Positions Update - ...

Positions Update - 9/12/18  


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Joined: 2 years ago
Posts: 3
13/09/2018 4:01 am  

9/12/18 Positions Update

SPX 21SEP Iron Condor

This Iron Condor has 9 days left until expiration. My goal is to hold this trade for as long as possible, but not through expiration. If SPX starts to move with speed I will buy to close remaining part of this trade and that will do it.

SPX 19OCT Iron Condor

This Iron Condor is holding up relatively well. The upside has a hedge on that has decayed since we put it on but the pressure on the upside has been relieved. Both short options on the upside and the downside are around 10 delta. If possible, I may look to close out the put spread at 0.40c and sell another put spread closer to ATM. The new put spread will lower Probability of Profit, but it'll bring in additional credit that will go towards any adjustment that may need to be made on the upside. We need to be careful with selling put spreads aggressively because sometimes the market goes down too!

SPX 19OCT Broken Wing butterfly

This butterfly is doing exactly what it is supposed to do, decaying. As long as SPX stays above 2780, eventually this put butterfly will be decay away to zero. I will most likely look to exit when we get to 50% of Max potential profit. Max potential profit was 1.85 credit - so I'll consider closing for 0.90 debit.


This trade has 16 days until expiration and I'd like to be out of it before that. Right now this butterfly can be closed for .45c debit and that's the simplest way to manage it. Advanced traders may look to buy Out of The Money call calendars to boost Theta but that will come at the cost of potential risk both, on the upside and the downside. In my opinion, it's easiest to take a small winner and move on.


This trade was entered 2 days ago and at this point, we're going to follow the plan. We're going to scale in on the upside OR adjust NET delta on the downside.

TSLA 19OCT Bull Put spread

We scaled this trade to full size and started to scale out. I'm looking to scale out of remaining position according to the plan.

FB 19OCT Bull Put spread

This trade was scaled into full size. Tier 3 has been scaled out of and now I'm looking to either scale tier 3 back on or scale out of Tier 2 according to the plan.

HD OCT/NOV Put Calendar

This position was just entered. The plan is to either add another calendar when the stock trades at either 205 or 215 or close out the trade at 20% Return on Risk. If the trade was opened at 2.00 debit we want to close this trade at 2.40 credit.

It is important to be patient and let trades to set up. We're going to look at an Iron Condor set up over the next couple days. If you have any questions, please stop by the chat and ask.


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