Rolled 1 GME 05/24/2024 12/22.5 Bull Put Spread to 1 GME 05/31/2024 12.5/21.5 at $0.05 Credit
Rolled 1 long GME 05/24/2024 19.0 Put to 1 GME 06/07/2024 12.5 Put at $0.70 Credit
Rolled 1 short GME 05/24/2024 20.0 Put to 1 GME 05/31/2024 18.5 Put at $0.02 Credit
Bought to close 1 GME 47/37 Bear Call Spread at $0.01
Bought to close 1 CMG May 24 2024 3075/3100/3275/3300 Iron Condor at $.05 – Sold Monday at $5.17
#RiskReversal At the close yesterday, I felt that we’d had an outsized intraday countertrend move that wouldn’t follow through. I think we will remain at these levels or go higher at least until June 7th, when we get next monthly jobs report, followed by both a CPI report and Fed decision the following week.
So, at the close…
Sold to Open $SPX May 29th 5160/5140 puts spreads
Bought to Open May 29th 5360/5380 call spreads
Net CREDIT +0.15
#SPX0dte Sold to Open $SPX May 24th 5210/5230-5320/5340 condors for 1.10, IV 18.04%, deltas -.07, +.07
Switching to a wide condor after yesterday’s move and economic data coming today.
1 SPY 536/533 Bear Call Spread
Until today’s move …
Market volatility (VIX) drops to its lowest level in 4 years
All of you that trade SPX have probably noticed this but since the advent of the daily expirations the market makers try to hold onto that time value until the last day/minutes. They also manipulate IV of the individual options. We watch it on the algo.
1 of my SPX butterflies is solidly under the tent and has huge profit potential. I have been in the trade 20 days but until today it was showing negative. 6k of that theta decay finally transferred today but there is still another 11k sitting there.
The way to force the time value in SPX is to hold into the close and force them to pay you the time value. Unfortunately since Schwab took over TOS they will not let me hold until the close. I get messages throughout the day saying if you do not close it their risk department will. Often at a market order.
Tastytrade allows me to do that as long as they can tell I am watching it. In an ideal world I have taken my profits long before this but occasionally have to carry one of these into expiration. But if you do watch the gamma, it can flip your profits to losses quickly.
Not an issue with stock or ETF options as you can just force exercise to keep all the time value. Only an issue in the indexes because you cannot really own the index other than through futures but with futures you can force exercise of the futures.
Bought to open 1 SPY 05/29/2024 515.0 Put at $0.25.
Bought to close 1 SPY May 23 2024 523/526 Bull Put Spread at $0.68 (originally sold at $0.45).
Sold to open 1 SPY 05/28/2024 523.0 Put at $1.12.
All in all a successful rolldown.
#SyntheticShortStock – Could’ve gotten nearly 6 bucks for this roll this morning. You just never know. Rolling these out but not down to see if we bounce a little tomorrow.
Rolled SPX May 23 2024 5310.0 Puts to May 24 2024 5310.0 Puts @ 1.00 credit (18.75 total now)
Rolled today’s SPY 537/529 Bear call spread to SPY 06/04/2024 536/530 Bear Call Spread at $0.02 Credit
The strong opening spooked me so I did an unnecessary rollup when I should have waited for it to expire
Then sold 1 SPY 05/23/2024 535.0 Call at $0.12 against an existing long position.
Finally, I extended my put Ladder:
Sold 1 SPY 05/28/2024 518/520 Bull Put Spread at $0.25 Credit.
Rolled 1 SBUX 05/24/2024 78.0 Diagonal Call to SBUX 05/31/2024 79.0 Call at $0.17 Credit.
#smallbuy
#dividends
#WEEKLYpayer
BOT QDTE @44.49
Bought 1 BOIL 06/21/2024 37.0 Call / Sold 1 BOIL 05/24/2024 24.0 Call at $0.26 Credit.
