I had to roll more Calls than I wanted to in LABU, TNA and TQQQ. But the ones I did roll were for pretty good credits and higher strike prices. A big monthly expiration cycle next week.
BBBY 26/13 Bear Call Spreads
LABU 15/10 Bear Call Spreads
SLV 17.0 Diagonal Puts
SOXL 12.0 Diagonal Puts
SOXL 11.5 Diagonal Puts
TNA 55/43 Bear Call Spreads
TNA 50/42.5 Bear Call Spreads
TNA 38.5/37.5/36.5 Diagonal Puts
TQQQ 43/30 Bear Call Spreads
UVXY 12.5 Diagonal Calls
UVXY 9.0 Diagonal Puts — #UVXYContango
VXX 20.5 Diagonal Calls
BTC Sep 9 406/407/408 iron butterfly @ .66. Sold for .89 earlier.
#SPX1dte Sold to Open $SPX Sept 12th 3965/3985-4150/4170 condors for 1.25, IV 14%, deltas -.06 +.05
So… as with TQQQ below, I was wrong fading this rally early in the week. Maybe next week works better.
Bought to Close TNA Sep 09 2022 40.0 Diagonal Call / Sold to Open TNA Sep 16 2022 41.0 Call at $0.14 Credit . Added a point to the short strike
Bought to Close TNA Sep 09 2022 40.5 Diagonal Call / Sold to Open TNA Sep 16 2022 41.0 Call at $0.62 Credit . Added a Added a 0.5 points to the short strike
Bought to Close TNA Sep 09 2022 41.0 Diagonal Call / Sold to Open TNA Sep 16 2022 42.5 Call at $0.27 Credit . Added a 1.5 points to the short strike
Bought to Close TNA Sep 09 2022 41.5 Diagonal Call / Sold to Open TNA Sep 16 2022 43.0 Call at $0.41 Credit . Added a 1.5 points to the short strike
So… I was wrong in fading this rally early in the week. Maybe next week works better.
Bought to Close TQQQ Sep 09 2022 28.0 Covered and Diagonal Calls / Sold to Open TQQQ Sep 16 2022 29.0 Calls at $0.02 and $0.04 Credits. Added a point to the short strike
Bought to Close TQQQ Sep 09 2022 28.5 Diagonal Calls / Sold to Open TQQQ Sep 16 2022 30.0 Calls at $0.02 Credit. Added a 1.5 points to the short strike
Bought to Close TQQQ Sep 09 2022 29.0 Diagonal Calls / Sold to Open TQQQ Sep 16 2022 31.0 Calls at $0.02 Credit. Added a 2 points to the short strike
Bought to close TQQQ Sep 09 2022 25.0 Puts at $0.01
Bought to close LABU Sep 09 2022 9.5 Calls / Sold LABU Sep 16 2022 10.0 Calls at $0.25 Credit and added $0.50 to the short strike
Last trades for VXX for this week:
Bought to close VXX Sep 09 2022 18.5 Puts / Sold to Open VXX Sep 16 2022 18.0 Puts at $0.08 Credit and lowered the short strike another $0.50
Sold to Open VXX Sep 16 2022 20.5 Diagonal Calls at $0.08 and $0.09, paired off with the short 18.0 puts above.
Bought to close VXX Sep 09 2022 18.0 Puts at $0.01
A little bit of speculation, low risk high reward. Looking for the Friday afternoon rally that could make another appearance today. STO Sep 9 406/407/408 iron butterfly @ .89 credit. Max loss .11.
#SPX1dte Bought to close $SPX 4065/4085 call spreads for 5.00. Condors sold for 1.50 yesterday.
That wiped out the entire week’s profits. I’m trying very hard to make this strategy work… and to be clear, it IS working. But setbacks can happen very easily if I stray the tiniest bit from any rule. This morning my stop was hit BEFORE the open, so I was looking for best pullback. However, rather than follow my rule of “don’t delay” I tried to tease the market just a little lower by adjusting my limit order. I could have been out for about 2.15 had I just made sure to get filled on the first pullback at 6:45.
It is, of course, Murphy’s Law that when I DO go for the fill aggressively, the market pulls back much lower. But if I don’t, it inevitably goes higher, like this morning.
As most of you know, I have been at this #SPX1dte strategy for a few years. I have slowly been eliminating my bad habits. The main change this summer has been to stop playing around after a stop is hit (my stop is if SPX gets within the day’s “expected move,” visible on Think-or-swim’s option chain). That has gotten me out at decent prices, either holding on to some profit or incurring losses equal or less than my max profit. Today, I failed and I “played around”.
One thing I need to measure, which may take another year of data to assess, is whether not using any stop would be more profitable in the long run. The majority of times I am stopped out, the trade would have survived had I left it. If those instances outnumber the times where my strikes are blown through significantly enough, then “letting it go” may be the way of the future. It would have to mean that one loss of -19.00 is exceeded a lot by ignored stops where .90 to 1.50 in profit is realized, and losses are avoided.
btc 30 SEP 2022 431 CALL @.64/bot@.59