Since this is a sharing platform posting a trade I put on yesterday. Standard BWB 200 point range on SPX with a 5 point offset or a total margin of 10k on 10 contracts. Nice flat T + zero line and because initially delta negative I make money right away if the market tanks.
Today market is up and continuing with the discussion below about getting run over to the upside I am adding 10 calendars above the market. Puts are cheaper but calls allow you to diagonalize to the upside if it keeps moving. More likely I just add some additional calendar spreads. Do not hold until expiration, I am usually taking 5-20% profits on these in 1-2 weeks. Sometimes like this week it took 3 weeks to hit the 10% range.
Summary, I start with a BWB or a calendar then depending on what the market does I convert to a rhino trade of some sort. Rinse and repeat every 1-2 weeks. Documented 496% returns from Oct. 2020 until now. Actually up a few more percentage last few weeks but have not done the calculations yet.
Losing trades to the downside I move half of the center strikes down with a vertical roll.
After the adjustment have an upside protected rhino
Since switching to this and a few other styles of trading my returns have been consistent, crushes the market, and I can sleep well at night because everything is hedged. No more blowing up accounts chasing returns.
Cheers, Chris
Options Bistro 