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We’re going to sell an OTM put with Probability of Profit around 80%
Order Ticket Type Asset Duration Strike C/P Sell To Open FDX 17MAY 19 175 PUT Total Credit: 1.95 – 2.00 TSLA at 286
The original 220 put that we sold for 3.30 is now trading at around 0.45
We’re going to roll up 220 put up to 250 strike, collecting additional credit.
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 12APR 19 250 PUT Buy To Close TSLA 12APR 19 220 PUT Total Credit: 1.55 – 1.60 SPX at 2860
We’re going to buy back the second round of put spreads and look to sell another spread.
Order Ticket Type Asset Duration Strike C/P Buy To Close SPX 26APR 19 2680 PUT Sell To Close SPX 26APR 19 2670 PUT Total Debit: 0.40 NOTE: We’re going to make necessary adjustments on the upside if SPX continues to rally. We’ll look to roll up the call spread and clsoe out the OTM call hedge.
SPX at 2864
We’re going to Sell To Open 3rd round of put spreads.
This will bring in additional credit that will be used to adjust short call spread.
Order Ticket Type Asset Duration Strike C/P Sell To Open SPX 26APR 19 2750 PUT Buy To Open SPX 26APR 19 2740 PUT Total Credit: 0.85 – 0.90 SPX at 2880
Our short call spread needs to be defended here as the short option’s delta reached 20
We’re going to buy an OTM Call to reduce NET delta of this Iron Condor by 2/3
Right now our NET delta is around -3 per 1 Iron Condor
A 10 lot position has a NET delta of -30
We’re buying (1) 20 delta call in the 24MAY expiration (51DTE)
Order Ticket Type Asset Duration Strike C/P Buy To Open SPX 24MAY 19 2980 CALL Total Debit: 11.50 SMH at 112.13
We’re going to roll up the short put from 102 up to 110, turning this into a short STRADDLE at 110 strike.
We’ve collected enough credit to invert this trade IF needed, this trade has 15 days left to expiration.
Order Ticket Type Asset Duration Strike C/P Sell To Open SMH 18APR 19 110 PUT Buy To Close SMH 18APR 19 102 PUT Total Credit: 1.05 MSFT at 120.11
We’re going to roll up short 115 put up to 119, inverting this STRANGLE by 1 point.
This trade has 9 days left to expiration. Either MSFT will revert back towards our short options or we’ll have to roll out for additional time, looking to collect more premium.
Order Ticket Type Asset Duration Strike C/P Sell To Open MSFT 12APR 19 119 PUT Buy To Close MSFT 12APR 19 115 PUT Total Credit: 0.55 MA at 239.76
We’re going to roll up 220 put up 10 points, collecting additional credit.
This trade has 15 days left until expiration. Either MA is going to revert back towards our short strikes or we’ll roll out for more time, collecting additional credit.
Order Ticket Type Asset Duration Strike C/P Sell To Open MA 18APR 19 230 PUT Buy To Close MA 18APR 19 220 PUT Total Credit: 0.60 – 0.65 TSLA at 266.61
We’re going to Buy To Close 310 Call at 80% of max profit.
Order Ticket Type Asset Duration Strike C/P Buy To Close TSLA 12APR 19 310 CALL Total Debit: 0.25 – 0.30 ADBE at 264.25
We’re going to sell an OTM put with 14 days until expiration.
This is a very short term bullish trade and keeping size small will be important.
We’re selling a put with POP around 80%
We’ll look to collect 50-80% of max profit or roll IF/WHEN this put delta turns 40 (currently around 22)
Order Ticket Type Asset Duration Strike C/P Sell To Open ADBE 18APR 19 255 PUT Total Credit: 1.95 – 2.00 TSLA at 274
We’re going to close out remaining part of this trade at 86% of max profit
Order Ticket Type Asset Duration Strike C/P Buy To Close TSLA 12APR 19 250 PUT Total Debit: 0.85 – 0.90 SMH at 111.93
We’re looking to sell an OTM Call and an OTM put around 20 delta.
Our goal is to collect around 50-80% of credit before exiting the trade.
We’re going to manage the trade IF/WHEN either short option’s delta reaches 40.
Order Ticket Type Asset Duration Strike C/P Sell To Open SMH 17MAY 19 119 CALL Sell To Open SMH 17MAY 19 104 PUT Total Credit: 1.90 ADBE at 268.59
We’re going to close out this trade at 65% of max profit in 4 days
Order Ticket Type Asset Duration Strike C/P Buy To Close ADBE 18APR 19 255 PUT Total Debit: 0.70 SPX at 2891
We’re going to roll up the 2750/2740 Bull Put spread up to 2825/2815 for additional credit.
BUY TO CLOSE 2750/2740 Put spread
Order Ticket Type Asset Duration Strike C/P Buy To Close SPX 26APR 19 2750 PUT Sell To Close SPX 26APR 19 2740 PUT Total Debit: 0.40 SELL TO OPEN 2825/2815 Put spread
Order Ticket Type Asset Duration Strike C/P Sell To Open SPX 26APR 19 2825 PUT Buy To Open SPX 26APR 19 2815 PUT Total Credit: 1.10 We’re going to close out this trade with 9 days to go.
There is still potential to make more in this trade, however, as the time starts to run out this trade will become very sensitive to price changes.
To avoid big P/L swings we’re going to take this trade off and look for the next setup.
Order Ticket Type Asset Duration Strike C/P Buy To Close MA 18APR 19 240 CALL Buy To Close MA 18APR 19 230 PUT Total Debit: 2.10
