Rolled SPY Apr 08 2025 510.0 Call to Apr 09 2025 513.0 Call @ .05 credit (6.05 total now)

Pretty low risk and not a bad price with the high IV. New synthetic long SPY starter position.

Bought to Open SPY Dec 17 2027 450/500/500 Synthetic Stock @ 65.0 debit (450 strike long disaster put)

and:

Sold SPY Apr 08 2025 510.0 Call @ 6.00

This was from my latest experiment. Buying a DITM LEAP put and selling daily against it. Rolling the long LEAP down for credit now. Short next week’s 5975 against it. Not sure how I’ll handle that yet. Probably a debit roll to somewhere.

Rolled SPX Dec 21 2029 7000.0 Put to Dec 21 2029 6000.0 Put @ 500.0 credit (reduces total debit to 385.0)

Rolling rest of April out but not down. Still decent basis reduction.

Rolled SPY Apr 17 2025 535.0 Put to May 16 2025 535.0 Put @ 5.75 credit (8.90 total now)
Rolled SPY Apr 17 2025 540.0 Put to May 16 2025 540.0 Put @ 4.25 credit (7.70 total now)
Rolled SPY Apr 17 2025 545.0 Put to May 16 2025 545.0 Put @ 3.25 credit (6.90 total now)
Rolled SPY Apr 17 2025 550.0 Put to May 16 2025 550.0 Put @ 3.00 credit (6.20 total now)
Rolled SPY Apr 17 2025 555.0 Put to May 16 2025 555.0 Put @ 2.75 credit (7.80 total now)
Rolled SPY Apr 17 2025 560.0 Put to May 16 2025 560.0 Put @ 2.50 credit (14.50 total now)

Bought to Close SPX Apr 17 2025 5900/5905 Bear Call Spreads @ .05 (sold for 1.25)

Adding.

Sold SPY May 16 2025 485.0 Put @ 3.80
Sold SPY May 16 2025 480.0 Put @ 3.40

Adding.

Sold SPY May 16 2025 490.0 Put @ 3.59

Selling the top of the ladder.

Sold SPY Apr 17 2025 560.0 Put @ 12.00

Starter just to watch.

Sold XBI May 16 2025 80.0 Put @ 3.20
Sold XBI May 16 2025 75.0 Put @ 1.45

Out and down.

Rolled AMZN Apr 17 2025 200.0 Put to May 16 2025 195.0 Put @ .25 credit (3.50 total now)
Rolled AMZN Apr 17 2025 195.0 Put to May 16 2025 190.0 Put @ 1.25 credit (3.75 total now)
Rolled AMZN Apr 17 2025 190.0 Put to May 16 2025 185.0 Put @ 2.00 credit (4.50 total now)

Adding.

Sold SPY May 16 2025 500.0 Put @ 3.60
Sold SPY May 16 2025 495.0 Put @ 3.50

Adding.

Sold SPY May 16 2025 520.0 Put @ 4.10
Sold SPY May 16 2025 515.0 Put @ 3.50
Sold SPY May 16 2025 510.0 Put @ 3.40
Sold SPY May 16 2025 505.0 Put @ 3.20

Rolling my highest strikes.

Rolled SPY Apr 17 2025 570.0 Put to May 16 2025 560.0 Put @ .45 credit (5.30 total now)
Rolled SPY Apr 17 2025 560.0 Put to May 16 2025 550.0 Put @ 1.25 credit (5.45 total now)

And:

Sold to Close SPY Apr 17 2025 300.0 Puts @ .01 (sold the ones I don’t need anymore)
Bought to Open SPY May 16 2025 325.0 Puts @ .12 (new batch to sell against)

Sold SPY May 16 2025 530.0 Put @ 3.52
Sold SPY May 16 2025 525.0 Put @ 3.41

Big bounce and three weeks to go. I’ll take these.

Bought to Close AMZN Apr 17 2025 180.0 Put @ .67 (sold for 3.20)
Bought to Close AMZN Apr 17 2025 185.0 Put @ 1.07 (sold for 2.71)

Changed my mind. With a big run up to the 200 day and three weeks to go and April 2nd looming I’m booking all the 70 and 80 percenters.

