Rolled $SPX Jan 30 6925 puts down and out to 2/2 6900 puts @ 9.95 credit
#FuzzyLeaps
Tag Archives: FuzzyLEAPs
XSP rolling 1/30/26
#FuzzyLEAPs
Rolled $XSP Jan 30th 693 to Feb 2nd 693 puts, 1.50 credit.
After 4 days of misplaying the waiting game, getting it right today. This filled right when XSP was passing through 693.00. My order to roll 696 puts is for the same amount and should fill if we can get back to that level, which we already crossed three times today.
SPX
#FuzzyLEAPs
Rolled today’s (Jan 30th 2026) 6895 Put to Feb 5th 6825 Put @ 15.00 (total 45.30 now)
Current setup heading into the weekend:
LEAPs:
4 @ Strike: 7600
Cost per LEAP: 699.10
Target credit per 4-day roll: 14.40 (or more)
Short Puts:
Date: Strike: Credit:
Feb 2nd 2026 6850 35.30
Feb 3rd 2026 6850 37.30
Feb 4th 2026 6875 54.30
Feb 5th 2026 6825 45.30
For each roll, just picking whatever strike brings in about 15.00 ish and letting market movements decide where the ladder goes.
Three weeks now using real money, and I have brought in about 25% of the cost of another rental house. That is also during a period with a market holiday, and being super conservative the whole time (sometimes not even selling against all of the LEAPs, and always trying to stay OTM). That percentage would even be better using LEAPs closer to ATM, but I feel like setting them more ITM is another way to be conservative. YMMV of course.
At that rate, it should take about 12 weeks to pay for another rental house, market permitting. Assuming 15 credit per day targeted by the ladder strategy, it should only take about 47 trading days (about 9 1/2 weeks). We’ll see!
XSP rolling 1/29/26
#FuzzyLEAPs
Rolled $XSP Jan 29th 693 puts to Jan 30th 693 puts, .80 credit
Order is in to roll my 696 puts
SPX
#FuzzyLEAPs
Rolled Jan 29 2026 6815 Put to Feb 4 2026 6875 Put @ 16.00 (total 54.30 now)
Looks like I could have gotten more by waiting, but decided to try rolling at the open in case of another straight up day. Maybe some resistance at SPX 7000?
SPX
#FuzzyLEAPs
Filled after the close during MSFT, META, & TSLA earnings.
STO Feb 3rd 2026 6850 Put @ 17.00
4/4 LEAPs covered now.
SPX
Has anyone tried to model the risk/reward of selling 1 DTE vs. 4 or 7 DTE puts on SPX for #FuzzyLEAPs?
What is better?
XSP rolling and LEAPs 1/28/26
#FuzzyLEAPs
At the overnight highs in futures (which would have been all time market highs had the market been open), filled on a fourth $XSP LEAP spread: Dec 2028 695/695/735 for 38.40.
Will add another daily put today, going with all 4 XSP LEAPs with daily puts and my $SPY spread as a hedge.
SPX
#FuzzyLEAPs
Hoping to fill the unsold 2 rungs of my time ladder today. Since Jan 30 options have a much higher theta/vega ratio, planning to sell that one at the open. Then, since the Feb 3 options are more vega exposed, planning to sell that one during Powell’s press conference.
With that in mind, I have an open order to sell the Jan 30 6895 Put @ 11.00.
XSP roll 1/27/26
#FuzzyLEAPs
Sold $XSP Jan 28th 693 put for .47. Letting today’s 692 put expire. Just like yesterday, selling on a last minute drop when rolling at the open would have been best move. But today I moved a strike higher.
SPX
#FuzzyLEAPs
STO Feb 2nd 2026 6850 Put @ 15.00 (4 trading days out).
Trying to fill the missing rung from yesterday but not in a hurry to do so with tomorrow being a Fed day. Currently 2/4 LEAPs covered.
