#fuzzyleaps
Rolled:
Mar 25 2026 6500 Put
To:
Mar 30 2026 6450 Put
Credit:
25.00
Author Archives: bikeeagle1
SPX
#fuzzyleaps
After the close, an order for tomorrow’s roll filled:
Rolled SPX Mar 24 2026 6475 Put to Mar 27 2026 6425 Put @ 20.00.
SPX
#fuzzyleaps
Rolled today’s SPX Mar 23 2026 6600 Put to Mar 26 2026 6500 Put @ 12.00.
SPX
#fuzzyleaps
Rolled today’s SPX Mar 20th 2026 6560 Put to Mar 25th 2026 6500 Put @ 5.70.
SPX
#fuzzyleaps
Rolled today’s SPX 19 MAR 2026 6575 Put to 24 MAR 2026 6475 Put @ 21.50.
SPX
#fuzzyleaps
STO tomorrow’s SPX Mar 19th 2026 6575 Put @ 11.00.
SPX
#fuzzyleaps
STO SPX Mar 20th 2026 6560 Put @ 17.50.
My ladder was empty, so I’m back-filling it today with the Fed day volatility.
SPX
#fuzzyleaps
STO SPX Mar 23rd 2026 6600 Put @ 34.50.
SPX vs Oil
With the /CL at a possible level of support, it will be interesting to see if today is a repeat of Friday on the SPX. A rally early, followed by a selloff all day. Makes me wonder if there are traders out there rebalancing back and forth between the /ES and the /CL.
SPX
#fuzzyleaps
I am at 2/3 LEAPs covered, so I’m going to skip trading today. I have one short put expiring tomorrow, so I’ll manage that one then.
SPX
#fuzzyleaps
STO SPX 16 MAR 2026 6550 Put @ 12.50.
If my usual timing holds, here comes the selloff…
SPX
#fuzzyleaps
BTC today’s SPX Mar 10th 2026 6570/6500 BUPS @ 0.15 debit. Sold for 10.00.
SPX
#fuzzyleaps
STO SPX Mar 13th 2026 6640 Put @ 24.00.
SPX
#fuzzyleaps #onlyspreads
I applied some of my credit received thus far to closing my short puts:
BTC today’s SPX Mar 9th 2026 6900 Put @ 222.50.
BTC tomorrow’s SPX Mar 10th 2026 6650 Put @ 40.20.
Remaining total credit received: 202.99.
Then, I decided to switch to spreads until this craziness calms down, so:
STO tomorrow’s SPX Mar 10th 2026 6570/6500 BUPS @ 10.00.
That leaves 2/3 LEAPs uncovered. I plan to sell another BUPS for tomorrow later today, and keep the other LEAP uncovered.
I picked the spread by selling the delta 20 put, and setting the spread width at 1% of the SPX (so around 70 with the SPX around 7000). I don’t plan to manage the spreads if they go ITM. I’ll just hold them through expiration and let the LEAPs cover the losses. If they go way OTM, I may close them for a small amount. I’ll see how I feel if/when that happens.
SPX
#fuzzyleaps
Rolled today’s SPX Mar 6th 2026 6750 Put out and down to Mar 10th 6650 Put @ 20.00.
SPX
#fuzzyleaps
I would like to have held out for a rally later but ran out of time:
Rolled today’s SPX Mar 5th 2026 6900 Put to Mar 9th 2026 6900 Put @ 10.50.
SPX
#fuzzyleaps
STO SPX Mar 6th 6750 Put @ 11.00.
SPX
#fuzzyleaps
Using today’s rally to de-risk:
BTC today’s SPX Mar 4th 2026 6775 Put @ 1.00 debit.
1/3 LEAPs covered now. Waiting for a selloff to sell another one.
SPX
Rolled today’s SPX Mar 3rd 2026 6900 Put to Mar 5th 6900 Put @ 10.00.
SPX
#fuzzyleaps
Locked in some profits on LEAPs:
Rolled SPX Dec 20th 2030 7600 Long Puts to Dec 20th 2030 7000 Long Puts @ 189.00 credit.
Remaining cost basis of 7000 LEAP Puts 678.47.
These are simple puts, without the BECS.
Now to work on today’s short Put…
SPX
#fuzzyleaps
Rolled today’s SPX Mar 2nd 2026 6825 Put to Mar 4th 2026 6775 Put @ 12.50.
