fuzzballl 9:49 am on Monday, February 9, 2026

SPX

After some rolls officially booking the gains today.

Bought to Close SPX Feb 09 2026 6910.0 Put @ .50 (sold for 25.00)
Bought to Close SPX Feb 09 2026 6910.0 Puts @ .50 (sold for 92.60)
Bought to Close SPX Feb 09 2026 6910.0 Puts @ .50 (sold for 97.90)

Sold SPX Feb 10 2026 6925.0 Puts @ 6.50
Sold SPX Feb 10 2026 6930.0 Puts @ 7.00

Keeping the ladder going:

Bought to Close SPX Feb 09 2026 6850.0 Put @ .15 (sold for 32.50)

Sold SPX Feb 18 2026 6875.0 Put @ 25.15

MikeL 11:09 am on Monday, February 9, 2026

Have you ever calculated how many uncovered LEAP puts you would need to get a decent protection for your position, in case SPX drops?
Is there a ratio, like for every 10 positions need 3 LEAP puts?
- fuzzballl 11:15 am on Monday, February 9, 2026
  
  It’s hard to tell on the TOS analyze graph but as the profits grow it’s not that big of a deal especially if your long puts are higher than the short puts. Would actually make decent money on a drop to zero. Roughly guessing I’d say you’re close on the 3 for 10. Another hedge though is the longs being so far out in time. Every roll down of the daily puts is more profits being locked in on a move to zero too. 🙂 🙂