XSP and SPY rolling 1/26/26
#FuzzyLEAPs
Rolled $XSP Jan 28th 696 puts to Jan 29th 696 puts for .95 credit
Since XSP is trading right at 696, I’m rolling this today, 2 days before expiration. I think the importance of being ATM overrides the distance to expiry as optimal time for rolling.
Working on rolling my XSP 692 put but since we’ve gone up all day the best time to do this was at the open. We are now enough above $SPY 692 that I will leave my Jan 28th put there to continue to drain. I want to leave my one SPY LEAPs spread “uncovered” as a hedge.
SPX
Anybody else waiting for a dip? I’m hoping to fade this up open. Hoping for a pullback to around 6935. SPX at 6947 now…
SPX
#FuzzyLEAPs
Decided to stagger my sales over a few days.
STO Jan 29th 2026 6815 Put @ 18.00 (38.30 total now)
(This is 4 trading days in the future, rather than one day.)
Each day, I will sell another put 4 days out, etc., until all of my short puts are sold. Plan to roll one each day, to the new 4-day out expiration. Kind of a time ladder version of FuzzyLEAPs. I’m hoping that his smooths out some of the volatility that happens when you sell a whole position every day.
SPX
#FuzzyLEAPs
Decided to stick with simple puts instead of spreads, so:
BTC Jan 23 2026 6900/6890 BUPS for 2.10 (sold for 4.50)
That leaves me with no outstanding puts sold. Waiting for a dip to sell the new one.
XSP and SPY rolls 1/23/26
#FuzzyLEAPs
Rolled $XSP Jan 23rd 692 put to Jan 26th 692 put, .90 credit.
SPX
I got busy today and never got today’s roll done. An outstanding order to close today’s puts at 1.00 filled sometime this afternoon.
Current position:
Dec 20 2030 7700 LEAP Puts
Jan 23 2026 6900/6890 BUPS (50% of LEAPs)
LEAP cost: 927
Total credit per LEAP: 21.35
Credit as % of LEAP cost: 2.30%
Annualized: 71.97%
If I keep using spreads, I plan to sell 1DTE BUPS against half the LEAPs each day and either let the 0DTE half expire or close them for some small amount. If the 0DTEs are ITM, I’ll have to decide if it’s worth rolling them or just let them cash settle for max loss. In that case, the LEAPs should more than make up for the loss on the BUPS.
SPY roll 1/22/26
#FuzzyLEAPs Rolled $SPY Jan 26th 692 put to Jan 27th 692 put, .44 credit. Staying ahead of the expiry to avoid early assignment.
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Cost 927
Daily:
Rolled: Jan 21st 2026 6890 Put
To: Jan 22nd 2026 6885 Put
@ 3.50 Credit
LEAPs Covered: 50.00%
SPX @ Time of Roll: 6851
Total Credit Per LEAP: 19.85
Credit as % of LEAP Cost: 2.14%
Days in Trade: 7
Annualized ROC: 76.48%
I saw Jeff’s Downside Warning and decided to take a little less premium and roll down one strike. Still only half the LEAPs covered.
XSP and SPY rolls 1/20/26
#FuzzyLEAPs This will be a boring week waiting for a rebound. Trying to roll to Friday or Monday but only one filled so far. I was waiting for possibility of ending higher but we turned south instead.
Rolled $XSP Jan 20th 692 put to Jan 23rd 692 put, .75 credit
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Cost: 927
Daily:
Rolled: Jan 20th 2026 6890 Put
To: Jan 21st 2026 6890 Put
@ 10.00 Credit
LEAPs Covered: 50.00%
SPX @ Time of Roll: 6856
Days in Trade: 6
Total Credit Per LEAP: 18.1
Credit as % of LEAP Cost: 1.95%
Annualized ROC: 81.36%
Question for @fuzzballl about SPX LEAPs
What if we roll up the LEAP puts separately from the LEAP call spread in the #FuzzyLEAPs trade?
Roll up the put when the market is up and roll up the call spread when the market is down.