The June long position allows for multiple writes
#MOVINGON
half of spread
BOT TO CLOSE/ SBUX 24 MAY 2024 78 PUT @.08
BOT BITO @27.64
#SPX0dte May 23rd 5315/5345-5350/5380 condors for 15.25, IV 18.77%, at 8:46 ET
Hello everyone! It’s been a while since I have posted but have been watching from the side lines. I joined the professional side of trading a while ago but resigned recently. Have one trade left to close then free and clear. Won’t bore you with details but from the publishing side I could not trade how I wanted, it was a lot of work, others made a lot of money off me but I did not get much in return, and it took up most of my Fridays off.
I can trade my own accounts (7) in about 1-2 hours per week but for the service with trade write-ups, answering questions about trade write up, answering questions about why people put the order in wrong (even though it was very specific) took up several more hours. Took away my day off which was not what I wanted if not being paid well for it.
Anyway, I love the group trading idea. We all make better decisions, more money, and share ideas that some of us may not have thought about. Plus with multiple eyes on the market we can all benefit from others seeing opportunities we may have otherwise missed.
Not going to post daily, still working as busy family nurse practitioner but I have boiled my trading down to about 13 tactics and they are all very effective. Some better in high volatility, others in low, and some are all terrain.
Butterflies/dragonflies (my name for them in the service and I am taking it with me), asymmetric iron condors and box cars, Jade lizards, Strangles/straddles, 211 trade (basically a ratioed jade lizard with a hedge), diagonals/calendars often multi strike, ratio spreads, synthetics (straight up and hedged), ZEBRHS (zero extrinsic back ratio hedged synthetic straddle, and Time Zone/time twister trades. Took a few years to tweak these so they worked for my style of trading and perfecting them with real money, no paper trading. I had to feel the pain when I lost to figure out how to repair it.
90% of these trades are hedged so no SVXY blow ups like in Feb 2018 and if they do go against me easy to adjust/hedge.
I also trade everything except Forex and Crypto (basically money laundering device). No offense to those that do but crypto is only supported by the next sucker who will buy it. Although a friend just cashed in 15 bitcoins for about 1.05 million so lucky him as he mined them early.
I am still working with Quant Culture on the professional side but I don’t have any trading rooms at the moment and if I ever do again it will be alert only service. Not going to waste time trying to fix trades others messed up. If they want to put their own twist on it fine, but don’t ask me to fix it when it blows up. But I resigned from Traders Reserve. May still collaborate with them but not running a trading service again unless I get at least 50% royalties.
Hope everyone is doing well financially and is also healthy. Catch up soon!
1 SPY May 22 2024 524/527 Bull Put Spread – sold on Monday at $0.49
1 SPY May 22 2024 536/533 Bear Call Spread – sold today at $0.50
Sold 1 SNOW May 24 2024 130/135 Bull Put Spread at $0.15 Credit
#EveryLittleBitHelps
Sold 1 GME May 24 2024 47/37 Bear Call Spread at $0.22 Credit
Sold 1 SBUX May 31 2024 / May 24 2024 85/82 Diagonal Bear Call Spread at $0.18 Credit
Sold 1 VIX May 29 2024 20/15 Bear Call Spread at $0.17 Credit
#SyntheticShortStock – Thank you NVDA for the jacked premiums tomorrow!
Rolled SPX May 22 2024 5310.0 Puts to May 23 2024 5310.0 Puts @ 12.75 credit (17.75 total now)
Added a tiny bit of BMY at $42.00. Div = 5.45%
This is a 5 year low
#FallingKnife
Sold 1 NVDA May 24 2024 1105/1100 Bear Call Spread at $0.34 Credit
Paired with the Bull Put spread I sold yesterday, that gives me an Iron Condor for a $0.67 Credit
#Earnings tonight
#SPX0dte Sold to Open $SPX 5280/5310-5315/5345 condors for 12.85, IV 13.67%, at 8:24 ET
Sold a tiny bit of C when it hit a new high at $64.56. Bought on 05/12/2022 at $46.99.
