#ShortStrangles – Was currently in a 180/155 inverted strangle. I’ve been rolling and selling and rolling and selling the crap out of this thing for weeks looking forward to next week’s earnings. Kept thinking the 180 puts were so DITM I’d get assigned early at some point. Finally happened last night.
On the opening pop I sold the stock and then on the small drop sold next week’s 177.5 puts. Also rolled the 155 calls to next week’s 160’s @ .05 credit. Ending up with exactly where I was gonna roll to anyway just had to take a detour to get there and made a little in the process.
Now the good news. Even though the position is inverted, the premium sales have been great the last few months.
Heading into earnings (should be exciting). 177.5/160 inverted with 27.75 premium received.
Anything between the strikes is a 10.25 winner. Breakeven is 149.75 to 187.75