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RUT AT 1653
Next, we’re going to remove lowest of 2 remaining PUT butterflies
Order Ticket Type Asset Duration Strike C/P STC RUT 17JAN 1693 PUT BTC X2 RUT 17JAN 1630 PUT STC RUT 17JAN 1560 PUT Total Credit: 21.95 RUT at 1653
Lastly, we’re going to close the remaining PUT butterfly
Order Ticket Type Asset Duration Strike C/P STC RUT 17JAN 1710 PUT BTC X2 RUT 17JAN 1650 PUT STC RUT 17JAN 1580 PUT Total Credit: 28.40 TSLA at 445
I’m rolling up 390 Put up to 420 strike, same expiration
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 10JAN 420 PUT Buy To Close TSLA 10JAN 390 PUT Total Credit: 2.90 TSLA at 447.82
I’m rolling up 445 Call up to 455 strike, same expiration
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 10JAN 455 CALL Buy To Close TSLA 10JAN 445 CALL Total Debit: 4.35 SPX at 3236
This trade has 14 days left until expiration. I will look to be out of this trade before it expires.
Today’s move (SPX -22) is giving this trade another chance at recovering. I’m going to reduce directional exposure in this trade in case SPX continues higher. My goal is to reduce my NET delta by 50-60%
My current NET delta: -27
My target NET delta: -10
I’m going to BUY TO OPEN (1) 15-17 delta call that has 21DTE
Order Ticket Type Asset Duration Strike C/P Buy To Open SPX 24JAN 3300 CALL Total Debit: 5.80 TSLA at 447.49
I’m going to roll 420 Put up and out, collecting a credit. I’m holding 455 Call short that expires this week (10JAN) and if TSLA trades towards 455, it’ll need to be either rolled or closed.
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 17JAN 430 PUT Buy To Close TSLA 10JAN 420 PUT Total Credit: 4.95 TSLA at 457
I’m rolling up the puts to reduce NET delta and collect additional credit
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 17JAN 460 PUT Buy To Close TSLA 17JAN 430 PUT Total Credit: 10.05 TSLA at 465
I’m rolling short 455 Call up to 465 strike, same expiration. My goal is to keep DELTA relatively flat and I will do my best to avoid having to roll out to next week.
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 10JAN 465 CALL Buy To Close TSLA 10JAN 455 CALL Total Debit: 5.50 BA at 331.50
We’re going to exit this trade for a nice profit
Order Ticket Type Asset Duration Strike C/P Sell To Close BA 17JAN 340 CALL Buy To Close BA 17JAN 335 CALL Buy To Close BA 17JAN 310 PUT Total Debit: 2.25 TSLA at 472.10
I’m going to roll up the short call, same expiration
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 10JAN 480 CALL Buy To Close TSLA 10JAN 475 CALL Total Debit: 1.70 SPX at 3260
It’s time to stop out of this trade.
BUY TO CLOSE 3255/3265 CALL SPREAD
Order Ticket Type Asset Duration Strike C/P Sell To Open SPX 17JAN 3265 CALL Buy To Close SPX 17JAN 3255 CALL Total Debit: 6.05 SELL TO CLOSE CALL HEDGE
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 17JAN 3265 CALL Total Credit: 17.05 SELL TO CLOSE CALL HEDGE
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 24JAN 3300 CALL Total Credit: 8.00 TSLA at 488
I’m rolling up calls, same expiry
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 10JAN 490 CALL Buy To Close TSLA 10JAN 480 CALL Total Debit: 5.00 I’m also going to roll the put, up and out to 27JAN expiry
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 24JAN 465 PUT Buy To Close TSLA 17JAN 460 PUT Total Credit: 5.80 SPX at 3260
I’m placing my short strike about 135 below the market
I’m buying a 50 point wing on the downside and a 25 point wing on the upside
This makes it a 50X25 Broken Wing Butterfly
We’re collecting a NET credit for this trade
We’re going to aim to collect as much of initial credit as possible and my stop will be at breakeven for this trade.
Right now this trade is showing 200 credit with 2,300 of Buying Power Reduction
If we get to keep the 200, this trade will yield 8.69% over 44 days
Order Ticket Type Asset Duration Strike C/P BTO SPX 21FEB 3150 PUT STO X2 SPX 21FEB 3125 PUT BTO SPX 21FEB 3075 PUT Total Credit: 1.90 – 2.00 TSLA AT 478
I’m buying back 10JAN 500 Call
Order Ticket Type Asset Duration Strike C/P Buy To Close TSLA 10JAN 500 CALL Total Debit: 0.15 RUT at 1663
This trade has been open for 18 days and we have not seen the move to the upside to scale up into it.
I’m going to close this trade for a profit and look to set up new trade with more time to expiration
Order Ticket Type Asset Duration Strike C/P STC RUT 21FEB 1710 PUT BTC X2 RUT 21FEB 1660 PUT STC RUT 21FEB 1590 PUT Total Credit: 10.20
