Another IC closed this morning at 60% max profit.
BTC SPX Nov 4 2220/2210/2000/1990 for 0.40.
Sold this originally for 1.05.
I know it may seem like these are little amounts. Yes, only 0.65 minus commissions. These add up. I’m actually having one of my best months ever.
Thanks to @Jeff for getting me interested in $SPX spreads last year with the #SPXcampaign, and thanks to TT for helping me see that getting out at the 50% level is profitable for the long run.
Author Archives: rknight52
$SPX iron condor closed
BTC SPX Nov 18 2250/2240/1980/1970 for 0.80
Sold on 10/3 for 2.05.
Closed in keeping with discipline at 60%
$SPX puts closed
BTC SPX Oct 28 2050/2040 for 0.40.
Sold 5 days ago for 1.00. Continuing to close these at 60% max profit.
Oops! Not paying attention.
It pays to pay attention to your trades. Was “trying” to add a call spread to an SPX Oct 28 put spread that I sold yesterday. Instead of selling, I bought an SPX call spread, the Oct 28 2190/2200 for 1.25. It’s still sitting at the same price so I could just get out now and realize it pays to pay attention. Or, I could hold a while and see if today continues to go up and then sell it for a little profit.
Thoughts? You can just tell my I need to pay attention to my orders and I’ll take my lumps and get out of it now. 🙂
$SPX iron condor
Went a little further out to Nov 25 at 44 DTE, but premium is pretty juicy today.
STO Nov 25 2230/2220/1980/1970 @ 2.25
Will look to manage at 60% max profit as usual.
$SPX iron condor — an extra
Took an extra SPX iron condor for a Wednesday expiration. Don’t usually do those but looked good.
STO SPX Nov 9 2250/2240/2010/2000 @ 1.20.
SPX call spread closed and iron condor closed
BTC Oct 21 2200/2210 for 0.60. Sold this 2 days ago for 1.45. That’s 58% max profit, close to my 60% ideal.
BTC Nov 4 2240/2230/2000/1990 for 0.75. Sold this for 1.85 on 9/26. That’s 59% max profit. Again, close to my 60% ideal.
Too many times I’ve tried to hang in there to collect it all, only for things to go sour and have to roll or chase or just plain lose money. Will continue to close these spreads in this way as long as it’s making me good money.
Something different!
Looking for something different and saw these two trades on TT. Plays on fading the energy sector.
Broken wing butterfly with XLE and sort of a broken wing iron condor with XOP.
I’m modifying the XOP iron condor for 42/40/40/39 for Nov expiration. This places the breakeven point above the 52-week high for XOP. Sold for 1.20 credit. Max possible loss is 0.80.
The XLE broken wing is interesting, but I’m gonna pass on that one.
SPX calls closed
BTC SPX Oct 7 2195/2205 for 0.20. Sold last week for 0.90.
Closing early as I don’t trust this market in either direction.
77% max profit, so what’s not to like about that anyway!
$GOOGL iron condor
Oct 21 850/840/765/755 IC for 1.02.
This expires before earnings. Sold as separate legs as it didn’t want to sell as the iron condor itself.
Both legs are outside the expected move as shown on Dough.com. Expected move at this time is between about 786 and 823.
$SPX iron condor closed
BTC $SPX Oct 28 2250/2240/1980/1970.
Originally sold for 1.35 on 9/19. Bought back for 0.55.
This in keeping with closing these at about 60% max profit.
It continues to work! 🙂
$SPX weekly iron condor
STO $SPX Nov 18 2250/2240/1980/1970 IC for 2.05.
Will again look to close at 60% max profit.
$COST earnings today after the…
$COST earnings today after the close. Any ideas?
SPX recovery mode
After the sure thing iron condor for expiration tomorrow, that is no longer a sure thing. Bought back the put spread at a loss, but thinking this could get worse. Sold another call spread for expiration tomorrow. Sold 2175/2180 for 0.50. Also sold next Friday, Oct 7 2195/2205 for 0.90.
Thought about another put spread, but a bit nervous with the downside now.
SPX taking a chance
STO Sep 30 2200/2190/2150/2140 IC for 1.00 with SPX at 2170.
Expires tomorrow.
SPX iron condor
STO $SPX Nov 11 2255/2245/1990/1980 for 1.80.
43 DTE, will look to close at 50-60% max profit. This continues to be successful. Following the TT model (they close at 50%). Their iron condors have higher delta as they work at 1 SD, where these are closer to Jeff’s model of delta.
