OPENING (IRA): EWA SHORT PUT LADDER... for a 1.41 credit total.
Notes: This isn't paying much from a credit standpoint and isn't the most liquid thing in the world, but wouldn't mind acquiring shares. Currently a 6.20% yield.
Shortput
OPENING: TQQQ JUNE 19TH 35 SHORT PUT (LATE POST)With rank/implied at 74/124 and the at-the-money short straddle paying a whopping 33% of the value of the stock price in the June expiry (57 days until expiry), sold the 84% probability of profit strike for a 2.06/contract credit late in the session.
Break even of 32.94.
OPENING: AMC SEPTEMBER 18TH 2 SHORT PUT... for a .75/contract credit.
Notes: Another small, COVID-19 weakness-related underlying, with a cost basis of 1.25/share if assigned.
OPENING: IWM JUNE 19TH 91 SHORT PUT... for 2.79/contract.
Notes: The highest rank/implied broad market instrument on the board currently. Going small, a little bit farther out in time, since May only has 38 days left in it ... .
CLOSING: /CL1! PUTSThis ... will leave a mark.
Simply too much risk to be naked/unhedged here in light of what occurred with the May contract, which may lather, rinse, repeat with the June.
OPENING: /CL APRIL 16TH 14 SHORT PUT... for an $850 credit.
Notes: With implied/rank at 67/181 and WTI crude at multi-year lows, adding in neutral to bullish assumption in April. Scratch at 22.41 for the whole show.
OPENING: TSLA MAY 15TH 315 SHORT PUT... for (wait for it) ... 11.10.
Notes: You know the drill ... . A bet that TSLA doesn't lose half its value over the next 66 days.
OPENING: TQQQ MAY 17TH 28 SHORT PUT... for 2.65/contract.
Notes: High rank/implied. I'm generally not a big fan of leveraged, so am going small here, 16 delta. Break even at 25.35 if assigned.
OPENING: CL1! MAY 14TH 15 SHORT PUT... for a $2260 credit.
Notes: Layering on some additional short put on weakness. Will begin to clean up near max loss April spreads here shortly ... . Scratch at 83.91.
OPENING: CL1! MAY 14TH 16 SHORT PUT... for a 1.47 ($1470) credit.
Notes: With my short put spreads all but goners, looking to re-coup some on this massive sell-off, where -- in all likelihood -- the "risk" is to the upside. Scratch at 36.11. I'll slap my Grandma if /CL breaks below 16.00.
Laddering these out in time ... .
OPENING: CCL APRIL 17TH 30 SHORT PUT... for a 2.43 credit.
Notes: High rank/implied at 99/80. With a current yield of 5.30%, I'm fine with taking on stock here with a cost basis of 27.57 if that ends up happening.
OPENING: FCX MARCH 20TH 12 SHORT PUT... for a .57 credit.
Notes: High rank/implied with earnings. Going with a Plain Jane Wheel of Fortune short put here, as I did with BBBY. (See Post Below). Break even/cost basis in shares at 11.43.
OPENING: TSLA MARCH 20TH 445 SHORT PUT... for a 3.50 credit.
Notes: With implied at >100%, how can I not? My standard bet that it doesn't lose half its value in the next 44 days ... .
OPENING: SNAP MARCH 20TH 18 SHORT PUT... for a 1.18 credit.
Notes: A "Wheel of Fortune" short put. Run to expiry, either keep the premium or be assigned stock with a cost basis of 16.82, after which you proceed to cover.
CLOSING: SPY SEPT 18TH 273 SHORT PUT... for a 3.39 debit; 1.84 ($184) realized gain; scratch at 94.63.
Notes: A profitable subtractive adjustment and/or taking off downside risk (it's looking somewhat rickety here). Net delta remains short.
OPENING: SPY NOVEMBER 20TH 280 SHORT PUT... for a 5.59 credit; scratch at 96.47.
Notes: Adding back in some 16 delta short put side as a delta under hedge after taking profit on some long delta on Friday (See Post Below). Overall setup remains net delta short.
OPENING: SPY NOVEMBER 20TH 280 SHORT PUT... for a 5.98 credit.
Notes: A delta cutter in the first expiry in which the at-the-money short straddle pays greater than 10% of the underlying; scratch at 93.39. Net delta for the entire show remains short. Getting somewhat bigger of a position than I wanted, but sticking with the basic program.
As a standalone trade: 88% probability of profit, delta/theta 16.92/2.46.
OPENING: SPY NOVEMBER 20TH 275 SHORT PUT... for a 5.68 credit.
Notes: Adding a delta cutter in the first expiry in which the at-the-money short straddle pays greater than 10% of the stock price which is (ugh) November. Scratch at 90.55. Net delta remains short with the vast majority attributable to the September 282 short call (-83.02 delta/2.83 theta/5.44 extrinsic), so it's as though I'm basically working a synthetic covered put that I've overwritten (is one way to look at it).
OPENING: BBBY FEBRUARY 15TH 16 SHORT PUT... for a 1.30 credit; delta/theta 37.77/1.70; downside break even at 14.70.
Notes: High IV/IVR with earnings on Wednesday. Will sell call against on test of break even; otherwise, will run it to expiry, cover if assigned/bag premium.
OPENING: XOP MARCH 20TH 21 SHORT PUT... for a .36 credit.
Notes: A delta hedge against my XOP position in the first expiry that pays greater than 10% of the value of the stock. Delta/theta -4.94/3.22, with 3.19 extrinsic and setup value of 10.19 versus 8.64 scratch.
OPENING: SPY OCTOBER 16TH 276 SHORT PUT... for a 5.52 credit.
Notes: A delta under hedge in the first expiry in which the at the money short straddle pays more than 10% of the share price (currently in October). Scratch at 81.99 versus current setup value of 88.02; delta~21; theta 22; extrinsic of 44.89.
I'm approaching the max that I want to devote to working my way out of this trade, so will potentially look at delta adjustments using existing units as opposed to additive ones going forward.
OPENING: SPY SEPT 18TH 273 SHORT PUT... for a 5.23 credit.
Notes: A delta under hedge. Scratch at 74.67; delta -14.88/theta 20.00; total extrinsic 42.14.
OPENING: CGC JAN 17TH 15 SHORT PUT... for a .92 ($92) credit.
Notes: A high rank/implied (76/78) underlying with earnings in the rear view mirror, excellent liquidity, and that's been beaten down on "weed sector weakness." Cost basis of 14.08 if assigned. Go 7.5/15 and you'll get some buying power relief in a cash secured environment, while only giving up .12 in credit to do so (it's currently .80 at the mid).
