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.
Shortput
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: 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: 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.