#FormerFallingKnife
1 SPY May 21 2024 525/528 Bull Put Spread – Sold yesterday at $0.28
1 SPY May 21 2024 533.0 Diagonal Call – sold yesterday at $0.37
#SyntheticShortStock – Another round.
Bought to Close SPX May 21 2024 5300.0 Puts .10 (sold for 20.65 and 21.34)
Sold SPX May 22 2024 5310.0 Puts @ 5.00
#smallbuy
#dividends
BOT CRSH @19.86
BOT GDXY @19.79
#shortstrangles
$VKTX STO 5/24 63/69 strangle at 1.60
Long Term #VXXContango
Bought one more VXX Jan 17 2025 5.0 Put at $0.15.
Sold 1 VXX May 24 11.5 Put at $0.35.
Bought 1 VXX Jan 17 2025 6.0 Put at $0.35.
Sold 1 VXX May 24 11.5 Put at $0.41.
I’ll roll the shorts every week until we have a VIX rally (someday)
Rolled 1 BOIL May 24 2024 18.0 Covered Call to 1 BOIL May 31 2024 18.5 Covered Call at $0.09 Credit
Rolled 1 BOIL May 24 2024 19.0 Covered Call to 1 BOIL Jun 07 2024 20.0 Covered Call at $0.27 Credit
Rolled 1 BOIL May 24 2024 20.0 Covered Call to 1 BOIL Jun 14 2024 22.0 Covered Call at $0.36 Credit
Raised the potential exit price on BOIL more than 5%.
As a bit of a kicker, Sold 1 BOIL Jun 07 2024 28/23 Bear Call Spread at $0.87 Credit
Sold out of my GLW when it hit the 52 week high at $36.02
#FormerFallingKnife
Bought Tiny bits of BMY and WBA at new lows
BMY at $43.00 – Div = 5.53%
WBA at $16.75 – Div = 5.61%
#FallingKnife
Sold 1 NVDA May 24 2024 800/805 Bull Put Spread at $0.33 Credit
#SPX0dte Sold to Open $SPX May 21st 5275/5305-5310/5340 condors for 12.467, IV 13.70%, at 8:26 ET
#SyntheticShortStock – Rolling.
Rolled SPX MAY 20 2024 5300.0 Puts to May 21 2024 5300.0 Puts @ 6.00 credit (20.65 and 21.35 now)
With crazy high volatility in silver right now, sold to open $SLV June 21 25/28/32/35 iron condor @ .96. Premium around 1/3 the width of the strikes.
Starting a new Put Ladder:
Sold 1 SPY May 21 2024 525/528 Bull Put Spread at $0.28 Credit
Sold 1 SPY May 22 2024 524/527 Bull Put Spread at $0.49 Credit
Sold 1 SPY May 23 2024 523/526 Bull Put Spread at $0.45 Credit
Sold 1 SPY May 24 2024 521/524 Bull Put Spread at $0.38 Credit
Sold 1 GME May 31 2024 / GME May 24 2024 10/16.5 Diagonal Bull Put Spread at $0.69 Credit
Sold 1 GME May 24 2024 10/17.5 Bull Put Spread at $0.99 Credit
Sold 1 NUE May 24 2024 162.5/170 Bull Put Spread at $1.03 Credit
Sold 1 CMG May 24 2024 3075/3100/3275/3300 Iron Condor at $5.17 Credit
#onlyspreads
Sto ARM 2024 MAY 24 98/95 PUT @.10
#coveredcalls
Sto F 24 MAY 24 12.5 CALL @.06
Sto SPCE 19 JUL 2024 4 CALL @.03
Sto HE 24 MAY 2024 12 CALL @.09
#shortputs
Sto MARA 24 MAY 2024 16 PUT @.03
–
#smallbuy
#dividends
BOT USOY @20.18
…….AND #everylittlebithelps
Sold 1 GME May 24 2024 41/31 Bear Call Spread at $0.62 Credit
Paired with some Bull Put spreads
Sold 1 tiny bit more of CFG at $37.28 (A new high)
Bought in May 2023 at $26.32
#FormerFallingKnife
#SPX0dte Sold to Open $SPX May 20th 5280/5310-5315/5345 condors for 11.10, IV 12.38%, at 8:28 ET
Probably the lowest IV and lowest premium I’ve sold on this trade before the open. Chain IV on SPX options this week is quite low, with a slight rise on Thursday.
