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SPX at 2650
VIX at 22.85
We’re going to put on an income trade in 04JAN expiration cycle with 45 days to expiration.
This is a Broken Wing Put Butterfly.
We’re buying 2400 put, selling (2) 2450 puts, buying 2475 put.
This is a high probability trade with max potential profit around 10% return on risk.
Order Ticket Type Asset Duration Strike C/P BTO SPX 04JAN 19 2475 Put STO X2 SPX 04JAN 19 2450 Put BTO SPX 04JAN 19 2400 Put Total Credit: 2.20 Risk Profile:
We’re going to take profits here. There are 37 days left until expiration and the remaining premium isnt worth the risk.
Order Ticket Type Asset Duration Strike C/P STC SPX 04JAN 19 2475 Put BTC X2 SPX 04JAN 19 2450 Put STC SPX 04JAN 19 2400 Put Total Debit: 0.60 Risk Profile:
We’re going to SELL TO CLOSE DEC/JAN 300 Put Calendar as BA is trading around 340.
We’ll look to make adjustments IF/WHEN BA trades under 325 or above 355
SELL TO CLOSE CALENDAR BA 100 18 JAN 19/21 DEC 18 300 PUT @ 2.00
Risk Profile:
Order Ticket Type Asset Duration Strike C/P Sell To Close BA 18JAN 19 300 Put Buy To Close BA 21DEC 18 300 Put Total Credit: 2.00 We’re going to close this position at 85% of max profit with 60% of time in the trade remaining (28 of 48 days)
BUY TO CLOSE SPX 100 (Quarterlys) 31 Dec 182525/2550/2475 Put @ 0.30
Order Ticket Type Asset Duration Strike C/P STC SPX 31DEC 18 2550 Put BTC X2 SPX 31DEC 18 2525 Put STC SPX 31DEC 18 2475 Put Total Debit: 0.30
Risk Profile:
We’re going to put on an income trade in SPX 18JAN 19 expiration cycle with 46 days to expiration.
This is a lower probability Iron Condor.
We’re looking to sell options, both a call and a put, around 30 delta.
These are 10 point wide credit spreads.
We’re looking to collect $5.20 credit.
This trade will require $4.80 of margin per 1 Iron Condor.
Our Profit Target is to collect about 20% of credit (1.00-1.10) and our MAL would be a loss of around 20-25% of margin (1.00-1.20).
Our target time frame to close out this trade is around 3 weeks.Order Ticket Type Asset Duration Strike C/P Buy To Open SPX 18JAN 19 2880 Call Sell To Open SPX 18JAN 19 2870 Call Sell To Open SPX 18JAN 19 2700 Put Buy To Open SPX 18JAN 19 2690 Put Total Credit: 5.20 Risk Profile: 
BA gapped higher towards 370 over the weekend on the news that trade war between US and China is going to pause, until further notice.
We’re going to add another Call Calendar, centered at 360 strikes.
This trade has 18 days until expiration and sideways consolidation is the best case scenario here.
Order Ticket Type Asset Duration Strike C/P Buy To Open BA 18JAN 19 360 Call Sell To Open BA 21DEC 18 360 Call Total Debit: 5.00 Risk Profile:
We’re going to put on a Non-Directional Income Trade in XLV.
XLV is a Health Care ETF that is currently trading around 95.
It has an IV rank around 17%, which simply means that Implied Volatility has been lower than where it is now about 17% of the time in the past year. Based on that, we’re looking to use a strategy that will benefit from a rise in Implied Volatility and we’re choosing ATM options because we don’t want to express any directional bias right now. If we see a strong move in either direction then we’re going to re-balance our NET delta by simply adding another round of calendars.
