[IgorKeymaster]

PYPL at 72.39

I’m looking for a push towards 65 level.

This is a broken wing put butterfly.

I’m buying 72.5/67.5 put spread and I’m selling 67.5/65 put spread to help pay for the spread that I am buying.

This trade is going for about 1.30 debit. That is the max risk in the trade.

We need 71.20 or lower at expiration for this trade to be profitable.

Risk Profile:

Order Ticket:

[IgorKeymaster]

SPX at 3820

This is a trade, looking for a move towards 3900 over the next 7 days. This is a very short term bet and debit paid is the max risk this trade.

We need 3883 or higher for this trade to be profitable at expiration on 15NOV

Risk Profile:

Order Ticket:

[Gabriel SKeymaster]

Shifting the whole fly down to neutralize deltas for .55db total

New risk profile:

• This reply was modified 3 years, 5 months ago by  Gabriel S.

[IgorKeymaster]

SPX at 3877

We’re pushing higher on better than expected CPI numbers this morning.

This trade can be managed here for +50% winner

Order Ticket:

[IgorKeymaster]

DPZ at 347.45

I’m going to roll the wings closer to the body of this butterfly. This is going to remove all of the risk out of the trade and we can hold longer to see if we get close to the center strike for a possible pin play.

Risk Profile:

Order Ticket:

[IgorKeymaster]

SHOP at 35.82

I’m going to take this trade off for +26%

Order Ticket:

[IgorKeymaster]

ENPH at 305

This stock is starting to set up for a break out again. For this trade, I’m going to remove risk for now and if the break out is actually going to materialize, I will look to set up a new trade or add risk to this trade.

Risk Profile:

Order Ticket:

[Gabriel SKeymaster]

RUT up 5.5%

I’m bringing the upper wings closer to manage deltas and and the lower wings closer to keep BP under control:

New risk profile:

[olufemi gParticipant]

under what market conditions would you put this trade on?

[IgorKeymaster]

MAR at 163.30

Chart:

I’m looking for a possible move towards 180 level.

This is a call butterfly, long 165/175 call spread and short 175/180 call spread.

The max risk in this trade is the debit we’re paying for it.

Breakeven at expiration is 165 + debit paid.

Prob of profit: 38%

Risk Profile:

Order Ticket:

[Gabriel SKeymaster]

I’m adjusting this trade to neutralize deltas again and bring additional credit:

Orders:
SOLD -1 CONDOR RUT 100 16 DEC 22 [AM] 1790/1785/1705/1700 PUT @.59
SOLD -1 CONDOR RUT 100 16 DEC 22 [AM] 1790/1780/1710/1700 PUT @1.15

• This reply was modified 3 years, 5 months ago by  Gabriel S.

[IgorKeymaster]

WHR at 156.87

This trade initially didnt go as planned. We closed out the put credit spreads for a loss, leaving the call debit spread on.

Now, with 4 days to go, we can close out the call debit spread with a slight profit overall.

Risk Profile:

Order Ticket:

[IgorKeymaster]

SPX at 3991

I’m going to set up a Bear Trap in 17FEB expiry. This is a combination of a long put vertical and a short put vertical. A debit spread and a credit spread, using all puts.

I’m buying (1) put debit spread at 3800/3750 strikes and I am selling (4) put credit spreads at 3200/3100 strikes for a NET credit of 4.60

Risk Profile:

Order Ticket:

My goal is to hold this trade to about 21DTE. There are several possible outcomes here (at expiration):

1. SPX above 3800 – we’ll keep the initial credit
2. SPX between 3200-3750 – we’ll make the Bear Trap profit
3. SPX below 3200 – we’re losing money in this trade

I will make incremental adjustments in this trade. Trading 10 contracts or more gives us the ability to make smaller adjustments along the way and my goal will be to keep delta or directional exposure on the same side of the underlying market moves (if market is bullish I will keep positive delta, if market turns bearish, I will look to reduce positive delta). We’re starting off positive delta. If we start to move towards 3800 I will use OTM put debit spreads to reduce my directional exposure.

This is going to be a thread that I will update with any adjustments for this trade.

[Kim VParticipant]

Hi Igor
Can I ask why you prefer SPX over ES?

[IgorKeymaster]

SPX is what I have been trading and feel the most comfortable. I dont think there’s much difference other than ES has higher commission and each contract has a multiplier of 50 instead of 100 as in SPX. This requires a higher number of contracts to be traded and it leads to even higher fees associated with the trade.

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