Bought to Close SPY Apr 17 2025 505.0 Put @ .46 (sold for 3.10)
Bought to Close SPY Apr 17 2025 510.0 Puts @ .53 (sold for 2.80)
Bought to Close SPY Apr 17 2025 515.0 Put @ .61 (sold for 3.25)
Bought to Close SPY Apr 17 2025 520.0 Put @ .72 (sold for 3.25)
Bought to Close SPY Apr 17 2025 525.0 Put @ .89 (sold for 3.25)
Bought to Close SPY Apr 17 2025 530.0 Put @ 1.08 (sold for 3.20)

Sold this as a directional type trade so I’ll go ahead and book it. Letting everything else ride.

Bought to Close SPY Apr 17 2025 560.0 Put @ 5.34 (sold for 12.50)

Added on the opening pop.

Sold SPX Apr 17 2025 5900/5905 Bear Call Spreads @ 1.25

Rollout to Jun. Up slightly to reduce the debit. I’ll keep pounding the SPY put sales and SPX bear call spreads while waiting.

Rolled SPX Mar 21 2025 6065.0 Puts to Jun 20 2025 6070.0 Puts @ 5.25 debit (18.85 total now)
Rolled SPX Mar 21 2025 6070.0 Puts to Jun 20 2025 6080.0 Puts @ 2.60 debit (18.90 total now)

Sold SPX Apr 17 2025 5900/5905 Bear Call Spreads @ 1.25

Bought to Close this Friday 5800/5805 Bear Call Spreads @ .30 (sold for 1.25)

Fat fingered the mid price. Guess I’ll hold and see what happens.

Sold to Open this Friday BuPS 5500/5495 @ .85

Sold to Open this Friday BeCS 5800/5805 @ 1.25

Adding one. Prior to earnings.

Sold AMZN Apr 17 2025 180.0 Put @ 3.20

Rolled on the opening bounce. Giving it time for the VIX curve to flatten out a little.

Rolled SPX Mar 14 2025 5975.0 Put to Apr 17 2025 5975.0 Put @ 1.00 credit (63.10 total now)

Adding at the top of the ladder.

Sold SPY Apr 17 2025 560.0 Put @ 12.50

One more.

Sold SPY Apr 17 2025 505.0 Put @ 3.15

Can’t resist…a little more.

Sold SPY Apr 17 2025 510.0 Puts @ 2.80

And

Rolled up long 260s to 300s @ .06 debit (same expiration)

Maybe a little early on these but I’ll take ’em on the bounce.

Rolled SPX Mar 07 2025 5985.0 Put to Mar 14 2025 5975.0 Put @ 2.00 credit (62.10 total now)

Rolled SPX Mar 07 2025 6090.0 Put to Apr 17 2025 6085.0 Put @ 1.00 credit (27.85 total now)

Last one. Plan was to sell the ladder as we drop all the way down to the 200 day. We fall below that then it’ll be manage what I’ve got or start taking stock.

Sold SPY Apr 17 2025 515.0 Put @ 3.25

Adding.

Sold SPY Apr 17 2025 520.0 Put @ 3.25

Adding.

Sold AMZN Apr 17 2025 185.0 Put @ 2.71

Adding.

Sold SPY Apr 17 2025 525.0 Put @ 3.25
Sold SPY Apr 17 2025 555.0 Put @ 5.05

Adding.

Sold SPY Apr 17 2025 530.0 Put @ 3.20

A few.

Rolled SPX Feb 28 2025 6000.0 Put to Mar 07 2025 5985.0 Put @ 2.00 credit (60.15 total now)

Rolled SPX Feb 28 2025 6075.0 Put to Mar 21 2025 6065.0 Put @ even (23.70 total now)
Rolled SPX Feb 28 2025 6080.0 Put to Mar 21 2025 6070.0 Put @ .50 credit (21.50 total now)

Adding.

Sold SPY Apr 17 2025 535.0 Put @ 3.15
Sold SPY Apr 17 2025 545.0 Put @ 3.65

Filled right at the open.

Rolled SPX Feb 27 2025 6000.0 Put to Feb 28 2025 6000.0 Put @ 10.65 credit (58.15 total now)

Rolled SPX Feb 28 2025 6100.0 Put to Mar 07 2025 6090.0 Put @ 2.00 credit (26.90 total now)

Rolling early in case the bounce doesn’t hold.

Rolled SPX Feb 26 2025 6000.0 Put to Feb 27 2025 6000.0 Put @ 14.50 credit (47.50 total now)

A new strategy! Had a long conversation with my brother last couple days talking about my SPX strategy. (@bikeeagle1 on here) He doesn’t trade options much but understands them very well. After explaining everything and doing a lot of “hangar flying” he came up with an alternate idea. Higher initial cost but much less if any downside risk.