Spreads:
SPY 506/511 Bull Put Spread ( out of SPY puts – need to reload )
CMG 3050/3100 Bull Put Spread
GME 34/30 Bear Call Spread
GME 57/53 Bear Call Spread
GME 57/55 Bear Call Spread
GME 70/62 Bear Call Spread
GME 75/70 Bear Call Spread
GME 18/20 Bull Puts Spread
GME 19.5 Diagonal put
NUE 185/180 Bear Call Spreads
NUE 185/182.5 Bear Call Spread
SBUX 80/78 Bear Call Spread
SBUX 67.5/74 Bull But Spread
UPS 149 Diagonal Put
UPS 143/148 Bull Put Spreads
UPS 155/150 Bear Call Spreads
UPS 155/152.5 Bear Call Spread
Covered Calls:
BMY 46 Call
CVS 59, 60 and 61 Calls
GILD 69 Call
SBUX 77 Call
VFC 13.5 Call
VTRS 13 Call
VXX 13 Calls
WBA 19 Call
Assignments:
NWL 8 Covered Call — stock was put to me at $7.00
I would have had one more big expiration:
CMG 3000/3070/3230/3300 Short Iron Condor but Fidelity risk management chose to cover it at 3:30 even though all sides were safely out of the money.
They spent $200.00 plus commissions to cover a worthless position
SPCE 5/17–3 CALL
NVDA 5/17–820/825 PUT
LLY 5/17–722.50/725 PUT
F 5/17 –12.50 CALL
HE 5/17–13.00 CALL
CONY 5/17–20 AND 21 PUT
HE 5/17–11.00 CALL #assignment
F 5/17–13.50 PUT #assignment
CONY 5/17–22 AND 23 #assignment
#optionsexpiration
$NVO 136 call
$NVO 134 call
$MARA 18.50 put
$VKTX 78 call
$VKTX 72 put assigned
$AI 27.50 call
$MOS 30 put
$UPST 32.50 call
#SyntheticShortStock – Rolling on the little bounce.
Rolled SPX MAY 17 2024 5300.0 Puts to May 20 2024 5300.0 Puts @ 6.25 credit (14.65 and 15.35 now)
I added to my position of the June 21, 60 call options at 4.70
FOMC minutes on Wednesday afternoon and a butt-load of FOMC members yapping all week.
#BullPutSpreads – Originally sold these to finance the June long puts. Having to manage them now. Uugh. Widening a strike and rolling down. Still long the June monthly 10 strike puts.
Rolled GME May 17 2024 25.0/23.0 Bull Put Spreads to May 24 2024 21.0/18.0 Bull Put Spreads @ .15 debit (.09 total now)
SOLD VERT ROLL SBUX /FROM 17 MAY 2024 /to 24 MAY 2024–78/70/78/70 PUT @.15
1.80 so far
Rolled 1 SBUX 05/17/2024 77.0 Call to 1 SBUX 05/24/2024 77.0 Covered Call at $0.39 Credit
Rolled UP SBUX 05/17/2024 77.0 Calls to 1 SBUX 05/24/2024 78.0 Covered Calls at $0.23 Credit early in the day, and at $0.24 Credit much later in the day with the 77 Calls in the money
Bought 1 GME 05/17/2024 65/60 Bear Call Spread at $0.01 – sold Wednesday at $0.33
Rolled 1 long GME 05/17/2024 22.00 Put to 1 GME 05/24/2024 18.0 Put at $0.46 Credit
$1.47 profit on the old long
Hoping for a bounce to roll down the short put
Edit: rolled several profitable long puts down to next week – all for credits
#longputs
STC 6/21 20 puts at 4.25. BTO 5/14 for 2.10. Taking partial. Thank you @fuzzballl
It look s like my 45 puts will expire at zero today.