SPX
#fuzzyleaps
Rolled today’s SPX Feb 27th 2026 6900 Put to Mar 3rd 2026 6900 Put @ 20.00.
SPX
#fuzzyleaps
I want to reduce the cost of rental houses, so I am preparing to reset my LEAPs down to 7000 from 7600, and add the BECS like the normal FuzzyLEAPs setup.
As a start:
STC 1 SPX Dec 20th 2030 7600 Put @ 984 credit (debit to open 896.60). Gain on the LEAP 87.40.
I still have 3 7600 LEAP Puts, 1 uncovered.
I’ll buy the first 7000 strike rental house on a calmer day.
SPX
#fuzzyleaps
Rolled today’s SPX Feb 26th 2026 6750 Put to Mar 2nd 2026 6825 Put @ 11.55
SPX
#fuzzyleaps
STO SPX Feb 27th 6900 Put @ 14.20
SPX
#fuzzyleaps
Open order to sell the SPX Feb 27th 2026 6800 Put @ 12.50.
A pullback to the 50-day MA @ 6896 should cause a fill.
SPX
#fuzzyleaps
BTC today’s SPX Feb25th 2026 6800 Put @ .50.
Waiting for now on the next sale.
SPX
#fuzzyleaps
With SPX opening up at possible resistance, I am planning to buy today’s put back early and sell the next one later in the day if we get a pullback. Also thinking there might be a selloff later into the close due to NVDA earnings uncertainty. Anybody else see it that way?
SPX
#FuzzyLEAPs
Rolled today’s SPX Feb 24th 6800 Put to Feb 26th 6750 Put @ 12.50.
SPX
#FuzzyLEAPs
Rolled today’s SPX Feb 23rd 2026 6725 Put to Feb 25th 6800 Put @ 11.00.
SPX
#FuzzyLEAPs
Rolled SPX Feb 20th 6800 Put to Feb 24th 6800 Put @ 11.30.
SPX
#FuzzyLEAPs
Waiting until the afternoon worked this time:
Rolled SPX Feb 19th 2026 6825 Put out and down 100 points to Feb 23rd 2026 6725 Put @ 11.00.
SPX
#FuzzyLEAPs
Core PCE is due out tomorrow (Feb 20th, 2026), along with manufacturing and services PMI. According to TOS, the expected move range is a little bit elevated. Just highlighting this for us #FuzzyLEAPs traders. I’m hoping to use it to roll down to a safer strike and still get my usual target premium. Depends on how today goes also, of course.
Perhaps the military buildup in the Middle East is also a factor?
SPX
#FuzzyLEAPs
Rolled SPX Feb 18th 6800 Put to Feb 20th 6800 Put @ 11.00.
SPX
#FuzzyLEAPs
Rolled SPX Feb 17th 2026 6850 Put to Feb 19th 2026 6825 Put @ 11.00
SPX
#FuzzyLEAPs first month review:
Today marks the end of my first month of trading #FuzzyLEAPs with real money. Here’s where the strategy stands as of now:
Total cost of 4 LEAP puts: $358,640
Current value of LEAPs (approx., based on Mid): $400,000
Total credit received: $28,964
% Return so far: 8.07%
Annualized (simple, not compounded): 96.9%
(Returns % based on credit received only, and not counting gains on the LEAPs, as I consider those gains temporary.)
As we all know, this has been an almost perfect month to be running a strategy like this, since the SPX has been bouncing around enough to create decent premiums, but it hasn’t made a big move one way or the other.
Also, I have been extremely conservative by only selling against some of the LEAPs most of the time, as well as targeting the lowest strikes possible to bring in the desired premium. So, the total credit received could have been quite a bit more than it was.
I just thought that a review of how the strategy has done might benefit anyone else interested in it. Future returns will, of course, vary widely. I will keep doing a monthly update internally, but will post it here if anyone is interested. I would also love to see what results others are seeing if anyone wants to post that as well.
SPX
#FuzzyLEAPs
Rolled today’s (Feb 13th 2026) SPX 6840 Put to Feb 18th 2026 6800 Put @ 12.00.
SPX
#FuzzyLEAPs
I remembered that I’m going to be tied up tomorrow, so:
Rolled tomorrow’s (Feb 12th 2026) SPX 6850 Put to Feb 17th 2026 6850 Put @ 12.00.
