Position was 180/155 inverted @ 28.70 for this Friday. Using the wild swing today and rolling out 2 weeks and actually getting un-inverted…(is that a word? LOL!)

Closed call side earlier on the selloff and re-sold out in Sep 2nd expiration on the bounce.

Sold NUGT SEP 2 2016 175.0 Call @ 7.00
Rolled 180 put to Sep 2 2016 170 put @ even.

All factored in the new position is now a normal 170/175 strangle for a nice 32.20 premium captured so far. I’ll wait and look to adjust later on. A single strangle next week also that I’ll look to roll out 2 weeks when (if) the time comes. Seems to be working nicely on the staggered 2 week roll schedule.

Not counting the scalp on the calls this morning…I’ll book those.

Sold NUGT AUG 26 2016 170.0 Call @ 5.00

Paired with 160 put for 15.15 total premium on the strangle…

First multiple time frame buy signal of the day…

KInda risky but taking advantage of the drop to close some calls sides of strangles. I’ll re-sell ’em at some point but this is too nice a selloff not to do something…

Bought to Close NUGT AUG 19 2016 155.0 Call @ 3.50 (I’ll re-sell it out in Sep when I roll inverted put side)
Bought to Close NUGT AUG 26 2016 180.0 Call @ 2.75 (sold yesterday for 6.40)

Any chance it closes flat on the day? Dan at OMM says ain’t no way, not even a possibility rates get raised. Gonna be fun to watch!

180/155 inverted strangle for Friday…There’s only about 4 dollars of premium left in it. Wondering how far to push my luck before (or if) rolling. Since both sides are in the money I may do something a little sooner. These would be perfect for someone to hit me with an early exercise. On the bright side the entire position is sitting at breakeven.

Looking back this thing started out around 80/120. Rolled both sides up for awhile staying fairly even each roll. Finally got to the point where premium couldn’t keep up with roll cost and had to invert. So far so good. I’m gonna be stubborn and keep the trade going and try to “un-invert” it eventually…LOL

EDIT…the advantages of staying small allows this in an account my size. Thanks to TT for beating that into my head over and over!

Little bounce there and needing some short deltas…gets all the strangles balanced again.

Sold NUGT AUG 26 2016 180.0 Call @ 6.40

Sold NUGT AUG 26 2016 190.0 Call @ 6.00

Paired with 160 put…position is now 160/190 strangle @ 12.50.

A little narrower than I would like but the put side was a reverse roll from last week. Debating whether to leave it by itself but decided what the neck…pair it up and see what happens.

What started out as a strangle with the short call getting killed this thing still has a chance. Went further inverted today. Position was next week’s 165/155 inverted strangle @ 21.70 credit. Rolled the 165 put up to 180 put for another 7.00 credit.

Position is now 180/155 inverted @ 28.70. As long as the credit received is more than the inverted width it will make money. Goal is to still have the stock price be inside the strangle at expiration. Pay the width of the strangle for the position to go away and keep the difference. If nothing else it has a lot better chance than if I would’ve let the original 100 put (or whatever it was…don’t remeber) just sit there.

Was sitting on a 155/170 strangle for this week. 155 put almost worthless so reverse rolling the 170 call out 2 weeks to the put side.

Bought NUGT AUG 12 2016 170.0 Call @ 9.75
Sold NUGT AUG 26 2016 160.0 Put @ 9.15

Paid .60 debit but that’s ok…I’ll look to sell the call side at some point…or maybe not at all and just reduce my size a little.

Sold NUGT AUG 12 2016 170.0 Call @ 3.00

Paired with this week’s 155 put. Back in the routine now…selling a fairly aggressive strangle in this week and next week. That allows a 2 week rollout of the current week if needed and still collecting big theta while only requiring small margin.

As an experiment I went inverted on my NUGT August monthly position a few days ago. Can’t remember what it started out as but I’ve been rolling the put side up all along against a short 155 call. Finally took the inverted plunge just to see how it works.