We’re selling 28DEC 95 Put and we’re buying 18JAN 95P. Our profit target is around 20% ROR
Order Ticket Type Asset Duration Strike C/P Buy To Open XLV 18JAN 19 95 Put Sell To Open XLV 28DEC 18 95 Put Total Debit: 0.50 Risk Profile: 
We’re going to try to capture 1/2 of our profit target
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 18JAN 19 2880 Call Buy To Close SPX 18JAN 19 2870 Call Buy To Close SPX 18JAN 19 2700 Put Sell To Close SPX 18JAN 19 2690 Put Total Debit: 4.75 SPX at 2630
VIX at 25.27
We’re going to put on an income trade in 18JAN expiration cycle with 43 days to expiration.
This is a Broken Wing Put Butterfly.
We’re buying 2375 put, selling (2) 2425 puts, buying 2450 put.
This is a high probability trade with max potential profit around 10% return on risk.
Order Ticket Type Asset Duration Strike C/P BTO SPX 18JAN 18 2450 Put STO X2 SPX 18JAN 18 2425 Put BTO SPX 18JAN 18 2375 Put Total Credit: 2.30 Risk Profile: 
We’re going to add another round of Put Calendar to make this a triple calendar.
This trade has 15 days until expiration and current IV is pricing in about 58% prob that BA will be inside of the tent by expiration.
If we see range-bound price action over the next few days, we should see the premiums in the front month contracts come out and this will pull this trade closer towards a profit.
Order Ticket Type Asset Duration Strike C/P Buy To Open BA 18JAN 19 320 Put Sell To Open BA 21DEC 18 320 Put Total Debit: 4.20
Risk Profile:
SPX at 2675
VIX at 21.45I’m looking to sell an Iron Condor in 31JAN expiration cycle with 55 days to expiration.
I am looking to sell a Bear Call spread that pays close to .90c credit and a Bull Put spread that pays around .90c as well, for a total credit of 1.80 or higher.
I want to keep my credit fairly balanced between both spreads.
For example, I don’t want to see 1.20 credit for one side and .50c for the other.
I want to keep credits as close to .80-.90 per side.I’m selling:
2430/2420 Bull Put spread
2900/2910 Bear Call spreadOrder Ticket Type Asset Duration Strike C/P Buy To Open SPX 31JAN 19 2910 Call Sell To Open SPX 31JAN 19 2900 Call Sell To Open SPX 31JAN 19 2430 Put Buy To Open SPX 31JAN 19 2420 Put Total Credit: 1.90 Risk Management: I will use OTM options to hedge this Iron Condor when 2990 Call’s delta reaches 20 and 2720 Put’s delta reaches 25.
Price levels for adjustments: 2740 and 2565
Profit Target: 50-80% credit
MAL: -25% RORRisk Profile: 
SPX traded from 2780 down to 2630
150 points in one week.
We’re at our predetermined stop loss. To avoid a bigger than planned loss it is best to stop out of the trade and re-evaluate.
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 18JAN 19 2880 Call Buy To Close SPX 18JAN 19 2870 Call Buy To Close SPX 18JAN 19 2700 Put Sell To Close SPX 18JAN 19 2690 Put Total Debit: 6.10 We’re going to work towards unwinding this trade.
SELL TO CLOSE DEC/JAN 360 Call Calendar
Order Ticket Type Asset Duration Strike C/P Sell To Close BA 18JAN 19 360 Call Buy To Close BA 21DEC 18 360 Call Total Credit: 2.95 We’re going to work towards unwinding the rest of this trade.
SELL TO CLOSE DEC/JAN 340 Put Calendar
Order Ticket Type Asset Duration Strike C/P Sell To Close BA 18JAN 19 340 Put Buy To Close BA 21DEC 18 340 Put Total Credit: 4.60
SELL TO CLOSE DEC/JAN 320 Put Calendar
Order Ticket Type Asset Duration Strike C/P Sell To Close BA 18JAN 19 320 Put Buy To Close BA 21DEC 18 320 Put Total Credit: 6.90 We’re going to close out the Bear Call spread part of this Iron Condor.
This leaves 2430/2420 Bull Put open.
We’ll look to sell another Bear Call spread to bring in additional credit and reduce overall risk in this trade.
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 31JAN 19 2910 Call Buy To Close SPX 31JAN 19 2900 Call Total Debit: 0.25