(Got filled on the dip this afternoon.)
Still 2/4 LEAPs uncovered.
Cash Management
No option trades for me today, but I have been slowly transferring some cash from the Fidelity money market fund (SPAXX) farther out the yield curve:
BTO BND @ 74.325 (starter position)
Added more VTIP @ 49.71 (full position now)
(BND is a general bond fund yielding just under 4%)
(VTIP is a TIPS fund yielding a little over 3.8%, and is adjusted for inflation)
(SPAXX yield is around 3.4%, and will fall farther with rate cuts)
Eventual goal is to have the safer side of my account more evenly spread among those three funds.
SPX
#FuzzyLEAPs
Taking more risk off the table:
BTC SPX Feb 11th 2026 6750 Put @ 0.75.
2/4 LEAPs uncovered now.
SPX
With SPX bumping up close to 7,000 again, I decided to reduce risk, so:
BTC Feb 10th 2026 6815 Put @ 0.95 debit (60.80 total credit now). Planning to leave the associated LEAP uncovered.
SPX
#FuzzyLEAPs
Rolled today’s (Feb 9th 2026) SPX 6900 Put to Feb 13th 6840 Put @ 15.50 (70.60 total now)
SPX
#FuzzyLEAPs
Rolled today’s (Feb 6th 2026) 6900 Put to Feb 12th 2026 6850 Put @ 15.00
Happy to get my target premium and reduce risk by rolling down at the same time.
SPX
#FuzzyLEAPs
Rolled today’s (Feb 5th 2026) 6825 Put to Feb 11th 2026 6750 Put @ 15.50.
Jobs numbers worse than forecast and the market is down. Is today the day when bad news became bad again?
SPX
#FuzzyLEAPs
Rolled today’s (Feb 4th 2026) 6875 Put to Feb 10th 2026 6815 Put @ 16.35.
SPX
#FuzzyLEAPs
STO Feb 6th 6900 Put @ 15.00
4/4 LEAPs covered now.
I’m comfortable down at that 6900 strike. Combined with my SPY shares, still a slightly negative delta with respect to the SPX.
SPX
#FuzzyLEAPs
STO Feb 9th 2026 6900 Put @ 17.80
3/4 LEAPs covered now.
SPX
#FuzzyLEAPs
Taking some risk off:
BTC Feb 2nd 2026 6850 Put @ 0.15 (sold for 15.00)
BTC Feb 3rd 2026 6850 Put @ 0.75 (sold for 17.00)
2 LEAPS uncovered now out of 4 total.
I also have some SPY shares that are helping to offset the losses on the LEAPs.
SPX
#FuzzyLEAPs
Order placed to roll today’s (Feb 2nd 2026) 6850 Put to Feb 6th 2026 6775 Put @ 15.00.
I will re-evaluate after the open if I don’t get a fill.
SPX
#FuzzyLEAPs
Rolled today’s (Jan 30th 2026) 6895 Put to Feb 5th 6825 Put @ 15.00 (total 45.30 now)
Current setup heading into the weekend:
LEAPs:
4 @ Strike: 7600
Cost per LEAP: 699.10
Target credit per 4-day roll: 14.40 (or more)
Short Puts:
Date: Strike: Credit:
Feb 2nd 2026 6850 35.30
Feb 3rd 2026 6850 37.30
Feb 4th 2026 6875 54.30
Feb 5th 2026 6825 45.30
For each roll, just picking whatever strike brings in about 15.00 ish and letting market movements decide where the ladder goes.
Three weeks now using real money, and I have brought in about 25% of the cost of another rental house. That is also during a period with a market holiday, and being super conservative the whole time (sometimes not even selling against all of the LEAPs, and always trying to stay OTM). That percentage would even be better using LEAPs closer to ATM, but I feel like setting them more ITM is another way to be conservative. YMMV of course.
At that rate, it should take about 12 weeks to pay for another rental house, market permitting. Assuming 15 credit per day targeted by the ladder strategy, it should only take about 47 trading days (about 9 1/2 weeks). We’ll see!
SPX
#FuzzyLEAPs
Rolled Jan 29 2026 6815 Put to Feb 4 2026 6875 Put @ 16.00 (total 54.30 now)
Looks like I could have gotten more by waiting, but decided to try rolling at the open in case of another straight up day. Maybe some resistance at SPX 7000?