This would delay the extra investment in the rolling of the call spread, increasing the return.
Also, partially ITM call spread would work better as a hedge in SPX down move.
One thing I am not sure is how easy it would be to roll up a call spread that is 1/2 or more ITM.
Using XSP Long Put and Call LEAP
About a month ago @jeffcp66 mentioned an idea to use long call and put LEAP’s instead of the long put and a short call spread.
I have been testing this strategy live from early December 2025 and despite the Call premium being 2x the put premium, the strategy is viable.
Original position was Long Dec17’27 685 Put and Call. It was changed to Long 690 Put and 685 Call.
Pros:
Any loss on the put side is covered by the gain on the call side.
While #FuzzyLEAPs are naturally losing money in the up move, this trade does not.
Cons:
Definitely requires larger initial investment.
Difficulty to roll up the calls, as they get easily ITM.
Not sure how this position will behave in a strong down move, because the call premium was 2x the put premium.
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Daily:
Rolled: Jan 16th 2026 6915 Put
To: Jan 20th 2026 6890 Put
@ 4.70 Credit
LEAPs Covered: 50.00%
SPX @ Time of Roll: 6943
Total Credit Per LEAP: 13.1
Credit as % of LEAP Cost: 1.41%
XSP rolls for 1/16/26
#FuzzyLEAPs
Filled at the bell: Rolled $XSP Jan 16th 692 put to Jan 20th 692 put for .83
I had this order going in pre-market with no fill. Filled immediately after bell, after which premium quickly dropped to around .70. This seems to be a good fill for being 4 pts OTM…. grabbing high premium at the volatile moment of the open may be an approach to consider often.
I was NOT filled on 696 roll, limit order of 1.10. But I will wait since we are ATM like yesterday.
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Daily:
Rolled: Jan 15th 2026 6925 Put
To: Jan 16th 2026 6915 Put
@ 4.50 Credit
LEAPs Covered: 50.00%
SPX @ Time of Roll: 6955
Total Credit Per LEAP: 10.75
Credit as % of LEAP Cost: 1.16%
XSP rolls 1/15/26
#fuzzyleaps
Rolled $XSP Jan 15th 692 put to Jan 16th 692 put for .53
Order in for .88 to roll the 696 puts. Since this is close to the money roll premium should increase as day progresses.
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Daily:
Rolled: Jan 14th 2026 6925 Put
To: Jan 15th 2026 6925 Put
@ 9.50 Credit
LEAPs Covered: 50.00%
SPX @ Time of Roll: 6898
Naturally we are rallying after my fill, so I could have done even better by waiting. Oh well. 9.50 is still a decent amount of Benjamins!
XSP and SPY for 1/14/26
#FuzzyLEAPs
Rolled $XSP Jan 14th 692 put to Jan 15th 692 put, .83 credit
Missed the fill on rolling ITM 696 puts. Waiting to see if we can rally into afternoon.
Closed my third $SPY spread:
STC $SPY Jan 2028 685/685/725 LEAP spread for 31.20 right after the open (could have almost been breakeven had I waited)
Originally bought for 33.50 on Dec 11th.
Loss of -2.25 on LEAPs
Gain of 13.67 on daily put sales.
TOTAL profit +11.42
I now have one 690/690/730 $SPY LEAP spread I plan to keep open as a hedge.
I have ITM Jan 14th 692 put that I will keep rolling until it expires worthless, after which I will leave the LEAP spread “uncovered” with no daily puts.
I will also add a fourth and final $XSP LEAP spread when we return toward new highs.
SPX
#FuzzyLEAPs
Existing LEAP:
Dec 20th 2030 7700 Put
Daily:
Rolled: Jan 13th 2026 6925 Put
To: Jan 14th 2026 6925 Put
@ 4.50 Credit
LEAPs Covered: 50.00%
XSP and SPY rolls 1/13/26
#FuzzyLEAPs
Rolled $XSP Jan 13th 696 puts to Jan 14th 696 puts, .85 credit
Rolled $SPY Jan 13th 692 put to Jan 14th 692 put, .70 credit
Will probably sell another XSP daily today.