Basically, it’s this. Where will the 200 day moving average be in about a year taking into account a continuation of the last couple years? The number we came up with was around 7000.

So…buy a 7000 strike put at that level. We originally looked at just a year out but decided for minimal extra cost to go out to 2029 to have some extra time just in case. Then, like my positions, sell daily against it.

This will result in quite a bit more out of pocket but, at least for now, zero risk to the downside. The goal with the daily selling is to be pretty aggressive and try to get the entire cost covered well before the market might get to 7000. With no downside risk selling daily in the money is a viable option depending on how aggressive you want to be.

I went ahead and threw one on in my real account to see how it plays out. I look at it as a nicer rental house in a nicer area with higher rents. LOL!

Bought to Open SPX Dec 21 2029 7000.0 Put @ 885.0

Sold SPX Feb 26 2025 6000.0 Put @ 33.00

Adding.

Sold AMZN Apr 17 2025 190.0 Put @ 2.50

Sold SPY Apr 17 2025 540.0 Put @ 3.45

Adding.

Sold AMZN Apr 17 2025 195.0 Put @ 2.51

Pre market roll. Guessing this is a weak bounce. (rally incoming! LOL)

Rolled SPX Feb 24 2025 6100.0 Puts to Feb 28 2025 6075.0 Puts @ 1.00 credit (20.95 total now)

At the expected move, at the 200 day, and before earnings.

Sold AMZN Apr 17 2025 200.0 Put @ 3.25

Starter down at the 200 day.

Sold SPY Apr 17 2025 570.0 Put @ 4.83
Sold SPY Apr 17 2025 560.0 Put @ 4.20
Sold SPY Apr 17 2025 550.0 Puts @ 3.19

Scattering these out a little.

Rolled SPX Feb 21 2025 6100.0 Puts to Feb 24 2025 6100.0 Puts @ 3.75 credit (19.95 total now)

Rolled SPX Feb 21 2025 6100.0 Puts to Feb 28 2025 6075.0 Puts @ 7.50 credit (23.70 total now)
Rolled SPX Feb 21 2025 6110.0 Put to Feb 28 2025 6100.0 Put @ 11.00 credit (24.90 total now)

Rolled the rest. Same strike.

Rolled SPX Feb 20 2025 6100.0 Puts to Feb 21 2025 6100.0 Puts @ 9.75 credit (16.25 total now)

Rolled on the small bounce. Everything else sitting at 6100.

Rolled SPX Feb 20 2025 6110.0 Put to Feb 21 2025 6110.0 Put @ 8.00 credit (13.90 total now)

No Fed fireworks. Bummer. LOL Still an unchanged day so can’t complain.

Bought to Close SPX Feb 19 2025 6100.0 Put @ .40 (sold for 10.75)

Sold SPX Feb 20 2025 6110.0 Put @ 5.90

Bought to Close SPX Feb 19 2025 6075.0 Puts @ .50 (sold for 6.05)

Sold SPX Feb 20 2025 6100.0 Puts @ 6.50

Still holding a 6100 for today.

As I’ve said a few times, the biggest risk I see to these SPX trades is the distance between the daily put being sold and the long put LEAP it’s being sold against. And by risk it’s really only the risk of an unrealized loss that you have to endure for awhile. Here’s how I’m handling those now.

Rolled SPX Dec 2029 5800/5800/6200 to Dec 2029 6100/6100/6500 @ 81.50 debit

This does a couple things. It reduces buying power required due to the narrow gap in the put sale spread and allows more aggressive daily selling because that gap has been closed. In the big scheme of things out to 2029 it’s a small price to pay for an adjustment. I’ll add that to the original cost basis for long term tracking.

Using the rental house analogy….if you own the house long enough you’ll have to eventually use some of the rent income for new carpet or a fresh coat of paint. LOL. Just some needed maintenance.

Another round. Giving Mr. Market one position he can really sink his teeth into. LOL

Bought to Close SPX Feb 18 2025 6055.0 Put @ .70 (sold for 12.00)
Bought to Close SPX Feb 18 2025 6055.0 Put @ .70 (sold for 14.95)
Bought to Close SPX Feb 18 2025 6055.0 Put @ .70 (sold for 15.20)
Bought to Close SPX Feb 18 2025 6055.0 Put @ .70 (sold for 16.25)
Bought to Close SPX Feb 18 2025 6060.0 Put @ 1.05 (sold for 14.10)
Bought to Close SPX Feb 18 2025 6060.0 Put @ 1.05 (sold for 14.95)
Bought to Close SPX Feb 18 2025 6075.0 Put @ 1.50 (sold for 16.50)

Sold SPX Feb 19 2025 6075.0 Puts @ 5.70, 5.95, 6.55
Sold SPX Feb 19 2025 6100.0 Put @ 10.75 come and get it!