SPX
#FuzzyLEAPs
Filled after the close during MSFT, META, & TSLA earnings.
STO Feb 3rd 2026 6850 Put @ 17.00
4/4 LEAPs covered now.
SPX
#FuzzyLEAPs
Hoping to fill the unsold 2 rungs of my time ladder today. Since Jan 30 options have a much higher theta/vega ratio, planning to sell that one at the open. Then, since the Feb 3 options are more vega exposed, planning to sell that one during Powell’s press conference.
With that in mind, I have an open order to sell the Jan 30 6895 Put @ 11.00.
SPX
#FuzzyLEAPs
STO Feb 2nd 2026 6850 Put @ 15.00 (4 trading days out).
Trying to fill the missing rung from yesterday but not in a hurry to do so with tomorrow being a Fed day. Currently 2/4 LEAPs covered.
SPX
Anybody else waiting for a dip? I’m hoping to fade this up open. Hoping for a pullback to around 6935. SPX at 6947 now…
SPX
#FuzzyLEAPs
Decided to stagger my sales over a few days.
STO Jan 29th 2026 6815 Put @ 18.00 (38.30 total now)
(This is 4 trading days in the future, rather than one day.)
Each day, I will sell another put 4 days out, etc., until all of my short puts are sold. Plan to roll one each day, to the new 4-day out expiration. Kind of a time ladder version of FuzzyLEAPs. I’m hoping that his smooths out some of the volatility that happens when you sell a whole position every day.
SPX
#FuzzyLEAPs
Decided to stick with simple puts instead of spreads, so:
BTC Jan 23 2026 6900/6890 BUPS for 2.10 (sold for 4.50)
That leaves me with no outstanding puts sold. Waiting for a dip to sell the new one.
SPX
I got busy today and never got today’s roll done. An outstanding order to close today’s puts at 1.00 filled sometime this afternoon.
Current position:
Dec 20 2030 7700 LEAP Puts
Jan 23 2026 6900/6890 BUPS (50% of LEAPs)
LEAP cost: 927
Total credit per LEAP: 21.35
Credit as % of LEAP cost: 2.30%
Annualized: 71.97%
If I keep using spreads, I plan to sell 1DTE BUPS against half the LEAPs each day and either let the 0DTE half expire or close them for some small amount. If the 0DTEs are ITM, I’ll have to decide if it’s worth rolling them or just let them cash settle for max loss. In that case, the LEAPs should more than make up for the loss on the BUPS.
SPX
I decided to try credit spreads for awhile, so:
Sold to open Jan 23 2026 6900/6890 BUPS @ 4.00
Small position, still working on today’s roll of the other puts.
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Cost 927
Daily:
Rolled: Jan 21st 2026 6890 Put
To: Jan 22nd 2026 6885 Put
@ 3.50 Credit
LEAPs Covered: 50.00%
SPX @ Time of Roll: 6851
Total Credit Per LEAP: 19.85
Credit as % of LEAP Cost: 2.14%
Days in Trade: 7
Annualized ROC: 76.48%
I saw Jeff’s Downside Warning and decided to take a little less premium and roll down one strike. Still only half the LEAPs covered.
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Cost: 927
Daily:
Rolled: Jan 20th 2026 6890 Put
To: Jan 21st 2026 6890 Put
@ 10.00 Credit
LEAPs Covered: 50.00%
SPX @ Time of Roll: 6856
Days in Trade: 6
Total Credit Per LEAP: 18.1
Credit as % of LEAP Cost: 1.95%
Annualized ROC: 81.36%
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Daily:
Rolled: Jan 16th 2026 6915 Put
To: Jan 20th 2026 6890 Put
@ 4.70 Credit
LEAPs Covered: 50.00%
SPX @ Time of Roll: 6943
Total Credit Per LEAP: 13.1
Credit as % of LEAP Cost: 1.41%
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Daily:
Rolled: Jan 15th 2026 6925 Put
To: Jan 16th 2026 6915 Put
@ 4.50 Credit
LEAPs Covered: 50.00%
SPX @ Time of Roll: 6955
Total Credit Per LEAP: 10.75
Credit as % of LEAP Cost: 1.16%
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Daily:
Rolled: Jan 14th 2026 6925 Put
To: Jan 15th 2026 6925 Put
@ 9.50 Credit
LEAPs Covered: 50.00%
SPX @ Time of Roll: 6898
Naturally we are rallying after my fill, so I could have done even better by waiting. Oh well. 9.50 is still a decent amount of Benjamins!
