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SPX at 2809
We’re going to Buy To Close 2560/2550 Bull Put spread
Order Ticket Type Asset Duration Strike C/P Buy To Close SPX 29MAR 19 2560 PUT Sell To Close SPX 29MAR 19 2550 PUT Total Debit: 0.30 NOTE: This trade has 32 days left until expiration. The remaining Bear Call spread is trading at around 1.00 and if we can close this spread at 0.50c that would be the ideal exit for this trade.
RUT at 1595
RVX at 16.24We’re going to put on a slightly bearish Put Butterfly in RUT with 64 days to expiration.
We want to place our short strike about 10-20 points below the market and buy 50 point wings to define our risk.
We also want to scale up into this trade IF/WHEN RUT trades higher. Our first adjustment will be adding another Put Butterfly at higher strikes. We’ll make this adjustment when RUT trades above 1620.
Order Ticket Type Asset Duration Strike C/P BTO RUT 30APR 19 1640 PUT STO X2 RUT 30APR 19 1590 PUT BTO RUT 30APR 19 1540 PUT Total Debit: 10.30 Risk Profile: 
We’re going set an order to BUY TO CLOSE remaining part of this trade, 280P at 0.50c
Order Ticket Type Asset Duration Strike C/P Buy To Close TSLA 01MAR 19 280 PUT Total Debit: 0.50 We’re going to roll up 100P to 107P for additional credit. This will reduce risk and push breakeven on the upside farther OTM.
Order Ticket Type Asset Duration Strike C/P Sell To Open MSFT 29MAR 19 107 PUT Buy To Close MSFT 29MAR 19 100 PUT Total Credit: 0.50 – 0.55 MSFT @ 112.77
We’re looking to sell a strangle with 38 days to expiration.
We’re selling options around 20 delta, looking to collect around 40-50% of credit over the next 3 weeks.
We’ll roll and adjust this position if MSFT trades around either of the short strikes.
Order Ticket Type Asset Duration Strike C/P Sell To Open MSFT 05APR 19 118 CALL Sell To Open MSFT 05APR 19 107 PUT Total Credit: 1.70 – 1.75 Risk Profile: 
MA @ 223.31
MA traded at a new ATH yesterday and now well off the lows set in December at around 170.
We’re looking for a consolidating price action over the next month. We’re going to sell a strangle about 20 points OTM, on the call and on the put side.
18APR options are pricing in +/- 9 points. Selling 200/240 options will give us around 85% POP.
Our target will be 40-50% of the credit.
We’ll roll and adjust the trade if MA trades near either of the short options.
Order Ticket Type Asset Duration Strike C/P Sell To Open MA 18APR 19 240 CALL Sell To Open MA 18APR 19 200 PUT Total Credit: 2.05 – 2.10 Risk Profile:
SPX at 2785
We’re going to close out the remaining part of this trade. We’re buying to close 2910/2920 Bear Call spread for 0.45-0.40
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 29MAR 19 2920 CALL Buy To Close SPX 29MAR 19 2910 CALL Total Debit: 0.45 – 0.40 Risk Profile:
SPX at 2792
VIX at 14.48
We’re looking to put on a broken wing put butterfly that has a directional bullish bias.
The set up is a 50 by 25 points, all puts and the short strike is around 20 delta.
That means we’re selling 2675 put, and buying a put 50 points below the short strike and buying a put 25 points above the short strike.
This trade starts out with about $2500 of margin or buying power reduction, minus credit received for the trade.
We’re going to make adjustments if SPX trades around 2700 or 3.25% lower from current levels.
Order Ticket Type Asset Duration Strike C/P BTO SPX 18APR 19 2700 PUT STO X2 SPX 18APR 19 2675 PUT BTO SPX 18APR 19 2625 PUT Total Credit: 1.80 Risk Profile:
We’re going to roll up 1490/1540/1590 put butterfly to 1510/1560/1610. This is going to increase theta and keep DELTA slightly negative.
Sell To Close 1490/1540/1590 Butterfly
Order Ticket Type Asset Duration Strike C/P STC RUT 15MAR 19 1590 PUT BTC X2 RUT 15MAR 19 1540 PUT STC RUT 15MAR 19 1490 PUT Total Credit: 11.25 Buy To Open 1510/1560/1610 Butterfly
Order Ticket Type Asset Duration Strike C/P BTO RUT 15MAR 19 1610 PUT STO X2 RUT 15MAR 19 1560 PUT BTO RUT 15MAR 19 1510 PUT Total Debit: 16.60
Risk Profile:
With 14 days left until expiration, we’re going to manage this trade at 30% of max profit and look to re-establish a new position with more days to expiration.
Order Ticket Type Asset Duration Strike C/P Buy To Close SMH 15MAR 105 CALL Buy To Close SMH 15MAR 101 PUT Total Debit: 1.97 
SPX at 2775
We’re going to Buy To Close 2935/2945 Bear Call spread. I dont expect much more ‘decay’ and it makes sense to take it off and look to re-enter another Call spread if SPX trades higher.
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 18APR 19 2945 CALL Buy To Close SPX 18APR 19 2935 CALL Total Debit: 0.40 Risk Profile:
SMH at 103.75
We’re going to put on Short Strangle with 44DTE.
We’re selling a Put around 17 delta and a Call around 22 delta.
Order Ticket Type Asset Duration Strike C/P Sell To Open SMH 18APR 19 110 CALL Sell To Open SMH 18APR 19 95 PUT Total Credit: 1.98 Risk Profile:
We’re looking to capture 50% of credit and make any adjustments if either short strike’s delta reaches 35-40.
We’re going to close out this trade with 9 days left until expiration. We could potentially hold this trade longer, however, because we’re getting so close to expiration, we’re going to see big P/L swings unless this trade is incrementally managed.
To avoid having to stare at this trade all day and make multiple adjustments throughout the day, we’re going to close this trade and move on to another setup.Sell To Close 1510/1560/1610 Put Butterfly
Order Ticket Type Asset Duration Strike C/P STC RUT 15MAR 19 1610 PUT BTC X2 RUT 15MAR 19 1560 PUT STC RUT 15MAR 19 1510 PUT Total Credit: 24.40 Sell To Close Call Hedge
Order Ticket Type Asset Duration Strike C/P Sell To Close RUT 22MAR 19 1600 CALL Total Credit: 4.20 We’re going to close 110C at 75% of original credit.
We’re selling a 107C to bring in more credit and reduce NET directional exposure.
Order Ticket Type Asset Duration Strike C/P Buy To Close SMH 29MAR 19 110 CALL Sell To Open SMH 29MAR 19 107 CALL Total Credit: 0.25 
RUT at 1533
We’re going to add a put butterfly, centered at 1550 with 50 point wings.
NOTE: Mid has been between 10.60-10.90 last 20 min. This is a debit trade, we’d want to pay as little as possible. I’d start bidding at 10.50 and increase towards the mid-price.
Order Ticket Type Asset Duration Strike C/P BTO RUT 30APR 19 1600 PUT STO X2 RUT 30APR 19 1550 PUT BTO RUT 30APR 19 1500 PUT Total Debit: 10.75
Risk Profile:
