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SPX at 2878
We’re going to Sell To Open another round of Bear Call spreads.
This will bring in additional credit and reduce risk in the trade. Also, NET Delta will to from +7 to -7 and Theta will go from +16 to +43
Order Ticket Type Asset Duration Strike C/P Buy To Open SPX 19JUL 19 3040 CALL Sell To Open SPX 19JUL 19 3030 CALL Total Credit: 0.90 SPX at 2878
We’re going to roll up 2550/2540 Bull Put spread up to 2715/2710.
This adjustment will bring in additional credit and reduce risk in the trade.
We’ll also look to use some of the collected credit to roll up the call side IF SPX continues to move higher.
Order Ticket Type Asset Duration Strike C/P Sell To Open SPX 19JUL 19 2715 PUT Buy To Open SPX 19JUL 19 2705 PUT Buy To Close SPX 19JUL 19 2550 PUT Sell To Close SPX 19JUL 19 2540 PUT Total Credit: 0.80 TSLA at 205.53
We’re going to Buy To Close 170 Put, leaving 215 Call open. We’re going to look to manage this Call before it expires next week.
Order Ticket Type Asset Duration Strike C/P Buy To Close TSLA 14JUN 19 170 PUT Total Debit: 0.26 TSLA at 215.85
We’re going to Sell To Open 220 Put to invert this strangle by 5 points.
This will cut NET Delta, and increase Theta.
This trade expires this week, we want to be out next few days.
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 14JUN 19 220 PUT Total Credit: 8.50 SPX at 2903
We’re going to buy an OTM Call to reduce NET delta of this Iron Condor.
Right now, NET delta is about -2.3 per 1 IC.
For a 10 contract Iron Condor the NET delta is -23. Buying (1) 14 delta call will reduce NET delta from -23 to -9.
This adjustment will reduce the potential loss on any further upside and give us a chance to make further adjustments if needed.
Order Ticket Type Asset Duration Strike C/P Buy To Open SPX 26JUL 19 3040 CALL Total Debit: 9.00 SMH at 107.82
We’re going to add an ATM straddle to re-balance this position.
Order Ticket Type Asset Duration Strike C/P Sell To Open SMH 21JUN 19 108 CALL Sell To Open SMH 21JUN 19 108 PUT Total Credit: 4.00 TSLA at 218.03
We’re going to take a profit on this trade and re-establish a position with more time to expiration.
Order Ticket Type Asset Duration Strike C/P Buy To Close TSLA 14JUN 19 215 CALL Buy To Close TSLA 14JUN 19 220 PUT Total Debit: 12.20 TSLA at 212.05
We’re going to put on a short term bullish trade in TSLA.
This trade has only 9 days until expiration.
We’re selling an OTM put with POP around 75%.
Our profit target is 50-80% of max profit and we’ll look to roll this put if TSLA trades down to 200 level.
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 21JUN 19 200 PUT Total Debit: 3.65 RUT at 1519
We’re going to put on a slightly OTM Put butterfly.
This trade is going to be scaled in 3 tiers.
This first tier is going to be 20 points below the current price and the width of the wings is going to be 50 points on the downside and 40 points on the upside.
Order Ticket Type Asset Duration Strike C/P BTO RUT 16AUG 19 1540 PUT STO X2 RUT 16AUG 19 1500 PUT BTO RUT 16AUG 19 1450 PUT Total Debit: 2.30 – 2.40 Next tier will be added WHEN RUT trades above upper long wing (1540).
On the downside, we’ll make adjustments WHEN RUT trades below 1465.
TSLA at 213
We’re going to roll our short put down from 200 Put to 190 Put and out from 21JUN expiration to 28JUN expiration.
This roll adds an additional credit between 0.20c and 0.25c to the trade and pushes our breakeven point from 196.35 to 186.10
Order Ticket Type Asset Duration Strike C/P Buy To Close TSLA 21JUN 19 200 PUT Sell To Open TSLA 28JUN 19 190 PUT Total Credit: 0.25 SMH at 102.44
We’re going to work towards unwinding this trade with 4 days until expiration.
We’re going to buy back the 108 Straddle
Order Ticket Type Asset Duration Strike C/P Buy To Close SMH 21JUN 19 108 CALL Buy To Close SMH 21JUN 19 108 PUT Total Debit: 5.70 SPX at 2893
We’re going to close out this trade, even though it hasn’t reached a point of Max Allowable loss. SPX has been trading in a very tight range and it looks like we’re setting up for the move to re-test previous swing highs.
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 19JUL 19 2960 Call Buy To Close SPX 19JUL 19 2950 Call Buy To Close SPX 19JUL 19 2715 Put Sell To Close SPX 19JUL 19 2705 Put Total Debit: 4.40
Close out the hedge:
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 26JUL 19 3040 CALL Total Credit: 3.90 SPX at 2892
We’re going to close out this trade. Simply buying back sold spreads for 1.25 or less
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 19JUL 19 3040 Call Buy To Close SPX 19JUL 19 3030 Call Buy To Close SPX 19JUL 19 2650 Put Sell To Close SPX 19JUL 19 2640 Put Total Debit: 1.25 SMH at 106.18
We’re going to roll 102 STRADDLE up to 105 strike and out to 12JUL expiration cycle.
This will re-balance NET delta and increase overall credit.
Order Ticket Type Asset Duration Strike C/P Buy To Close SMH 21JUN 19 102 CALL Buy To Close SMH 21JUN 19 102 PUT Total Debit: 4.60
Sell To Open 105 STRADDLE
Order Ticket Type Asset Duration Strike C/P Sell To Open SMH 12JUL 19 105 CALL Sell To Open SMH 12JUL 19 105 PUT Total Credit: 6.45 TSLA at 223
We’re going to close out this trade at 75% of max profit.
Order Ticket Type Asset Duration Strike C/P Buy To Close TSLA 28JUN 19 190 PUT Total Debit: 0.85