NKE earnings spreads – closed call side
closed the call side of the spread for 0.20. About 80% of max profit of that side.
Working on the put side now.
NKE earnings anyone?
After close today. Looking at condor or butterfly.
SPX — another iron condor out for profit
BTC Oct 21 2240/2230/2000/1990 IC for 60% max profit.
Will continue to exit at these levels. As soon as I’m in these condors, I set the close order at 60% max profit.
$AMZN – put spread sold for IC
Completed an iron condor that I started last week. Last week sold the call spread for 1.90. Today sold the put spread for 0.55, total of 2.45 for a 5 point spread.
Oct 21 820/815/755/750 for 2.45 total.
SPX weekly iron condor
STO Nov 4 2240/2230/2000/1990 for 1.85
$VIX call spread
Bought vertical, can’t believe I did that, but volatility has to come back in.
BTO Oct 19 14/17 for 0.95.
Similar to TT.
$AMZN call spread
STO Oct 21 815/820 BeCS for 1.90.
Expecting this to pull back a bit.
Recognize this is a little risky with this market.
SPX another iron condor closed at 60%
BTC Oct 14 2265/2255/2010/2000 IC at 60% max profit.
At these strikes probably could have held for more, but trying to stay disciplined.
SPX calls closed
STC Sep 23 2200/2210 call spread for 66% max profit.
Closed this early as this market could jump if the Fed holds steady today. I sincerely doubt that it would get past 2200 this week, but it is possible and I’ve been burned before by trying to hold too long based on my hopes or wishes or my take on the market. The market doesn’t care what I think, so I’m gonna take the money and run!
FDX earnings trade?
Any ideas for today? Looking at an iron butterfly, but still looking. FDX can explode down and then with the fed speak this week, a little hesitant. Thoughts?
SPX IC closed for profit
BTC Oct 7 2260/2250/2010/2000 IC for 0.55.
This was a preset, discipline trade at 60% max profit. Had opened this about 2 weeks ago.
Will continue to exercise discipline on these iron condors and set sell orders at 60% max profit. It is working.
SPX IC
STO Oct 28 2250/2240/1980/1970 IC for 1.35
$SPX call spread
STO Sep 30 SPX 2220/2230 BeCS for 0.90, to complete an iron condor for that date.
TDA trouble?
Anyone else having trouble with TDA today? Able to log in but it won’t show my balances. Dough platform loads, and actually able to trade, but can’t see my portfolio and balances and get error messages. Went on TDA itself and the same thing happening. Could see my transactions, but not my balances and positions. What’s up?
SPX puts and calls sold for IC
Sold separately, $SPX Oct 21 1990/1980 BuPS for 0.90 and $SPX Oct 21 2230/2240 BeCS for 0.90 to complete iron condor for 1.80.
SPX iron condor
STO Sep 16 2220/2210/2110/2000 @ 0.75
SPX iron condor
STO Oct 14 2265/2255/2010/2000 for 1.00
Weekly strategy and trying to stay pretty far OTM. Will close at 60% max profit.
Tasty Trade does 50% max profit, but I have been successful at 60% and will continue in this fashion.
SPX IC weekly
STO SPX Sep 9 2220/2210/2125/2115 for 0.50.
$SPX — going back to the well
BTC $SPX Sep 16 2220/2230 call spread at 60% max profit.
Stickin’ with discipline that has made me money this year.
Will reload later.
$SPX iron condor
STO SPX Oct 7 2260/2250/2010/2000 IC for 1.40.
Deltas of 1 on both legs. Trying to get back to disciplined trades.
Buying options uniformly lose me money, so selling is the way to go, even in low volatility.
If anyone here sees me buying a spread or other options, call me out and make me answer why. Thanks!
GME earnings trade
GME earnings today after close.
Trying for 35/33/31/29 IC for 1.10. No fill yet.
I’m bored…bought call $LABU
Biotech wants to breakout, I’m bored with this market, so bought, yes bought, call.
BTO Oct 21 50C for 4.70. Delta 0.47.
Will try to keep a tight reign on this if it slips, but have 58 DTE.
Boredom usually gets me in trouble, but this looks pretty good.
SPX call spread
STO Sep 2 2220/2230 for 0.95
BBY earnings. Any ideas?
Looking at an iron butterfly such as 30/32.50/32.50/35 for $1.65 credit at this time, but BBY could swing by 10%, so could lose 0.85 on this. Thoughts?
