Opened (Margin): /ES January 31st 2200 Short Put... for a 3.15 credit.
Comments: 12:30:03 PM. Added a rung on weakness, targeting the <75% of current price strike paying around 3.00 in credit.
Shortput
Opening (IRA): SPY March 17th 280 Short Put... for a 2.81 credit.
Comments: Part of a longer-dated premium selling strategy in broad market to keep theta on and burning while I wait for shorter duration to be more productive. Targeting the <16 delta strike paying around 1% of the strike price in credit. Will generally look to roll either intraexpiry or for duration at 50% max.
I'm also looking to attempt to remain more maximally deployed, which can be difficult if you're going to do things primarily this way versus some mix of long stock positions (which tie up oodles of buying power) with premium selling positions as an add-on or as an acquisitional approach (i.e., short put, acquire, cover). One way to look at these longer-dated positions is that they're small stock positions (which people are generally more comfortable with holding for extended periods of time), even though they differ in one fundamental way, and that's they're dynamic (as opposed to being static delta, as stock would be).
Additionally, the ROC as a function of buying power effect (annualized or otherwise) isn't exactly fabulous out of the box, which is why you'll want to roll these at 50% max to collect additional credit (without extending duration if you can) to bring in more of "the fabulous."
Opened (Margin): EWZ December 16th 25 Short Put... for a .75 credit.
Comments: Weakness plus high IVR/IV at 64/50. .75 credit on buying power effect of 2.53. 29.6% ROC at max; 14.8% at 50% max.
Opening (IRA): SPY February 17th 306 Short Put... for a 3.15 credit.
Comments: Re-erecting a rung out in February, targeting the <16 delta strike paying around 1% of the strike price in credit. I stripped off quite a bit of long delta over the past few weeks and want to make sure I have at least some theta on and burning, while reserving quite a bit of dry powder on for future deployment.
Rolling (IRA): IWM Nov 18th 173 Short Put to Dec 16th 164... for a .13 credit.
Comments: The last of my IWM rungs ... . Taking an opportunity to strike improve this while it's still out-of-the-money. Total credits collected of 3.82 (See Post Below) plus the .13 here for a total of 3.95.
Rolling (IRA): QQQ October 21st 278 Short Put to December 2nd... 261 for a 2.83 credit.
Comments: Filled this for a 2.78 credit. (See Post Below). Rolling down and out for a small realized gain and a credit. Total credits collected of 2.78 + 2.83 = 5.61.
Opening (Margin): /ES December 30th 2700 Short Put... for a 3.10 credit.
Comments: Targeting the <75% of current price strike paying around 3.00 in credit. Will add rungs if we experience further weakness ... .
Opening (IRA): SPY January 15th Short Put... for a 3.19 credit.
Comments: Part of longer-dated strategy to emulate dollar cost averaging into the broad market when "local" (<45 days until expiry) IV isn't paying. Targeting the strike paying around 1% of the strike price in credit. Will look to take profit and/or roll at 50% max.
Opening (IRA): QQQ December 23rd 230 Short Put... for a 2.67 credit.
Comments: My weekly broad market short put in the exchange traded fund with the highest 30-day IV, targeting the <16 strike in the expiry nearest 45 days paying around 1% of the strike price in credit.
Opening (IRA): IWM December 23rd 156 Short Put... for a 1.67 credit.
Comments: Targeting the <16 strike in the expiry nearest 45 days paying around 1% of the strike price in credit.
This is more about not letting my IWM position get too short delta than about putting on an "ideal" premium selling trade. I still have an IWM short delta hedge on that is marking at around -60 delta (See Post Below) and had only one IWM short put rung on at the December 16th 164 (+23 delta at the moment), so the position was leaning more net delta short than I would like. This long delta additive trade will make my IWM position "net delta flatter."
Closed (Margin): /GC December 27th 1400 Short Put... for an .80 debit.
Comments: Filled this for a 1.40 credit. (See Post Below). Out here for .80, .60 ($60) profit.
Closed (Margin): /ES April 21st 1300 Short Put... for a 1.50 debit.
Comments: Opened this for a 3.05 credit. (See Post Below). Out here for 1.50. (3.05 - 1.50)/2 = .7750/$77.50 profit with 168 days to go.
Closed (IRA): SPY March 17th 260 Short Put... for a 1.36 debit.
Comments: Opened this for a 2.73 credit. (See Post Below). Closing here at 50% max. 1.37/$137 profit.
Closed (Margin): /ES March 17th 1500 Short Put... for a 1.55 debit.
Comments: Opened this for a 3.10 credit. (See Post Below). Out here at 50% max. (3.10 - 1.55)/2 = .775/$77.50 profit.
Closed (Margin): /ES January 4780 Short Call... for a 1.50 debit.
Comments: Opened this for a 3.05 credit. (See Post Below). Hit 50% max today. (3.05 - 1.50)/2 = .775 ($77.50) profit.
Closed (IRA): SPY January 20th 300 Short Put... for a 1.46 debit.
Comments: Opened this as part of a four-legged short put ladder for 3.22. (See Post Below). Out here at >50% max. 1.76 ($176) profit.
Closed (IRA): SPY January 20th 295 Short Put... for a 1.30 debit.
Comments: Opened this for a 3.07 credit. (See Post Below). Closing it out here at greater than 50% max. 1.77 ($177) profit.
Closed (IRA): IWM November 18th 163 Short Put... for a .57 debit.
Comments: Collected a total of 2.72 with rolls on this one. (See Post Below). Out for .57; 2.15 ($215) total profit.
Closed (Margin): /ES February 17th 1600 Short Put... for a 1.55 debit.
Comments: Opened this last week for a 3.15 credit as a 2023 "starter position." (See Post Below). Out today at 50% max. (3.15 - 1.55)/2 = .80 ($80) profit with 112 days to go.
Closed (IRA): SPY December 16th 325 Short Put... for a 1.55 debit.
Comments: Opened this for a 3.41 credit (See Post Below). Out here for a 1.55 debit. 1.86 ($186) profit.
Closed (Margin): /ES January 20th 1800 Short Put... for a 1.50 debit.
Comments: Filled this for a 3.05 credit. (See Post Below). Out here at 50% max with 84 days to go. (3.05 - 1.50)/2 = .775 ($77.50) profit.
Closed (IRA): IWM December 16th 145 Short Put... for a .76 debit.
Comments: (Late Post). Collected a total of 2.11 in credits. (See Post Below). Out today for a .76 debit. 1.35 ($135) profit.
This leaves me with two rungs -- the November 18th 163 (currently 14 delta) and the November 18th 173 (currently 33 delta), for a total of 44 long delta. Both of these are hedged off with a long put vertical in IWM (See Post Below), which is currently marking at -74 delta. I'll be rolling out the short leg of the diagonal tomorrow, which will decrease the short delta slightly, after which I will look to see whether I should add back in IWM long delta to make sure that I'm not too short/directional in this position. (33 long - 74 short = -41 delta). As part of this consideration, I also need to look at my portfolio delta as a whole to see whether it's okay to keep the IWM position net delta short, since it enjoys a close correlation with SPY (.95 3-month).
Since it kind of drives me slightly bonkers to leave positions skewed out (regardless of whether they can do double duty as a closely correlated broad market hedge), I'll probably end up adding some long delta back in.
Closed (Margin): /ES January 20th 1700 Short Put... for a 1.50 debit.
Comments: Hit 50% max as I was writing a post about two rungs I added last night. Lol. Opened this for 3.00 (See Post Below); out here for 1.50 with 86 days to go. (3.00 - 1.50)/2 - .75 ($75) profit.
