Opening (Margin): IWM May 19th/July 21st Double Diagonal... for a 56.60 debit.
Comments: Since my previous double diagonal in IWM was such a hoot (See Post Below), re-upping here. Buying the back month 90 delta strikes (both call and put) and selling the front expiry 30 deltas, with the result being a delta neutral setup on fill.
As before, I tend to manage each side individually, so keep track of both my global cost basis, as well as side cost basis and break evens. These start out as:
Long Put Diagonal Aspect (May 19th 172 short put/July 21st 193 long put):
14.17 cost basis/178.83 break even/21 wide
Long Call Diagonal Aspect (May 19th 183 short call/July 21st 135 long call)
42.43 cost basis/177.43 break even/48 wide.
As before, I'll look to roll out the short put aspects to the shortest duration 30 delta when the short option reaches 50% max that is at or above my cost basis (in the case of the short call), at or below my cost basis (in the case of the short put), liberally taking profit on sides should that happen.
