Get started

Shortput

Rolling (IRA): SPY December 17th 297 to January 21st 328*short put for a 1.82 credit. Comments: Part of a longer-dated strategy targeting the strike paying at least 1% of the strike price in credit. Here, cleaning up my ladder a little bit by taking profit on the December contract, which is at 50% max. Total credits collected of 3.33 (See Post Below) + 1.82 = 5.15 versus a current short put value of 3.35, so I've realized gains of 1.80 ($180) on this so far. * -- I'm showing the 297 strike above where it's actually at on the chart, which would be below the range the chart encompasses.
AMEX:SPY
by NaughtyPines
Rolling (IRA): September 3rd 198 to October 1st 194 Short Put... for a 1.37 credit. Comments: With this contract at greater than 50% max, rolling down and out for a realized gain of what I put it on for (2.01) (See Post Below) minus its current value (.79) or 1.22 ($122) credit. Going with the expiry nearest 45 days until expiry/16 delta strike. Total credits collected of 2.10 + 1.37 = 3.47. Were I not to have been able to strike improve and receive a credit, I would've probably just left it alone another week and added a unit instead. By rolling it out, I (a) realize a gain; (b) receive a credit (reducing my cost basis further), (c) move the strike away from where the underlying is currently trading, thereby reducing buying power effect slightly; (d) diminish risk by being a strike further away from at-the-money; and (e) keep buying power free for "the next one" (although implied volatility is pretty decent here at 27.8%).
AMEX:IWM
by NaughtyPines
Rolling (IRA): IWM September 10th 203 Short Put to September 30.. 201 Short Put for a 1.27 credit. Comments: I originally opened this for 2.02. (See Post Below). With only .68 left in it (>50% max), I'm rolling it down and out to the 16 delta strike in expiry nearest 45 days until expiry to reduce risk a smidge relative to where the underlying is currently trading. I'm opting to do this versus adding additional units, which I'll reserve for greater weakness. Total credits collected of 2.02 + 1.27 = 3.39 versus a current short put value of 1.98, so by doing this I realize a gain of 3.39 - 1.98 = 1.41 ($141). On a side note, I still have the September 3rd 198's on. I initially considered rolling those out in time as well, but would've rolled from the 198's to the 201's in the September 30th expiry as I did with these (i.e., not a strike improvement), so opted not to do that here, but rather just leave them alone for now and wait to either take them off on approaching worthless or -- if given the opportunity -- roll them down and out as well.
AMEX:IWM
by NaughtyPines
Opening: SOFI October 15th 15 Short Put... for a 1.76 credit. Comments: Adding to my relatively small SOFI position here on weakness as a little bit of an engagement trade while I wait for a higher volatility environment in the broad market or exchange-traded funds. My cost basis in any shares I may get assigned is the strike price (15.00) minus the credit received (1.76) or 13.24. The whole position is 2 x October 15th 20 covered calls, September 17th 15 short put, and (now) October 15th 15 short put. As with my September 17th 15, I'll run this to expiry or approaching worthless and -- if assigned shares -- will proceed to "wheel" it, selling calls against at the strike at which I originally sold my put. I'm comfortable with leaving these on through a vacation since they're kind of a "what happens happens" trade.
NASDAQ:SOFILong
by NaughtyPines
Rolling (IRA): SPY September 17th 400 Short Put to September 24... 391 short put for a .04 credit. Comments: A take profit roll. I originally put this on for 4.03 (See Post Below) and want to try to milk the last extrinsic out of it without extending duration much, particularly since implied volatility kind of sucks here and want to reserve longer duration rolls for a better premium selling environment. With the September 24th 391 currently valued at 1.10, I realize a gain of 4.03 + .04 - 1.10 = 2.97 ($297) by doing this.
AMEX:SPY
by NaughtyPines