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SPX at 3938
This is a new 112 Bear Trap in the 3MAR expiration cycle.
I’m buying 3840/3810 Put Debit spread and I’m selling 2 puts nakid at 3400 for every one put debit spread I am buying.
This trade is going for about 10.80 credit.
I will manage this trade from a NET delta POV IF/WHEN SPX gets inside the trap.
My stop for this trade is around 45.00 debit.
Risk Profile:
Order Ticket:
XOM at 113.39
This is a bullish Call Butterfly with 22DTE:
Risk Profile:
Order Ticket:
I’m making an adjustment to the RUT BWB to increase deltas.
Closed 3 of 5 put debit spreads 12.80 credit
WHR at 155.14
This butterfly is hitting my initial target of 30%
We can hold longer and as long as the price remains around 160, this trade can yield higher %
Order Ticket:
SPX at 3994
This is a new weekly 112 Bear Trap set up:
Risk Profile:
Order Ticket:
SPX at 3991
This is a broken wing put butterfly, centered at 3980
I’m buying a 4030/3980 put debit spread and I’m selling a 3980/3920 put credit spread.
This trade is going for a 0.20c credit.
We have no risk on the upside.
Downside risk is the difference between the widths of the spreads (10 points) – credit collected.
The difference between 3980/3920 spread and 4030/3980 is 10 points. So the risk is $1,000 – $25 credit or $975 per 1 butterfly.
We’re looking for a profit target of 10% ROR or 9.75 * .10 = 0.975
I will make adjustments on the downside below 3930 and on the upside above 4080
Risk Profile:
Order Ticket:
SPX at 3907
We’re below downside breakeven and I need to bring my NET delta back to flat
A 10 lot butterfly is currently -7 delta
Buying (2) of 31MAR 3950/3920 Put Debit spread will cut my NET delta close to 0
Risk Profile:
Order Ticket:
SPX at 3900
This trade has 8 days until expiration and we’re trading back towards the trap. We can either end up in the trap or outside the trap at expiration and I am going to cut the size of the trap a bit in exchange for a potentially bigger profit outside of the trap.
I’m closing 3 of 5 PDS here
Risk Profile:
Order Ticket:
*** Filled for 12.00 credit
DE at 407.30
This trade is working in our favor and is near my first target of 30%
We can do one of two things here:
1. Do nothing
2. Take risk out or close the trade and re-positionHere’s an idea for a trade that is more than 1 contract per spread.
Selling a put spread at 420/400 strikes will convert this put debit spread into a risk free put butterfly
Risk Profile:
Order Ticket:
*** A single contract can not convert this into a butterfly, closing out for a profit is a good way to manage risk here.
TEAM at 155.93
I’m going to remove most of the risk by converting this call debit spread into a call condor
Risk Profile:
Order Ticket:
SPX at 3972
I’m going to close out the remaining (2) of the 3980/3950 Put Debit Spreads here
Risk Profile:
Order Ticket:
*** Filled 12.70 credit
SPX at 3964
This trade has 2 days left until expiration. I’m going to go ahead and close out the OTM short puts
Order Ticket:
SPX at 3959
This trade has 9 days left and I’m going to go ahead and close out the OTM short puts
Order Ticket:
So I did the same with some 3270’s (99%) yesterday, thinking I’m probably overreacting as it more than likely won’t visit there in the next 3 days. However, I also wanted to just free up some BP for my remaining positions. I keep asking, was it worth paying the fee to close it out…