I’m going to dump one of my two $SPY spreads on a decent pullback, and may keep the other as a longer-term hedge against XSP strategy going forward.
SPX
After doing some paper trading, I am ready to dive into the FuzzyLEAPs trade:
Bought to Open SPX Dec 20 2030 7700 Puts @ 927
Sold SPX Jan 13 2026 6925 Puts @ 3.00
I plan to scale in and out of the daily short puts, depending on how far SPX is above its 12-Month MA. For this opening trade, I sold half of the available position, leaving half of the LEAP puts uncovered. In future posts, I will represent this as a percentage, like this:
LEAPs 50% covered.
Also, I am simply buying the Put, without selling the Call Spread, just to keep it simple. I plan to always keep the LEAP Puts above the short Puts, to eliminate any margin requirements. I picked the 7700 LEAP Put to start with simply because it is 10% ITM.
My target delta for selling daily Puts is between 10 and 20, but that will vary of course depending on market movements.
SPY/XSP trades 1/12/26
#FuzzyLEAPs
Rolled $SPX Jan 12th 692 put to Jan 13th 692 put for .90
Opened my second $XSP LEAP spread (replacing SPY spread closed on Friday).
Dec 2028 690/690/730 spread for 37.60
Sold against it TODAY’s 694 put for .77
I could have sold tomorrow’s 694 for almost twice the price, so it may be futile to sell same day then roll later, but kind of testing that out.
Now I have 2 positions on each of SPY and XSP. I have one short put on each that are not rolled yet.
I will wait to close another SPY on a down day. I’m fine for now with two of each as assignment risk is lower than before.
SPY/XSP for 1/9/26
#FuzzyLEAPs
Rolled $SPY Jan 9th 689 put to Jan 12th 689 put, .70 credit
Holding off on rolling 691 since it’s close to ATM. Seeing if premium increases toward day’s end.
Closed another SPY LEAP spread: Jan 2028 685/685/725 for 31.50. Originally purchased on Dec 4th for 36.11.
Allowing associated Jan 9th 687 put to expire.
Lost 4.61 on LEAPs, gained 17.59 from daily put sales.
Profit on trade is 12.98
Opened my first $XSP spread:
Bought the Dec 2028 695/695/735 spread for 39.39.
Sold Jan 12th 691 put for .70
SPY rolls 1/8/26
#FuzzyLEAPs $SPY
Rolled Jan 8th 687 put to Jan 9th 687 put for 1.11
Rolled Jan 8th 689 put to Jan 9th 689 put for 1.10
Rolled Jan 8th 691 put to Jan 9th 691 put for 1.00
Bought to close 690 put for 1.66 (sold for 1.03 yesterday)
Sold to close Jan 2028 LEAPs spread 690/690/730 for 34.45. Bought this for 33.20 on Tuesday.
I closed this spread and its daily short with intention to migrate to $XSP. I made 1.25 on the LEAPs and .18 on 2 put sales.
SPY rolls 1/7/26
#FuzzyLEAPs $SPY rolls:
Rolled Jan 7th 689 put to Jan 8th 689 put for .53
Rolled Jan 7th 690 put to Jan 8th 690 put for .60
Rolled Jan 7th 686 put FIVE strikes higher to Jan 8th 691 put for 1.23
Still leaving one LEAP spread without a daily short, which I’ll probably add on a decent pull back. Also considering migrating this whole mess to $XSP to avoid assignment risk.
SPY rolls 1/6/26
#FuzzyLEAPs Rolling on the intraday swings
At the low of day, rolled $SPY Jan 6th 686 put to Jan 7th 686 put for .61 (10.25 so far)
As we spiked higher, rolled Jan 6th 689 put to Jan 7th 689 put for .69 (7.42 so far)
My 687 roll didn’t fill yet, so looking for another dip to get good premium. (15.87 so far)
SPY rolls 1/5/26
#FuzzyLEAPs Tried to wait for a dip to roll but never got it. As a result, I’m getting less than I could have had I rolled early. However, now I feel we are enough above 686 that I’m going to let today’s expire.
