Opening (IRA): XBI November 19th 110 Short Put... for a 1.71 credit.
Comments: 30-day implied isn't great here at 34% or so, so this is more about taking advantage of weakness than anything else.
Shortput
Opening (IRA): SPY November 19th 389 Short Put... for a 3.85 credit.
Comments: Ordinarily, this has been the instrument I've been playing for "longer-dated filler" premium-selling, but since the 16 delta is paying here, adding some in the November monthly.
Opening (IRA): IWM November 12th 197 Short Put... for a 2.13 credit.
Comments: My Friday 16-delta short put in the broad market exchange-traded fund with the highest implied volatility.
Closing (IRA): SOFI October 15th 15 Short Puts... for a .23/contract debit.
Comments: Opened at-the-money for 1.76 (See Post Below), taking 1.53 ($153)/contract's worth of profits here, freeing up the buying power for another shot lower should earnings disappoint. Still have the October 15th 20 Covered Calls on, where I'm waiting to roll the 20's out on approaching worthless ... (or to take profit should we have a decisive move above 20; unlikely, but we can dream).
Opening (IRA): TAN November 19th 70 Short Put... for 1.19/contract.
Comments: One of the higher-30 day implied (39.4%) exchange-traded funds on my screener that I currently don't have a position in.
Rolling (IRA): SPY November 19th 379 to December 17th 388 SP*... for a 2.21 credit.
Comments: Part of a longer-dated strategy to keep maximal buying power deployed, even in "locally" (i.e., <45 days until expiry) low implied volatility environments. Here, the November 17th 379 is at 50% max, so rolling it out to the strike in December paying at least 1% of the strike in credit which is the 388, paying 3.96.
Up to this point, I've collected a total of 13.19 (See Post Below) in credits. With this roll, I've collected 13.19 + 2.21 = 15.40 relative to the December 17th 388 short put value of 3.96, so I've realized gains of 11.44 ($1144) so far.
* -- Short Put
Opening (IRA): IWM November 5th 203 Short Put... for a 1.93 credit.
Comments: My weekly, broad market 16 delta short put in the exchange-traded fund with the highest 30-day in the contract nearest 45 days until expiry. Generally, look to take profit or roll out at 50% max.
Opening (IRA): MJ November 19th 16 Short Calls... for a .52/contract credit.
Comments: This is to cover the 16's I was assigned on last week. They had a cost basis of 15.57/share (See Post Below). By selling the 16's against for .52, my cost basis in the shares is now 15.57 - 15.52 = 15.05/share.
Opening (IRA): EWZ November 19th 28 Short Put... for a .51/contract credit.
Comments: 30-day at 39.3% and somewhat weak relative to the June high.
Rolling (IRA): IWM October 1st 194 to October 29th 202... for a 1.71 credit.
Comments: With the 194 only having .29 left in it, rolling it out to the 16 delta strike the contract nearest 45 days rather than adding units. Total credits collected of 3.47 (See Post Below) + 1.71 = 5.18 versus a current short value for the 202 of around 1.97, so I've realized gains of 5.18 - 1.97 or 3.21 ($321) so far.
Opening (IRA): ARKK November 19th 100 Short Put... for 2.09/contract.
Comments: With 30-day implied at 40% or so, adding in some November here.
Rolling (IRA): IWM Sept 30th 201 Short Put to Oct 22nd 205... for a 1.49 credit.
Comments: Rollin', rollin', rollin' ... . With the 201 at >50% max, rolling out to the 16 delta October 22nd 205, as opposed to adding units. I've collected a total of 3.39 (See Post Below) + 1.49 here = 4.88 relative to the current price of the 205 of 2.23, so I've realized gains of 4.88 - 2.23 = 2.65 ($265) so far.
Trade Idea: SPRT October 15th 10 Short Put30-day implied volatility is at a whopping 280%. A trade idea with a ridiculous return on capital at max, regardless of whether you strip naked (i.e., short put) or spread it.
Metrics:
Notional Risk: $784
Max Profit: $216
ROC at Max as a Function of Notional Risk: 27.6%
ROC at 50% Max as a Function of Notional Risk: 13.8%
Break Even/Cost Basis in Stock if Assigned: 7.84
Comments: I'm not usually fond of meme stocks, but when I can potentially get 27.6% by selling a 50% out of the money put, well, I just might dip my toe in.
As a potential variation, consider spreading it by buying the October 15th 3 for .08 and selling the 10 for 2.16, resulting in a 7-wide that you're getting paid 2.08 for on a buying power effect of 4.92 -- a max profit ROC potential of 42.3%. Point in fact, I kind of like the spread better for defining the risk on a reduced buying power effect.
