In spirit of sharing and learning, from each other’s success or mistake.

Near the close of Monday, I did a roll up, at 3:37 Mar‑13‑26 6650 to 6775 @32.5 credit.

Earlier to day, I rolled Mar-13-26 6775 to Mar-17-26 6730 Put @ 2.2

The Monday pm roll was an emotional trade, exactly buying the top. Even Monday evening I was thinking to reverse it on Tuesday, but when Tuesday came, part of me just didn’t want to admit I was wrong, and started the hoping game…. as how well that usually ends…

The whole structure still made money this week, but if I hadn’t done that roll on Monday pm, rolling Mar-13-26 6650 to Mar-17-26 6730 this evening would have pulled in 107, for $72 extra net profit per! ouch!

Although without that action, it’s highly unlikely that I would have rolled to Mar-17-26 6730 today, more likely to Mar-16-26 6600 or lower, a much better structure (pairing up with the long Apr 6800 put) if SPX keeps going lower, still…!

“The market has a funny way to catch the trades’ mistakes”.

BTO Mar-23-26 6810/Mar-20-26 6800 Call Diagonal @ 3.5

A trade for a potential bounce, it doesn’t have to run all the way back to 21 EMA.

Max risk 13.5 (If SPX charges way beyond 6810 at expiration). Will start scaling out @6.0 (~30%)

BTO Mar-20-26/Dec-15-28 100 Put Calendar @ 16.6
BTO Mar-20-26/Jun-18-26 100 Put Calendar @ 6.7
BTO Mar-20-26/Mar-27-26 100 Put Calendar @ 1.7

More of a theta trade. No idea where oil will be priced at in the next few months.

Starting position from Friday: Apr‑17‑26 6800 / Mar‑10‑26 6740 Put Diagonal @ 145.65

12:30 Rolled Mar‑10‑26 6740 to Mar‑13‑26 6650 @2.9 credit, the new strike effectively removed downside risk.
3:37 Rolled Mar‑13‑26 6650 to 6775 @32.5 credit. Total credit from both rolls: 35.4

Ending position: Apr‑17‑26 6800 / Mar‑13‑26 6775 Put Diagonal, now marked @98.6. Small negative delta, breakeven range 6620 – 6935.

If I hadn’t rolled, the original position would be worth 145.45 – basically unchanged.

If I had rolled Mar‑10 6740 to Mar‑13 6775 directly at the close, the credit would’ve been 46.8.

Rolling intraday, anytime, would’ve been a lot better… the usual coulda, woulda, but that’s trading.

Apr‑17‑26 6800 / Mar‑10‑26 6740 Put Diagonal @ 145.65

I’d like to give a short summary of my main trade this year, for general information and discussion. I’ve been running a systematic SPX short‑strangle approach, usually 1DTE or a few days out. My hedge is a longer‑dated strangle a few months out, with strikes roughly 100 points above/below then SPX price. At least one side of the short strangle typically expires worthless, and I aim to roll for a net credit, targeting about $20/day in total net credit.

When an expiring leg goes deep ITM, I try to roll it as close to ATM as possible as long as I can still collect a small credit. The credit from the opposite side helps offset the cost a little. This rolling method naturally builds in mean‑reversion, and it has worked well in this range‑bound market. Occasionally I’ll pay up to roll the hedge up or down – only on the side that has become significantly cheaper after a large move (today that would be rolling down the call hedge). This adjustment pays if SPX reverses and also helps reduce margin. The trade is up 57% YTD on the average carrying risk.

Today, I initially looked to roll down the April 7000 call to 6900 or lower, but ultimately decided to close that side entirely. I did add a few units to the put side. The new put diagonal costs $145, with a breakeven range of 6610 – 6850 and a max profit around $5,500. The structure is currently -2.2 delta, essentially neutral. When rolling, I may lean slightly based on market conditions at that moment. The carrying cost of this diagonal is fully covered by profits accumulated so far.

In another account, I have been trading the SPX double diag (Friday/Monday expiration), 100-200% on every trade in the last few weeks. I think the success has much more to do with the market condition than the strategy itself or the trader, and we need to adjust based on market condition.

I have a few small option positions on other stocks, but for the two accounts I’m now 50% in cash. My sense is that the market is setting up to break out of this range – likely sooner rather than later.

Trade well and be safe.