Sold $SPY Jan 6th 686 put for .66. Today’s 686 will expire, barring some last minute crash, in which case I will close it.
My other two expire tomorrow so I will let them ride since they are close enough to the money, 687 and 689.
SPX decisions (it’s good!)
With SPX basically unchanged from late October, I’ve had continuous premium coming in with little to no change in the LEAPS values. Love it!! With two more rolls next week all cash outlay for all positions will be recovered. And with the long LEAP puts sitting at 6800 things are setting up nicely.
But how can we make things even better and safer? After a long “Red Team” call with my brother @bikeeagle we came up with some ideas on what to do with excess cash that will hopefully be coming in (but you never know! 🙂 🙂 )
Some ideas:
1. Keep doing everything as is and just add to the LEAPS.
2. Roll up the LEAPS further and even into the money a little on the put side for margin reduction and more downside protection.
3. Buy back the bear call spread LEAPS. That would be nice margin reduction getting rid of those.
4. When adding going forward only buy the LEAP put. A little more expensive but no margin hit on the call side.
5. Go ahead and roll the current LEAPS positions out to 2030 now.
What I’m leaning towards as premium received allows:
2 and 3 together then 5 then 4.
It’ll take awhile but would make the setup absolutely perfect….
SPY action 1/2/26
#FuzzyLEAPs I was assigned 200 shares of $SPY from my Jan 2nd 687 puts. Oddly, I was NOT assigned from my deeper ITM 689 put. That may have been due to margin considerations.
Today I sold the stock for 686.75. Cost basis was 685.78, given the price of my roll trade on Wednesday.
Then:
Sold (1) Jan 5th 687 put for 2.40
Sold (1) Jan 5th 686 put for 1.74
Also:
Rolled Jan 2nd 689 put to Jan 6th 689 put, .90 credit (skipping a day to avoid assignment)
Pretty easy management of the assignment. Wish I had waited a bit to sell the puts because now they are over a dollar higher each.
SPY rolls 12/30/25
#FuzzyLEAPs Rolled $SPY Dec 30th 687 puts to Jan 2nd 687 puts for 1.22. (Two puts with total rolls of 13.57 and 7.44 respectively).
I am traveling rest of today and tomorrow, so rolled to Friday expiry. Doing the same with my 689 put.
SPY rolls 12/29/25
#FuzzyLEAPs Rolled $SPY Dec 29th 687 puts to Dec 30th 687 puts for .65.
Working on rolling the 689 put.
SPY rolls 12/26/25
#FuzzyLEAPs Rolled $SPY Dec 26th 688 put to Dec 29th 689 put for .70 (2.14 so far).
I have (2) 687 puts I will also be rolling.
SPX Summary
Seemed like a good time to sit down and see where everything stands with the market at all time highs. This is my main account. I’ve got 3 more positions in a different account that I’ve been building on as well with similar results. Here we go!
Building positions:
4 added in Oct 2024
3 added in Feb 2025
1 added in May 2025
2 added in Aug 2025
2 added in Dec 2025
Lots of various sized roll ups (20 total) eventually getting everything to 6800 strike
Total Cost to this point:
524.50 each
6294.0 total
Total credit to close LEAPS (Tue prices):
413.80 each
4965.6 total
Loss on LEAPS:
4965.6 – 6294.0 = 1328.40
Total premium received including outstanding short puts:
494.55 each
5934.60 total
===================
Total gain:
5934.60 – 1328.40 =
+ 4606.20
===================
Since these positions were started in mid Oct 2024 the SPX is up 20 percent so I feel like this is close to a “worse case scenario” in a big up market with all the constant rolling. Still managed to keep 73 cents per dollar of premium received. If we get back to a more typical market and starting with a much bigger position size I’m really looking forward to 2026.
