I entered the trade on Monday when SPY was at 672, and the week ended at 659. With a one-lot my account is down 150.00, which is pretty satisfying for a week that was down 13 points. This included three rolls totaling 2.54, including two assignments. My ITM short 677 put is currently at -18.00.
If I had purchased 100 shares of SPY stock, I’d be down 1,300.
If I had just bought the LEAPs spread and not sold puts, I’d be up 594.
I will be assigned on my $100 puts which are now $50 puts on the TQQQ and my cost basis will be $49.28 so will be writing covered calls on Monday. Have a nice weekend.
Reloaded. No early assignment risk now. Went as far out in time as I could….wish they had further out available though. Decent fills without much trouble so the liquidity seems to be there.
Dec 2027 660/660/700 @ 33.25
Sold XSP Nov 24 2025 660.0 Puts @ 3.10 (selling 4 against 5 LEAPS)
Rolled SPX Nov 21 2025 6725.0 Put to Nov 28 2025 6715.0 Put @ 4.00 credit (79.50 total now)
Rolled SPX Nov 21 2025 6850.0 Puts to Dec 19 2025 6830.0 Puts @ .50 credit (90.80 total now)
Since this is a sharing platform posting a trade I put on yesterday. Standard BWB 200 point range on SPX with a 5 point offset or a total margin of 10k on 10 contracts. Nice flat T + zero line and because initially delta negative I make money right away if the market tanks.
Today market is up and continuing with the discussion below about getting run over to the upside I am adding 10 calendars above the market. Puts are cheaper but calls allow you to diagonalize to the upside if it keeps moving. More likely I just add some additional calendar spreads. Do not hold until expiration, I am usually taking 5-20% profits on these in 1-2 weeks. Sometimes like this week it took 3 weeks to hit the 10% range.
Summary, I start with a BWB or a calendar then depending on what the market does I convert to a rhino trade of some sort. Rinse and repeat every 1-2 weeks. Documented 496% returns from Oct. 2020 until now. Actually up a few more percentage last few weeks but have not done the calculations yet.
Losing trades to the downside I move half of the center strikes down with a vertical roll.
After the adjustment have an upside protected rhino
Since switching to this and a few other styles of trading my returns have been consistent, crushes the market, and I can sleep well at night because everything is hedged. No more blowing up accounts chasing returns.
Cheers, Chris
I was assigned on Nov 28th 680 puts. Sold the stock pre market and closed the LEAPS when the market opened. This is my second assignment already with SPY in this account which is annoying. Had 10 of these so resetting to 1 SPX in that account or possibly using XSP.
Closed SPY Jan 2028 680/680/720
Sold assigned stock @ 655.75 (basis 673.55)
Gain on LEAPS: 14470
Loss on stock: 17837
Net loss: 3367 on a 10 lot
Thoughts:
Remember, the LEAPS aren’t full 100 deltas so they won’t make up for all losses on a big selloff since the daily put sales get to full delta quicker since they are closer to expiration. That’s a main reason for leaving a few of them uncovered…maybe sell 8 against 10.
Since I hadn’t been in this long enough to really accumulate a lot of premium and was assigned stock twice the trade was sitting at a loss. You make the big bucks being in these long term. When I reset I’ll roll this loss into the basis of the new position.
NOTE:
Issues with Fidelity this morning. I did find out that you can get free option trades for the next year if you switch over to their new platform called Fidelity Trader Plus. Seems like it’s going to be a lot better and stable.
40 put sold @ 18.88/should expire today.
this was short side of part of a spread about 4 months ago, and rolled out.
at the time sold the long side for a profit and patiently waited/lol
Got assigned on my Nov 24th 677 puts, two trading days before expiration.
Sold stock for 655.75 and sold the Dec 1st 677 puts for 22.72. That’s a roll of 1.47 credit. I was able to do that by legging in on the opening swings. A scary move I don’t try often, but sold the put on the 9:39am down bar and sold the stock on the 9:42am spike up (ET, 1-min chart).
So now this is 5-trading days out, over the holiday week. I will look to roll on Wednesday to avoid assignment.
Options Bistro 