Position is now 165put/155call inverted strangle for net premium of 21.70. I can see a few different scenarios so here’s what I’m considering:

1. Stock closes outside the strangle then one side will expire. At that point I’ll roll the other side up or down as far as I can for even and then sell the other side. Hopefully can get the entire thing “un-inverted” and have credit jacked up close to 30.
2. If the stock closes in between the strikes I’ll let the position go for 10 bucks and pocket the remaining 11.70 that I’ve already collected.
3. Possibly close it at any point in time for something less than 21.70 and then reload a new strangle somewhere else.

Bought to Close NUGT AUG 5 2016 155.0 Put @ .70 (sold for 5.40 after multiple roll ups to capture additional premium)

Bought stock at 163.50 on the morning drop. Sold for 167.50 on the bounce. Seems like this thing always recovers a little after an opening drop…

Next week expiration:

Bought 1 180 call and sold 2 155 puts for 1.52 credit. Overall NUGT position still short but playing this breakout with shorter term puts. Still strangles for Aug and Sep with calls that are in the money now. I’ll see how these puts play out before any aggressive rolls on the put side of those strangles…

Great review of the tastytrade inverted strangle strategy this morning. May try it on one of my NUGT positions…

Lost 33 dollars playing with NUGT in the TOS Active Trader tab. Seems like some interesting possibilities once you get the hang of it…

Was short this week’s 155/165 strangle from a roll last week. Don’t want to let the call get in the money so rolled to next week’s 180 call for even. Leaving this week’s 155 put where it is for now. Position is about delta neutral. Watching for now…

Quick flipper:

Sold NUGT AUG 5 2016 130.0 Puts @ 3.00
Bought NUGT AUG 5 2016 130.0 Puts @ 1.70

Roll: (this is getting old)

Rolled this week’s 145 call (sold for 6.10 net so trying to keep that) into next week’s 155/165 strangle for even.

Back to work now…have a great weekend everyone!

Not even messing with this…unless I get a chance to sell it again!

Bought to Close NUGT JUL 29 2016 125.0 Put @ .20 (sold for 2.30)

Little bounce there so:

Sold NUGT JUL 29 2016 160.0 Call @ 3.50

Looking to add put side soon…

Sitting on an August 125/200 strangle from a rollout that only brought in 2.90 net after the roll. Making a delta adjustment and adding some premium to make it seem more worthwhile to hold this thing.

Rolled the 200 call down to 170 for 4.15 credit. Still above all time high bringing total strangle premium to 7.05…

Still looking to add some shorter term calls if the chance comes along….

Bought to Close NUGT JUL 22 2016 135.0 Put @ 6.10 (sold for 3.10)
Bought to Close NUGT JUL 29 2016 190.0 Call @ .78 (sold yesterday for 3.40)

38 cent loss on these so combined with the closing yesterday of this week’s call for a 2.20 gain still a decent week. Not going to ride the put side of this thing into a smoking hole so happy to be out with good profit. Looking to re-sell some calls on a bounce later…

Bought to Close NUGT JUL 22 2016 195.0 Call @ .30 (sold for 2.50 as part of a weekly strangle)
Sold to Open NUGT JUL 29 2016 190.0 Call @ 3.40

I’ll add next week’s put side once this week’s looks a little safer.

As long as IV is through the roof I’ll keep selling these weeklies.

Sold NUGT JUL 22 2016 135.0 Put @ 3.10

Adding this to the 195 call sold yesterday for 2.50

Rolled this up a couple times so closing just in case she goes lower…already closed call side of strangle.

Bought to Close NUGT JUL 15 2016 155.0 Put @ 2.10 (sold for 5.90)

Been paying nicely each week…getting a jump start on next week. Already closed this week’s 190 call and rolled up the put side a couple times (currently 155). With the aggressive put roll I’ll start the call side for next week a little early.

Sold NUGT JUL 22 2016 195.0 Call @ 2.50