Merry Christmas everyone!
SPY rolls 12/24/25
#FuzzyLEAPs Rolled $SPY Dec 24th 688 put to Dec 26th 688 put for .62 (1.44 so far)
No pullback so put prices just screaming toward zero. I have 683 and 684 puts today that I can’t get meaningful premium to roll. I will probably allow to expire and roll up several strikes. Or skip sales for Friday’s expiry and start fresh then.
Spy rolls 12/23/25
#FuzzyLEAPs Rolled $SPY Dec 23rd 683 put to Dec 24th 683 put, .36 credit (4.84 so far)
Rolled Dec 23rd 682 put UP two strikes to Dec 24th 684 put, .85 credit (11.08 so far)
SPY roll 12/19/25
#FuzzyLEAPs Rolled $SPX Dec 22nd 683 put to Dec 23rd 683 put, .50 credit (4.48 so far). Now I have 682 and 683 ITM puts for the 23rd.
SPY roll 12/18/25
#FuzzyLEAPs Rolled $SPY Dec 19th 682 put to Dec 23rd 682 put, .97 credit (10.23 total). Leaving my Monday 683 put until tomorrow.
Frankly surprised that the option I rolled wasn’t assigned stock overnight. It has huge Open Interest, since it is a monthly, and we ended yesterday with it over 3 dollars ITM. I guess since there was still another day to expiry it survived, which is the reason I am rolling a day ahead while I am ITM.
SPY roll 12/17/25
#FuzzyLEAPs Rolled $SPY Dec 18th 684 put to Dec 22nd 683 put, 1.26 credit (3.98 total). This rolls tomorrow’s put until Monday, and one strike lower. For now I am leaving Friday’s 683 put to stand.
SPX XSP
Gonna be busy next couple days so rolling out to Friday.
SPX:
Rolled SPX Dec 16 2025 6855.0 Puts to Dec 19 2025 6845.0 Puts @ 2.20 credit (12.70 total now)
Rolled SPX Dec 16 2025 6865.0 Put to Dec 19 2025 6855.0 Put @ .10 credit (12.70 total now)
XSP:
Rolled XSP Dec 16 2025 682.0 Puts to Dec 19 2025 680.0 Puts @ .95 credit (3.05 total now)
Friday will be interesting if we rally just a little bit before then. Short puts at 6830 (biggest position), 6845, 6855, 6900 and bear call spreads at 6850/6855.
SPY rolls 12/16/25
#FuzzyLEAPs Rolled $SPY Dec 16th 683 put to Dec 19th 682 put, 2.10 credit (9.28 so far). Rolled this a strike down but went all the way to Friday, which has a significant jump in premium from Thursday.
For my 684 put, rolled Dec 16th 684 to Dec 18th 684, .80 credit. Keeping this ITM at same level, rolling to Thursday.
SPX XSP
SPX:
Rolled SPX Dec 15 2025 6860.0 Puts to Dec 16 2025 6855.0 Puts @ 2.50 credit (10.50 total now)
Rolled SPX Dec 15 2025 6870.0 Put to Dec 16 2025 6865.0 Put @ 1.50 credit (12.60 total now)
XSP:
Rolled XSP Dec 15 2025 684.0 Puts to Dec 16 2025 682.0 Puts @ .10 credit (2.10 total now)
SPY roll
#FuzzyLEAPs Rolled $SPY Dec 15th 683 put to Dec 16th 683 put, 1.10 credit (7.18 so far)
My other put is the 684 already rolled until tomorrow, so I will wait until then unless we drop ITM today.
SPX XSP
Rolled SPX Dec 04 2025 6825.0 Put to Dec 05 2025 6825.0 Put @ 8.75 credit (16.15 total now)
Rolled XSP Dec 04 2025 682.0 Puts to Dec 05 2025 682.0 Puts @ .85 credit (1.57 total now)
Options Bistro 