* -- October 15th expiry as of Friday's close.
Closing (IRA): SOFI September 17th 15 Short Put... for .53/contract debit.
Comments: A little bit of Plain Jane profit taking ... . Put this on for 1.70 credit/contract (See Post Below). 1.70 - .53 = 1.17 ($117) profit per contract with 14 days to go. I've still got October 15th 20 covered calls and October 15th 15 short puts on.
Rolling (IRA): SPY Nov 19th 365 Short Put to Nov 19th 409... for a 2.40 credit.
Comments: With the 365 at 50% max, rolling up intraexpiry to the strike paying at least 1% of strike in credit (the 409 is paying 4.09). Total credits collected of 9.96 + 2.40 = 12.36 minus a current short put value of 4.09, so I've realized gains of 12.36 - 4.09 = 8.27 ($827) so far.
Rolling (IRA): SPY October 15th 391 Short Put to Feb 18th 335... for a 2.29 credit.
Comments: Part of a longer-dated strategy intended to keep maximal buying power deployed even when "local" (i.e., <45 days until expiry implied volatility) kind of sucks. With the October 15th 391 worth only 1.13, cleaning up my SPY short put ladder by rolling this out to the February strike paying at least 1% of the strike price in credit (which happens to be the 335, paying 3.41). Total credits collected of 15.74 + 2.29 = 18.03 versus a short put value of 3.41, so I've realized gains of 18.03 - 3.41 = 14.62 ($1462) so far.
Closing (IRA): EWZ October 15th 29 Short Puts... for a .15/contract debit.
Comments: Opened these for a .45/contract credit. (See Post Below). With 42 days to go and implied at <35%, going ahead and doing just Plain Jane profit taking here, since 42 days is a long time to wait for the remaining $15. .30/$30 per contract profit.
Rolling (IRA): ARKK Oct 15th 100 Short Put to Nov 19th 104... for a 1.50/contract credit.
Comments: With the 100's at greater than 50% max (they're worth .84 here), rolling out to the November monthly for a realized gain and a credit. The implied isn't as good as it was, but is still >35%; otherwise, I'd just leave it alone or take profit and move on. Relatedly, since the implied isn't fantastically great, keeping my units the same instead of adding, keeping buying power free for a higher volatility environment.
Total credits collected of 3.52 (See Post Below) + 1.50 = 5.02 versus a current short put value of 2.38, so I've realized profits of 5.02 - 2.38 = 2.64 ($264)/contract so far.
Rolling (IRA): SPY Nov 19th 345 Short Put to Dec 17th 376... for a 2.40 credit.
Comments: More cleanup/profit-taking on my SPY longer-dated short put ladder, here, in the November cycle. With the November 19th 345 at >50% max (it's worth 1.37 here), rolling it out to the December strike paying at least 1% of the strike price, which is the 376, paying 3.77.
Total credits collected of 6.19 (See Post Below) plus 2.40 or 8.59 versus a current price for the December 376 of 3.77, so I've realized gains of 8.59 - 3.77 or 4.82 ($482) so far.
Rolling (IRA): SPY Oct 15th 382 to Nov 19th 401 Short Put... for a 2.86 credit.
Comments: More profit-taking, longer-dated SPY ladder housekeeping. With the October 15th 382 at >50% max (there's only 1.15 left in it at the moment), taking profit and rolling it out to the November 15th 401 which is paying 4.02 -- around 1% of the strike price in credit. Total credits collected of 10.45 (See Post Below) plus 2.86 = 13.31 versus a current short put value of 4.02, so I've realized gains of 13.31 - 4.02 or 9.29 ($929) so far.
Closing (IRA): SPY September 30th 378 Short Put... for a .60 debit.
Comments: Plain Jain profit-taking/SPY short put ladder clean up here. Total credits collected via rolls of 18.35 (See Post Below). Closing out here: 18.35 - .60 = 17.75 ($1775) of profit.
Closing (IRA): SPY September 24th 391 Short Put... for a .63 debit.
Comments: Plain Jane profit taking/cleaning up of my longer-dated SPY short put ladder. Collected a total of 4.03. (See Post Below). 4.03 - .63 = 3.40 ($340) profit.
Rolling (IRA): SPY October 15th 373 to November 19th 379... for a 2.12 credit.
Comments: With the October 15th 373 at 50% max, rolling it out a month to the strike paying at least 1% of the strike price in credit. Total credits collected of 11.07 (See Post Below) + 2.12 = 13.19 versus a November 19th 379 short put value of 3.82, so I've realized gains of 13.19 - 3.82 or 9.37 ($937) so far.
