Opened (IRA): IWM August 5th 154 Short Put... for a 1.56 credit.
Comments: Adding back in some long delta here in IWM, targeting the <16 strike in the expiry nearest 45 days paying around 1% of the strike price in credit.
Shortput
Closed: /ES July 15th 2960 Short Put... for a 1.50 debit.
Comments: Filled for a 3.00 credit (See Post Below). Out on Friday at 50% max. (3.00 - 1.50)/2 = .75 ($75) profit. Although still quite far out of the money, this was the highest rung of my /ES short put ladder, so wanted to dry the powder out for a potential dip going forward. Still have rungs on in the July 29th expiry (2850, 2700, 2500), as well in the August monthly (2100), so I was okay with taking off a little bit of risk here.
Closed (IRA): SPY July 29th 330 Short Put... for a 1.12 debit.
Comments: On occasion, Fridays can be a mad scramble. Yesterday was one of those, so I didn't get an opportunity to post all of in profit long delta trades I took off to dry out powder for "the next one." Opened for 4.00 even (See Post Below); out on Friday's bull fest for 1.12 -- 2.88 ($288) profit.
Closed (IRA): QQQ July 8th 267 Short Put... for a .92 debit.
Comments: Collected a total of 4.80. (See Post Below). Closed out late in Friday's session for a total realized gain of 3.88 ($388).
Closed: IWM July 29th 145 Short Put... for a .46 debit.
Comments: Opened for a 1.91 credit (See Post Below); out during Friday's session for .46. 1.45 ($145) profit.
Closed (IRA): IWM July 29th 140 Short Put... for a .53 debit.
Comments: In for a 1.49 credit(See Post Below); out at >50% max here on movement plus volatility contraction. .96 ($96) profit.
Rolling (IRA): QQQ July 1st 301 to August 19th 292... for a 2.93 credit.
Comments: Rolling down and out to the August monthly, as the August 5th contract didn't seem all that liquid. Total credits collected of 6.50 (See Post Below) plus the 2.93 here for a total of 9.43.
I'll generally keep on doing this (down and out) with any of my monied rungs until I can't get decent (a relative term) strike improvement, along with a decent credit, at which point I'll just take assignment and proceed to sell call against. (See, e.g., my QQQ June 24th 321 short put, which I couldn't strike improve to my satisfaction without going out hugely long-dated).
Closed (IRA): IWM July 1st 154 Short Put... for a .10 debit.
Comments: Opened for a 1.64 credit (See Post Below). Closing here for .10; 1.54 ($154) profit.
Closing: /ES July 29th 2300 Short Put... for a 1.25 debit.
Comments: In for 3.35 (See Post Below); out here for 1.25 with 36 days to go. (3.35 - 1.25)/2 = 1.05 ($105) profit. Still have some July 15th, July 29th, and August 19th on.
Closed (IRA): SPY July 29th 325 Short Put... for a 1.68 debit.
Comments: Plane Jane profit-taking, long delta subtractive trade. In for 3.45 (See Post Below), out here for 1.68. 1.77 ($177) profit.
Closed (IRA): QQQ July 29th 225 Short Put... for a .90 debit.
Comments: Plane Jane profit-taking/long delta subtractive trade. In for a 2.37 credit (See Post Below); out here for .90. 1.47 ($147) profit.
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.
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).
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.
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.
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.
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.
