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We’re going to take a profit in this trade with 21 days to go until expiration.
We didn’t fully scale into this trade as RUT traded lower since entry (original entry was at 1594).
Risk Profile:
Order Ticket Type Asset Duration Strike C/P STC RUT 30APR 19 1600 PUT BTC X2 RUT 30APR 19 1550 PUT STC RUT 30APR 19 1500 PUT Total Credit: 14.20 We’re going to take this trade off for a small profit and look for a new setup
Order Ticket Type Asset Duration Strike C/P Buy To Close MSFT 12APR 19 118 CALL Buy To Close MSFT 12APR 19 119 PUT Total Debit: 2.25 AAPL at 200.06
I’m looking to sell an OTM put with POP around 75%
This trade has only 17 days to expiration. We’re going to target 50%-80% of credit as a potential profit target and make adjustments IF/WHEN short put delta reaches 40.
Order Ticket Type Asset Duration Strike C/P Sell To Open AAPL 26APR 19 195 PUT Total Credit: 1.90 – 2.00 SMH at 111.15
We’re going to roll 110C up and out from 18APR to 26APR and to 111 strike.
The price of both options are very close and we’re going to try to roll this call for as little cost as possible.
This will leave 110P in 18APR expiration with 9 days to go.
Order Ticket Type Asset Duration Strike C/P Sell To Open SMH 26APR 19 111 Call Buy To Close SMH 18APR 19 110 Call Total Debit: 0.02 TSLA at 275.90
We’re going to take a bullish position on TSLA over the next 16 days.
We’re selling an OTM put with POP around 80%
Profit target for this trade is around 50-80% of credit collected and we’ll adjust IF/WHEN short put delta reaches 40
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 26APR 19 250 PUT Total Credit: 3.30 – 3.40 TSLA at 269.25
We’re going to add a short strangle to bring up Theta a little and take advantage of a spike in implied vol.
Order Ticket Type Asset Duration Strike C/P Sell To Open TSLA 26APR 19 305 CALL Sell To Open TSLA 26APR 19 250 PUT Total Credit: 10.50 We’re going to roll up 2890/2900 Bear Call spread to 2920/2930
Order Ticket Type Asset Duration Strike C/P Buy To Open SPX 26APR 19 2930 CALL Sell To Open SPX 26APR 19 2920 CALL Sell To Close SPX 26APR 19 2900 CALL Buy To Close SPX 26APR 19 2890 CALL Total Debit: 2.65 We’re going to BUY TO CLOSE 2620/2610 Put spread
Order Ticket Type Asset Duration Strike C/P Buy To Close SPX 17MAY 19 2620 PUT Sell To Close SPX 17MAY 19 2610 PUT Total Debit: 0.20 We’re going to book this trade at 65% of max profit
Order Ticket Type Asset Duration Strike C/P Buy To Close FDX 17MAY 119 175 PUT Total Debit: 0.70 BA is scheduled to announce earnings on April 24 (according to TastyWorks platform).
We’re looking to put on a bullish trade in BA with 21 days to expiration. This trade is going to cover the earnings announcement. This event is a big risk in this trade.
We’re selling an OTM put with POP around 85% and will target 50-80% of the credit.
We’ll adjust this trade IF/WHEN short put’s delta reaches 40.
Order Ticket Type Asset Duration Strike C/P Sell To Open BA 03MAY 19 350 PUT Total Debit: 2.90 We’re going to roll 110 put up and out, collecting additional credit.
Remaining trade has 11 days until expiration, we’re looking to be all out inside of 1 week.
Order Ticket Type Asset Duration Strike C/P Sell To Open SMH 26APR 19 111 PUT Buy To Close SMH 18APR 19 110 PUT Total Credit: 0.90 We’re going to pick up an OTM call to reduce NET delta of this Iron Condor.
We’re using 30APR cycle.
Right now NET delta is -40.
We’re buying (1) +30 delta call to reduce NET delta from -40 to -10.
Order Ticket Type Asset Duration Strike C/P Buy To Open SPX 30APR 19 2935 CALL Total Debit: 8.60 XBI at 89
We’re going to put on a neutral position in XBI with 31 days until expiration.
IVR is relatively low, so keeping size small is important.
We’re going to target 50-80% of credit as potential profit target and make adjustments when either short strike’s delta reaches 40.
Order Ticket Type Asset Duration Strike C/P Sell To Open XBI 17MAY 19 95 CALL Sell To Open XBI 17MAY 19 83 PUT Total Credit: 1.65 – 1.70
AnonymousSo much adjustments and time and money spent. Why didn’t you start with the put side, and sell the call side ONLY if needed.
This was an Iron Condor not a Bull Put spread trade set up.
The adjustments were:
Rolling Put spreads higher
Delta hedging the short Call spreadThis is advanced trade management but a very simple process.