$SPX put spread
STO Sep 2 2090/2080 BuPS for 0.70.
This completes an iron condor with 2230/2220 call spread for total 2.20 credit.
$SPX call spreads
STO Sep 23 2255/2265 for 1.00
STO Sep 2 2205/2215 for 2.90
$YELP earnings trade
Trying to get an iron butterfly for earnings, but having a hard time filling as it is not very liquid.
Attempting to get Aug 19 28/32/32/36 for 3.00. Risk 1 to make 3. Also giving it a week to settle in after earnings. Will let you know if it fills.
$SPX call spread
$SPX call spread
STO Sep 2 2220/2230 for 1.65
$PCLN — reloaded
Couldn’t get a fill yesterday afternoon on an IC and now with earnings this afternoon, have reloaded and got a fill.
STO $PCLN Aug 19 1510/1500/1200/1190 IC for 1.55
SPX – taking my lumps
Taking lumps today on some SPX call spreads that I was ignoring, just thinking that I knew better than Mr. Market. Didn’t stick with discipline and now paying for it as this market continues to defy gravity.
Lesson: without sticking to discipline, you WILL have to pay the piper. Still up for the year, but hurting a bit today as I close some spreads that I should have managed earlier.
Market thoughts
I’ve been thinking we are overdue for a pullback. Looking at the chart of the SPX on a weekly basis, it has closed above the upper Bollinger band for the past two weeks. Looking back the past 10 years it has rarely done this even for one week where it closes above the upper BB on the weekly charts. When it does, it pulls back. With two weeks above the upper BB, we are due for a pullback based on technicals and charts. I will be expecting the expected this week in that regard. I’ve got “too many” call spreads on right now, just like I had “too many” put spreads on a couple of weeks ago.
Be careful, but expect the expected.
MSFT
@jeffcp66. What are you going to do with your puts from the Strangle earlier this week? Just let ’em go, or try to roll in some fashion? I don’t really want to add more cost by trying to roll them. What do you think?
SPX contrarian
Well, don’t usually do these, but saw it on TT and it looks low risk, and with the market doing weird stuff thought I’d try it. Also looks like SPX and SPY may have peaked for the day and starting down.
So, BOUGHT, yes BTO SPX 2170/2165 put spread for 0.50. Expires today! Makes money below 2169.50.
This may be really dumb, but risk is defined at 0.50, and could actually make a few bucks.
Out-a-here!!!
Heading off on short vacation in the morning. No expirations for me until August as I either closed or rolled out. Will be watching by iPhone, but not trading until next week. Here’s hoping for that pull back by then so things will settle down a bit.
Best of trading to you all and see ya next week. @Jeff, keep rooting for that pullback!
SPX Call spread
STO Aug 26 2210/2220 for 2.15.
How high can she go? Anybody’s guess, but I’m thinking we will get some pullback to around the 2120 level of the breakout before then. Not selling puts yet as I like to wait for the pullback. Sure as I sell them now, I’ll be rolling them or taking losses at the pullback. So, trying to be patient.
Purple Haze…
With all due respect to Jimi Hendrix, this market reminds me of…
“Purple haze, all in my brain
Lately things they don’t seem the same
Actin’ funny, but I don’t know why
Excuse me while I kiss the sky”
SPX put spread
STO Jul 29 1980/1970 put spread for 0.90.
This completes an iron condor with my 2150/2140 call spread.
Total credit 2.10.
SPX iron condor
STO Aug 19 2185/2175/1890/1880 IC for 1.65
Looking to close at about 60% max profit.
$SPX call spread closed
With this drop today, closed $SPX Jul 8 2130/2140 for 0.30.
Sold last week for 1.00
Are we there yet?
My kids used to ask that question all the time when traveling, so have to ask it now in relation to the market. Just wondering how much higher we go before a pullback. Looking at other metrics today shows larger inflows into consumer staples, utilities, and higher dividend payers…all defensive things. A flight to safety, maybe? We’ll see.
Any thoughts appreciated as I contemplate what to do with my SPX call spreads.
SPX call spread sold
Sold another call spread: Aug 5 2150/2160 @ 1.15 when SPX at 2063
SPX put spread closed
BTC SPX Jul 8 1950/1940 for 0.30.
Originally sold for 0.70.
Glad to get out at above 50% max profit a week early. I agree with Jeff, I have a bearish sentiment and glad to get this spread closed. I see no reason this market is going to push to a new high soon. What would be the catalyst?
