Forum Replies Created
-
Posts
-
TSLA at 405
I’m going to roll up 375 Put up to 390 and out to 03JAN expiration.
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 03JAN 390 PUT Buy To Close TSLA 27DEC 375 PUT Total Credit: 6.00 RUT at 1666
I’m going to reduce overall position delta by buying an OTM Broken Wing Call Butterfly. Each butterfly will add about 8 delta to the trade.
This fully scaled BWB is -60 NET delta. Adding (3) Call butterflies will reduce NET delta by about 25. The goal of this adjustment is to reduce NET delta by about 40%
Order Ticket Type Asset Duration Strike C/P BTO RUT 17JAN 1710 CALL STO X2 RUT 17JAN 1690 CALL BTO RUT 17JAN 1660 CALL Total Debit: 9.70 TSLA at 410
I’m rolling 395 Call up to 410 strike for a debit. This will push out breakevens a little further out on the upside but will lower overall amount of credit collected.
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 03JAN 410 CALL Buy To Close TSLA 03JAN 395 CALL Total Debit: 8.10 PYPL at 108.56
This trade is expiring today. We have a short put that will expire worthless and a short 105/107 Call spread that is In The Money.
I’m going to buy back 105/107 for 2.00 or less to close out this trade for a profit.
We collected 2.24 in credits and now paying 2.00 to close, the profit is 0.24 per 1 contract
Order Ticket Type Asset Duration Strike C/P Buy To Close PYPL 20DEC 107 CALL Buy To Close PYPL 20DEC 105 CALL Total Debit: 2.00 SPX at 3223
I’m going to add a CALL DEBIT SPREAD to reduce some of the directional exposure of this position.
Right now, a 10 lot Iron Condor has a NET delta of -40.
My goal is to reduce my NET delta by about 40%.
I’m looking to add about 15 delta total to my position.
A 3230/3245 CALL SPREAD is about +7.5 delta. Adding (2) of these spreads will add a TOTAL of 15 delta to my position.
Here’s how this adjustment will change the Risk graph:
Order Ticket Type Asset Duration Strike C/P Sell To Open SPX 17JAN 3245 CALL Buy To Open SPX 17JAN 3230 CALL Total Debit: 8.00 SPX at 3222
I’m going to close out this trade at 90% of max profit, based on credit collected.
Order Ticket Type Asset Duration Strike C/P STC SPX 17JAN 2950 CALL BTC X2 SPX 17JAN 2925 CALL STC SPX 17JAN 2875 CALL Total Debit: 0.20 TSLA at 420
I’m rolling 410 Call upto 420 strike in the same expiration cycle
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 03JAN 420 CALL Buy To Close TSLA 03JAN 410 CALL Total Debit: 5.00 RUT at 1674
I’m going to start to scale in RUT Broken Wing Butterfly. This is a multiple-tier trade.
Tier 1: BTO 1590/1660/1710 PUT BUTTERFLY MID 6.70 DEBIT
Order Ticket Type Asset Duration Strike C/P BTO SPX 21FEB 1710 PUT STO X2 SPX 21FEB 1660 PUT BTO SPX 21FEB 1590 PUT Total Debit: 6.70 I will add another tranche when RUT trades above 1690 or adjust this trance when RUT trades around 1620.
TSLA at 420.55
I’m going to roll 420 Call up to 425 strike, same expiration
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 03JAN 425 CALL Buy To Close TSLA 03JAN 420 CALL Total Debit: 2.25 TSLA at 424
I’m going to roll 425 Call up to 430 strike, same expiration
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 03JAN 430 CALL Buy To Close TSLA 03JAN 425 CALL Total Debit: 2.20 TSLA at 430
I’m rolling up 430 Call up to 435 strike, same expiry
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 03JAN 435 CALL Buy To Close TSLA 03JAN 430 CALL Total Debit: 2.20 To finance this roll, I am going to roll 390 Put from 03JAN expiration to 10JAN
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 10JAN 390 PUT Buy To Close TSLA 03JAN 390 PUT Total Credit: 2.20 
SPX at 3235
I’m going to re-hedge this position in 2 steps.
1. SELL TO CLOSE 3230/3245 CALL SPREAD
Order Ticket Type Asset Duration Strike C/P Buy To Close SPX 17JAN 3245 CALL Sell To Close SPX 17JAN 3230 CALL Total Credit: 9.00 This adjustment will increase my NET short delta to about -52
My next step is going to be:
2. BTO 17JAN 3265 CALL. This call is +35 delta and it should reduce my NET delta from -52 to -17
Order Ticket Type Asset Duration Strike C/P Buy To Open SPX 17JAN 3265 CALL Total Debit: 14.70 Here’s what this trade looks like after the adjustment:
TSLA at 430
I’m going to roll 03JAN 435 Call up and out to 10JAN 445 Call strike. This roll will bring in a little credit to this trade.
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 10JAN 445 CALL Buy To Close TSLA 03JAN 435 CALL Total Credit: 0.65 RUT at 1660
I’m going to start to unwind this trade by closing the lowest of 3 butterflies first.
Order Ticket Type Asset Duration Strike C/P STC RUT 17JAN 1660 PUT BTC X2 RUT 17JAN 1610 PUT STC RUT 17JAN 1540 PUT Total Credit: 7.00 RUT at 1654
We’re going to continue to work towards unwinding this position.
I’m closing 1660/1690/1710 Call Butterfly that we used to hedge the upside risk with
Order Ticket Type Asset Duration Strike C/P STC RUT 17JAN 1710 CALL BTC X2 RUT 17JAN 1690 CALL STC RUT 17JAN 1660 CALL Total Credit: 8.20