EDIT: Messed up my copy/paste. Corrected now.

Roll out to Tue and slightly up.

Rolled SPX Feb 14 2025 6040.0 Put to Feb 18 2025 6055.0 Put @ 5.00 credit (12.00 total now)
Rolled SPX Feb 14 2025 6045.0 Put to Feb 18 2025 6055.0 Put @ 4.75 credit (14.95 total now)
Rolled SPX Feb 14 2025 6045.0 Put to Feb 18 2025 6055.0 Put @ 4.75 credit (15.20 total now)
Rolled SPX Feb 14 2025 6050.0 Put to Feb 18 2025 6055.0 Put @ 4.25 credit (16.25 total now)
Rolled SPX Feb 14 2025 6055.0 Put to Feb 18 2025 6060.0 Put @ 4.60 credit (14.10 total now)
Rolled SPX Feb 14 2025 6060.0 Put to Feb 18 2025 6060.0 Put @ 4.75 credit (14.95 total now)
Rolled SPX Feb 14 2025 6065.0 Put to Feb 18 2025 6075.0 Put @ 7.00 credit (16.50 total now)

Was hoping for some craziness but no joy.

Sold SPX Feb 14 2025 6040.0 Put @ 7.00
Sold SPX Feb 14 2025 6045.0 Put @ 10.20
Sold SPX Feb 14 2025 6045.0 Put @ 10.50
Sold SPX Feb 14 2025 6050.0 Put @ 12.00
Sold SPX Feb 14 2025 6055.0 Put @ 9.50
Sold SPX Feb 14 2025 6060.0 Put @ 10.20
Sold SPX Feb 14 2025 6065.0 Put @ 9.50

Adding to the LEAPS position.

SPX Dec 2029 6100/6100/6500 @ 336.0 debit

Taking a shot on at least some sort of a down move. Not much decay left in these for the next couple hours so I’ll just reload tomorrow either way.

Bought to Close SPX Feb 13 2025 6030.0 Put @ 2.75 (sold for 21.05)
Bought to Close SPX Feb 13 2025 6045.0 Puts @ 2.70 (sold for 22.55)

Out a day and up a strike.

Rolled SPX Feb 12 2025 6025.0 Put to Feb 13 2025 6030.0 Put @ 10.00 credit (21.05 total now)

Roll out to tomorrow on the little bounce.

Rolled SPX Feb 12 2025 6045.0 Puts to Feb 13 2025 6045.0 Puts @ 9.75 credit (22.55 total now)

And the rest…

Bought to Close SPX Feb 11 2025 6045.0 Puts @ .80 (sold for 8.60)

Sold SPX Feb 12 2025 6045.0 Puts @ 12.80

One filled. Everything else sitting at 6045 today.

Bought to Close SPX Feb 11 2025 6025.0 Put @ 1.05 (sold for 14.50)

Sold SPX Feb 12 2025 6025.0 Put @ 11.05

Finally booking all the rolls and re-loading.

Bought to Close SPX Feb 10 2025 6035.0 Puts @ .30 (sold for 35.60)
Bought to Close SPX Feb 10 2025 6035.0 Puts @ .30 (sold for 64.25)

Sold SPX Feb 11 2025 6045.0 Puts @ 8.60

Closing this in another account. This is how you imagine these going in a perfect world (sideways choppy). LOL Opened on Nov 26 2024. Market is only 35 points higher now.

LEAPS made money while collecting daily premium.

Sold to Close SPX Dec 2029 6000/6000/6400 Synthetic Short Stock @ 318.0 credit (bought for 305.0)

Bought to Close SPX Feb 10 2025 6035.0 Put @ 2.45 (sold for 59.25)

So:

LEAPS gain: 13.00
Current short put gain: 56.80
Previous premium received: 68.05

Net gain: 137.85

EDIT: More data collected now. In a straight up market these average about 50 cents on a dollar profit of premium collected. In a near perfect world as we see here it’s over a dollar of profit per dollar collected. Overall in a wide variety of positions looking at around 70 cents on a dollar.