#SPX0dte Sold to Open $SPX May 17th 5270/5300-5305/5335 condors for 14.15, IV 15.86%, at 8:27 ET
Bought 1 GME May 24 2024 14.0 Put / Sold 1 GME May 17 2024 22.5 Put at a diagonal credit of $0.12
1 SPY May 16 2024 507/512 Bull Put Spread – sold at $0.37
1 SPY May 16 2024 533/531 Bear Call Spread – sold this morning at $0.42 Credit
Rolled my SPY 527 Call out to tomorrow at $0.30 Credit
In addition to my covered calls for next week, I sold the following spread:
Sold 1 BOIL May 24 2024 25/20.5 Bear Call Spread at $0.25 Credit
Bought to close 1 META May 17 2024 437.5/442.5 Bull Put Spread at $0.01.
Sold Tuesday at $0.27
#SyntheticShortStock – Nice to have these back in the game.
Bought to Close SPX May 16 2024 5260.0 Puts @ .40 (sold for 8.25)
Sold SPX MAY 17 2024 5300.0 Puts @ 8.40 and 9.10
BTO June 21, $60 calls at 5.70. it is a starter position so small for now.
#SPX0dte Sold to Open $SPX May 16th 5280/5310-5315/5345 condors for 13.35, IV 15.36%, at 8:34 ET
1 SPY 508/513 Bull Put Spread
1 SPY Diagonal 530 Call
Rolled my SPY 527 Call out to tomorrow at $0.52 Credit
Sold 1 CMG May 17 2024 3050/3100 Bull Put Spread at $0.85 Credit.
Sold 1 VIX May 22 2024 10/12.5 Bull Put Spread at $0.18 Credit.
#coveredcalls
$NVO BTC 5/17 134 call and STO 5/24 136 call at added credit of .15 and $2 more if called away.
#SyntheticShortStock – Been rolling the short puts out and down during the selloff. With the “V” shaped recovery I’ve been rolling them up and in during the rally. With today’s big bounce I’m bringing them back into tomorrow to get them back in play. Until today most rolls have been for small credits. I’ll take the debit today…still leaves nice gains and I can resume daily selling (unless we tank tomorrow) LOL.
Currently:
SPX May 31 2024 5240.0 Puts @ 27.25
Then:
Rolled SPX May 31 2024 5240.0 Puts to May 16 2024 5260.0 Puts @ 19.00 debit (8.25 total now)
EDIT: Mistyped….19 debit on the roll…not 9. Numbers changed to reflect that.
#shortstrangles
$VKTX STO 5/17 78/72 strangle at 1.40
Sold 1 GME May 17 2024 18/22/62/70 Short Iron Condor at $0.78 Credit
STO, June 14, 52 puts at .54
Sold 1 GME 05/17/2024 65/60 Bear Call Spread at $0.33 Credit
#SPX0dte Sold to Open $SPX May 15th 5185/5205-5315/5335 condors for 1.20, IV 22.23%, deltas -.06 +.07
Inflation eased slightly in April, providing at least a bit of relief for consumers while still holding above levels that would suggest a cut in interest rates is imminent.
The consumer price index, a broad measure of how much goods and services cost at the cash register, increased 0.3% from March, the Labor Department’s Bureau of Labor Services reported Wednesday. That was slightly below the Dow Jones estimate for 0.4%.
On a 12-month basis, however, the CPI increased 3.4%, in line with expectations.
Excluding food and energy, the key core inflation reading came in at 0.3% monthly and 3.6% on an annual basis, both as forecast.
https://www.cnbc.com/2024/05/15/cpi-inflation-april-2024-consumer-prices-rose-0point3percent-in-april.html
Options Bistro 