (IRA): QQQ April 22nd 275 Short Put... for a 3.05 credit.
Comments: Targeting the <16 delta strike in the expiry nearest 45 DTE paying at least 1% of the strike price in credit to emulate dollar cost averaging into the broad market in weakness and high IV.
Opening (IRA): SPY April 22nd 370 Short Put... for a 4.00 credit.
Comments: Targeting the <16 delta short put paying at least 1% of the strike price in credit on weakness/high IV to emulate dollar cost averaging into the broad market. Previously, I was using longer duration monthlies, but since 45 days until expiry is paying here in SPY, I'm opting to go shorter in duration for the time being.
Rolling: ARKK May 20th 77 Short Call to May 20th 64.22... for a 2.85 credit.
Comments: Total credits collected of 30.85 on what is now a 38-wide inverted, so just looking to close out the entire position for less of a loss than what it is currently at this point.
Rolling (IRA): IWM March 18th 181 Short Put to April 22nd 165... for a .69 credit.
Comments: This isn't quite at 50% max, but only has 11 days to go, is in profit, and is the highest strike I've got hanging out there in IWM. I've collected a total of 3.83 (See Post Below) + the .69 here for a total of 4.52 relative to a current price for the April 22nd 165 of 1.80, so have realized gains of 2.72 ($272) in this puppy so far.
Opening: SMH April 14th 210/290 Short Strangle... for a 5.90 credit.
Comments: High IVR/high IV (96/48.5). Selling the 15 delta-ish strikes on both sides; 5.90 credit on buying power effect of 25.37 (on margin); 23.3% ROC at max; 11.6% at 50% max.
Closed: XBI March 18th 71 Short Put... for a .20 debit.
Comments: Sold this for 1.41 to reduce cost basis in my inverted short strangle. Closing out here results in a realized gain of 1.21 ($120) on that leg. Cost basis on the remainder is now 12.46, with a downside break even of the short put leg (99) minus credits collected (12.46) or 86.54 relative to where XBI is trading right now at 86.34, so I'm not in horrible shape. I will consider re-erecting the short put if we get further weakness or rolling down the short call further since it's I've collected 12.46 on a six-wide, leaving me with room to invert further if I have to.
Opening (IRA): EFA April 14th 58 Short Put... for a .66/contract credit.
Comments: High IVR/high IV at 114/35. Starting to build a position in EFA here while I wait for U.S. equities positions to come in. Targeting the <16 delta strike paying at least 1% of the strike price in credit. Unfortunately, the weeklies aren't that great from a liquidity standpoint, so will have to ladder out in the monthlies at intervals.
Opened: ARKK May 20th 49.22 Short Put... for a 2.14 credit.
Comments: Total credits collected of 28.00 on a 25.22-wide inverted with a put side break even of 74.22. Ordinarily, I would have rolled out the shorter dated March 18th 59.22 at 50% max, but I sold it for 1.83 and it finished the day at 2.03 with 15 days to go, so will just look to take it off on approaching worthless if I get an opportunity to do so.