From an old post earnings trade repair. I’ll take it!

Bought to Close ADBE Feb 21 2025 420/410/420 Inverted Jade Lizard @ 10.40 (sold for 10.10)

As long as we stay above 6035 should be booking a bunch of premium today. As current positions get paid off I’ll keep adding until reaching my max. Adding another one.

SPX Dec 2029 6000/6000/6400 @ 327.0 debit

Sold SPX Feb 11 2025 6025.0 Put @ 14.50

Moving some stuff around today. To simplify things having one account for SPX only and one account for SPY and whatever else happens to come along.

Bought to Close SPY Feb 21 2025 580.0 Puts @ .72 (sold for 2.30)

Bought to Close SPY Mar 21 2025 570.0 Put @ 2.76 (sold for 3.30)
Bought to Close SPY Mar 21 2025 575.0 Put @ 3.28 (sold for 3.82)
Bought to Close SPY Mar 21 2025 580.0 Put @ 3.81 (sold for 4.52)

This was leftover from selling it against a synthetic short position. Closed the short on the big drop now getting out of this and waiting for earnings on the 26th.

Bought to Close NVDA Mar 21 2025 115.0 Put @ 4.62 (sold for 5.10)

Looking a little weak so rolling down slightly.

Rolled SPX Feb 07 2025 6040.0 Put to Feb 10 2025 6035.0 Put @ 12.50 credit. (35.50 total now)

Rolled SPX Feb 07 2025 6050.0 Put to Feb 10 2025 6035.0 Put @ 4.50 credit. (59.15 total now)
Rolled SPX Feb 07 2025 6050.0 Puts to Feb 10 2025 6035.0 Puts @ 5.00 credit. (35.60 total now)
Rolled SPX Feb 07 2025 6050.0 Puts to Feb 10 2025 6035.0 Puts @ 5.00 credit. (64.20 total now)

Adding.

Sold SPY Mar 21 2025 570.0 Put @ 3.30

Starter ladder below the 100 day.

Sold SPY Mar 21 2025 575.0 Put @ 3.82
Sold SPY Mar 21 2025 580.0 Put @ 4.52

Rolling this one up to where we closed last Friday.

Rolled SPX Feb 07 2025 6000.0 Put to Feb 07 2025 6040.0 Put @ 8.00 credit. (23.00 total now)

Nice three day bounce. I’ll take these and see how earnings looks later.

Bought to Close NVDA Feb 28 2025 95.0 Puts @ .60 (sold for 1.50)
Bought to Close NVDA Mar 21 2025 85.0 Puts @ .61 (sold for 1.68)

Taking the rest of a decent size position off at 85-90 percent of max a couple weeks early.

Bought to Close TLT Feb 21 2025 87.5 Put @ .31 (sold for 1.79)
Bought to Close TLT Feb 21 2025 87.0 Puts @ .23 (sold for 1.48)
Bought to Close TLT Feb 21 2025 86.5 Puts @ .16 (sold for 1.24)
Bought to Close TLT Feb 21 2025 86.0 Puts @ .13 (sold for 1.00)
Bought to Close TLT Feb 21 2025 85.5 Puts @ .09 (sold for .82)
Bought to Close TLT Feb 21 2025 85.0 Puts @ .06 (sold for .60)

Going out to Friday and down a strike. This gets all the daily sales back in the same spot.

Rolled SPX Feb 05 2025 6055.0 Puts to Feb 07 2025 6050.0 Puts @ 11.60 credit (30.60 total now on these)

Assigned on Feb 88 strike put. Strange since it was just ITM by a few cents. I’ll take it though.

Sold TLT Shares @ 89.42 (bought for 85.88)

Taking these off for 40 percent of max in a couple days.

Bought to Close SPY Mar 21 2025 550.0 Put @ 2.04 (sold for 3.50)
Bought to Close SPY Mar 21 2025 555.0 Put @ 2.36 (sold for 4.00)

Sold too early so booking them for beer money.

Bought to Close SPY Mar 21 2025 561.0 Put @ 2.82 (sold for 2.95)
Bought to Close SPY Mar 21 2025 569.0 Put @ 3.62 (sold for 3.80)
Bought to Close SPY Mar 21 2025 575.0 Put @ 4.38 (sold for 4.65)
Bought to Close SPY Mar 21 2025 580.0 Put @ 5.17 (sold for 5.40)