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Daily:
Rolled: Jan 13th 2026 6925 Put
To: Jan 14th 2026 6925 Put
@ 4.50 Credit
LEAPs Covered: 50.00%
SPX
After doing some paper trading, I am ready to dive into the FuzzyLEAPs trade:
Bought to Open SPX Dec 20 2030 7700 Puts @ 927
Sold SPX Jan 13 2026 6925 Puts @ 3.00
I plan to scale in and out of the daily short puts, depending on how far SPX is above its 12-Month MA. For this opening trade, I sold half of the available position, leaving half of the LEAP puts uncovered. In future posts, I will represent this as a percentage, like this:
LEAPs 50% covered.
Also, I am simply buying the Put, without selling the Call Spread, just to keep it simple. I plan to always keep the LEAP Puts above the short Puts, to eliminate any margin requirements. I picked the 7700 LEAP Put to start with simply because it is 10% ITM.
My target delta for selling daily Puts is between 10 and 20, but that will vary of course depending on market movements.
#SPX #bearcallspreads Playing this rally…
Playing this rally as a DCB:
STO SPX August 26th 2022 4125/4150 BECS @ 10.50
SPY
My indicators show that SPY has entered a new uptrend. Even though it’s pretty weak, I’m following the system.
STO SPY April 22 2022 433 Put @ 2.11
Market Awareness
I don’t trade based on this indicator, but I know it is widely followed so I thought I would post for anyone interested. SPY’s 50-Day MA has been dropping relative to its 200-Day MA at about the rate of $1 a day. Since the spread is about $5 now, the famous (or infamous) “death cross” will occur around Monday or Tuesday barring any major changes.
Powell Testimony Today & Tomorrow
For anyone who wants to watch, it starts at 10:00 AM Eastern:
Market Timing Awareness
I just wanted to post this today, because this market timing model is based on ignoring intra-month noise and only checking the signal at the close of the month (today). That way, it avoids a lot of the whipsaws that plague many timing systems, at the expense of being slower acting. Barring any massive rallies, it looks like it will flip to bearish at the close today.
Basically, it holds either SPY or IEF, based on whether SPY is above its 200-Day MA at the close of the month. I used the similar Vanguard mutual funds to be able to extend the backtest (below).
Here it is:
https://bit.ly/36T6xZH
Feel free to use or ignore. I just thought it might help give an overview of where the market is right now.
SPY Put Ladder
#takingprofits #spyladder #shortputs – As I posted last Friday, if SPY were to close today below its 50-Wk MA (438.95), I planned to exit my open puts and wait on the sidelines until a new uptrend takes shape. I’m skeptical that SPY will get there by the close and stay there, so I went ahead and took advantage of the rally to close all open puts:
BTC SPY March 4 2022 409 Put @ 1.20 (sold for 2.20)
BTC SPY March 4 2022 408 Put @ 0.95 (sold for 2.20)
If SPY does manage to close today above the MA, I’ll assume we’re still in an uptrend and resell on any weakness next week.
SPY Put Ladder
#spyladder #shortputs – Closed most open positions on the bounce to control risk. Then, at the close, sold OTM put for 2 weeks out. Only current open option position:
STO Mar 4 2022 408 Put @ 2.20
Today is the first weekly close below the 50-Wk MA since the week of 6/22/2020. If we get a second consecutive close below that MA next Friday, as they say on Shark Tank, “I’m out.” I’ll close the open short put at the close and wait until SPY proves that it is ready to launch a new uptrend.
If, on the other hand, SPY closes above the MA, I’ll keep the open put and sell another one for 2 weeks after that.
(Edit) Forgot about another account:
STO March 4 2022 409 Put @ 2.20
SPY Covered Strangles
#CoveredStrangles #ShortPuts – Pre-selling to setup future covered strangles:
STO Feb 22 2022 438 Put @ 4.50
STO Mar 4 2022 438 Put @ 8.25
Both are at the 50-Wk MA.
Edit – added another one:
STO Feb 25 2022 438 Put @ 6.50
SPY
#spyladder #coveredstrangle – Added a short put down at the 50-Wk MA, 2DTE, to go with the covered call:
STO SPY 18 March 2022 438 Put @ 2.20
Options Bistro 