Jeff 6:44 am on Wednesday, December 3, 2025

Spy Roll 12/3/25

Rolled $SPY Dec 3rd 677 put to Dec 4th 677 put for .70, total rolls 4.26 since Nov 17th.

fuzzballl 7:22 am on Wednesday, December 3, 2025

Unchanged = free money! 😀
- Jeff 12:06 pm on Wednesday, December 3, 2025
  
  My LEAP spread is at 670, and SPY hitting 684 today… When have you rolled the LEAPs higher for SPY in the past? How much should SPY get above the LEAP strike to trigger a roll?
  - fuzzballl 12:24 pm on Wednesday, December 3, 2025
    
    I haven’t done enough with SPY to really have a feel for it. As far as SPX goes it’s sort of personal preference.
    
    Things to remember:
    
    1. Roll up does not change P/L to date but does require cash outlay.
    2. The higher your LEAPS are the less draw down you have to endure during a selloff.
    3. In an IRA the difference between short put sales and long LEAP puts add to margin requirements.
    
    I’ve decided to be a little more aggressive with my roll ups. Goal is trying to keep them within about 100 points of the market. Currently all of mine are sitting at 6800.
    - Jeff 12:33 pm on Wednesday, December 3, 2025
      
      100 points would by 10 on SPY. Probably a good rule of thumb.
      
      Also, do you have a position size formula? Like 1 lot per 60K in account for SPX?
      - fuzzballl 2:36 pm on Wednesday, December 3, 2025
        
        When I recover all of my cash outlay and/or the market seems ridiculously high I start looking at adding. That’s where I am now just been so busy during the day haven’t done it. Need a day off from retirement! LOL
    - Jeff 1:02 pm on Wednesday, December 3, 2025
      
      As for your point #1, does this mean you only look at the short puts as the P/L and any gains or losses on the LEAPs don’t count? I tend to look at NLV, so any and all moves affect what I consider to be the P/L.
      - fuzzballl 2:40 pm on Wednesday, December 3, 2025
        
        When I say rolling up doesn’t affect “P/L to date” I’m referring to the fact that after the roll you could turn right around and close the LEAPS and get that money back. In reality it is raising the closing value of the LEAPS when doing that calculation but not changing the profits you’ve made so far. If the market continues on up then yes the LEAPS will continue losing. But as for the current roll up, that value of the money you spent to do it is still in the current value of the LEAPS.
        
        Hope that makes sense. I’m not very good at explaining it.
      - fuzzballl 2:56 pm on Wednesday, December 3, 2025
        
        I just came up with a better way to say it….
        
        The roll up cost increases your cost basis on the LEAPS but also increases the current value of the LEAPS by the same amount. P/L remains unchanged.
        
        Jeff 6:18 am on Thursday, December 4, 2025
        
        But I think it means you are *realizing* the loss in the LEAP spread you are closing.
        
        fuzzballl 6:42 am on Thursday, December 4, 2025
        
        Technically yes but for tracking purposes no. I track cost basis in LEAPS and total premium received. Then running P/L is:
        
        Credit to Close LEAPS – Cost Basis of LEAPS = Loss on LEAPS
        
        Total premium received minus Loss on the LEAPS = Profit
        
        fuzzballl 6:45 am on Thursday, December 4, 2025
        
        Here’s what my 10 lot looks like as of a couple days ago. I’d have to get the current credit for closing the LEAPS to get an updated current P/L
        
        Rounded to nearest nickel. LOL!
        
        Used Previous Gains (53100) From 2/24 – 10/24 to Help Finance New Positions:
        
        Original Cost Including Roll Ups If Needed:
        
        SPX – 73901.75 (2 6800/6800/7200 set Oct 18 2024) Dec 2029 (3 roll)
        SPX – 72351.75 (2 6800/6800/7200 set Oct 18 2024) Dec 2029 (3 roll)
        SPX – 41646.10 (1 6800/6800/7200 set Feb 05 2025) Dec 2029 (2 roll)
        SPX – 41346.10 (1 6800/6800/7200 set Feb 10 2025) Dec 2029 (2 roll)
        SPX – 39371.10 (1 6800/6800/7200 set Feb 13 2025) Dec 2029 (2 roll)
        SPX – 49645.10 (1 6800/6800/7200 set May 29 2025) Dec 2029 (2 roll)
        SPX – 37118.00 (1 6800/6800/7200 set Aug 21 2025) Dec 2029 (1 roll)
        SPX – 35402.00 (1 6800/6800/7200 set Aug 26 2025) Dec 2029 (1 roll)
        SPX – 30440.40 (10 Roll All Positions Sep 16 2025)
        SPX – 30440.40 (10 Roll All Positions Sep 30 2025)
        SPX – 30540.15 (10 Roll All Positions Oct 07 2025)
        SPX – 60740.10 (10 Roll All Positions Oct 27 2025)
        ==========
        -542942.95
        
        —————————————————————————–
        
        SPX +400000.00 Total Premium since 10/18/2024
        SPX + 64886.75 More
        
        —————————————————————————–
        
        SPX – 78866.20 (Cash Recovery)
        
        SPX + 1816.95 (1 Dec 6780 Put @ 18.20) Dec 3 daily
        
        SPX + 72737.70 (8 Dec 6830 Puts @ 90.95) Dec 19 monthly
        SPX + 13345.30 (1 Dec 6900 Put @ 133.45) Dec 19 monthly
        
        fuzzballl 6:52 am on Thursday, December 4, 2025
        
        At some point….maybe towards end of 2026 I’ll close everything and reset out in about 2030 or 2031. Then these values go back to zero and start over.
        
        NOTE: The reason the cost basis in the LEAPS section looks messy is I set the positions at different times and different strikes. Eventually rolled them all to the same strikes. After that just tracked rolling all 10 as a group.

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