Put out with profits!!!
SPX that is…puts out at the open today.
Yesterday STO Jul 1 1910/1900 put spread for 0.70, BTC at the open today for 0.15.
Yesterday STO Jul 1 1930/1920 put spread for 0.80, BTC at the open today for 0.30.
Total of 70% of max profit in less than a day. I love it!
SPX call spread closed in…
SPX call spread closed in one day for nice profit.
STO this morning Jul 1 2075/2085 call spread for 0.85 credit, now closed at my predetermined limit price of 0.20 in just a few hours. I like that profit action, but the next question for SPX is how low can she go!
Expiration
Out at full profit:
SPX 2140/2130 call spread
SPX 2030/2020 put spread
SPX 2020/2005 put spread
SPX 1985/1975 put spread
Took a hit:
SPX 2040/2025 put spread
SPX 2040/2030 put spread
Pretty exciting week! Glad it’s over. Crazy day today. If I didn’t already have gray hair, this one would have added a few. #OptionsExpiration
Breath-holding spell…
Wow…didn’t know I could hold my breath for an hour! Probably shouldn’t have and should have rolled those SPX 2040’s.
Looks like 2040 was breached and will have to take my lumps. Anyway, won’t have to worry about next week since I didn’t roll them. Will be able to sleep no matter what is in store next week.
SPX put spread
Going to the well again.
STO Jun 24 2030/2020 for 1.10 with SPX at 2053
SPX put spread
STO Jun 24 2040/2030 for 1.40.
Will watch it, but I think we’re OK for the day.
SPX calls
Whew, just got into this today. What a day for my work to be intense and no time to really look at things. Took off any stops before the open. Closed two call spreads today at great profits and freed up margin and buying power.
Also, closed the put side of our IB for today and got out for 9.50 instead of the full 10.00 that would have happened at expiration later today.
TSLA broken wing butterfly
Took an idea from Dough/TastyTrade for this.
STO Aug 19 185/195/200 put butterfly for 1.60 credit.
Max possible loss 3.40 if closes below 188.40. Max possible profit 6.60.
Roughly risking 1 to make 2.
SPX weekly call spread
STO Jun 24 2130/2140 call spread for 1.05.
SPX calls
STO Jun 30 2140/2150 call spread for 1.85 with SPX at 2095.
SPX call spread — couldn’t help myself!!!
Hands got numb so had to push some buttons. LOL.
Call spreads work, as @Jeff stated below.
STO Jul 29 2150/2160 call spread for 2.10.
This completes an iron condor that I started yesterday with the 1840/1825 put spread for 1.10.
Yes, it is unbalanced, but I like the total risk/reward at these strikes.
SPX call spreads closed
Several SPX call spreads closed this morning at predetermined profit levels, all for about 60-70% max profit. Trying to stay with discipline even though could probably have waited and gotten more of the max profit later. This discipline with the SPX spreads has resulted in my best, most profitable 4-5 months of trading ever. I suggest to all of you that you use a disciplined approach to trading, whatever discipline works for you. It’s when I put the discipline aside that I start losing money and having to scramble to make things happen. @Jeff, thanks for showing discipline in your approach to trading these SPX spreads. It is different from what I’m doing, but the encouragement to be disciplined has resulted in $$$ in my account instead of losses. Thanks!
SPX Puts sold
STO Jul 29 1840/1825 BuPS for 1.10 with SPX at 2051.
SPX Wednesday IC closed
BTC Jun 15 2120/2110/2050/2040 IC @ 0.20, with SPX at 2083.
Sold yesterday for 0.95.
This is probably safe, but with the Fed speak today, you just never know with this crazy market. I’ll gladly accept 78% of max profit in a day. 🙂
$SPX Wednesday iron condor
STO Jun 15 2120/2110/2050/2040 IC @ 0.95, with SPX at 2077.
Fingernails shorter, but antiperspirant working…
Nail-biter day with the AMZN trade, sweating a bit, but breathing calmly now!
AMZN 730/725/715/707.5 IC – Sold today for 1.10 and expired worthless.
SPX 2090/2075 put spread – sold today for 1.15 and expired worthless.
Ready for a calmer weekend! Hope the same for you all.
$AMZN same day IC
STO AMZN Jun 10 730/725/715/707.5 unbalanced iron condor for 1.10.
AMZN seems to be stabilizing around 717-718. I’ll be watching closely, but seems profitable for the day
Options Bistro 