Option Iceman 6:58 am on Tuesday, August 3, 2021

TQQQ Puts

Sold TQQQ Aug 06 2021 122.5 Diagonal Puts at $0.45
Pairs with the TQQQ Calls I sold yesterday

walter6871 7:24 am on Tuesday, August 3, 2021

Diagonal Puts

Question on your Diagonal Puts and call.
is below the devil in the details?
and it is for credit? right?

SELL -1 DIAGONAL TQQQ 100 (Weeklys) 13 AUG 21/6 AUG 21 122.5/123 PUT @1.11 LMT credit
- Option Iceman 7:38 am on Tuesday, August 3, 2021
  
  My diagonal spreads (either puts or calls) are in effect calendar spreads with the short side nearer the stock price for the current week and the long side several weeks or months in the future and much farther out of the money. The long acts as disaster protection should there be a BIG move in the current week.
  
  The spread is always put on for a small credit. If the short expires, the long is fully paid for and can be held as a lottery ticket long position, or written against a second and third time. It’s the second and third writes that actually generate the most profit..
  - walter6871 7:47 am on Tuesday, August 3, 2021
    
    got it ,ok thanks
    
    so they are both the same strike price?
    the current week short/you look for a certain delta or?
    and current week take assignment for a covered call?

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