#FuzzyLEAPs Looks like I’ve booked myself a vacation. Didn’t see much point in rolling down one strike when I’m over 30 strikes ITM.
Rolled $XSP Nov 6th 774 puts to Dec 4th 774 puts, .70 credit
Rolled $XSP Nov 9th 777 puts to Dec 11th 777 puts, 1.06 credit
Rolled XSP 6 Nov 764 Put to XSP 13 Nov 764 Put @ 0.70 Credit…
#fuzzyleaps
Premarket:
Rolled SPX Nov 6 2026 7500 Put to Nov 11 2026 7465 Put @ 7.25 credit.
Ladder now:
Nov 9 7415 Put (ITM)
Nov 10 7500 Put (ITM)
Nov 11 7465 Put (ITM)
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7353
Futures at time of trade are up +0.36%.
Premarket….Rolled SPX 6 Nov 7440 Put to SPX 11 Nov 7440 Put @ 5.50 Credit….
Current Ladder
9 Nov 7350 Put
10 Nov 7450 Put
11 Nov 7440 Put
3 Leaps 7700 Dec 2030
#fuzzyleaps
Premarket Rolled XSP 5 Nov 764 Put to 6 Nov 764 Put @ 0.89 Credit
Roll # 5…..5.20 collected so far….
#fuzzyleaps
#fuzzyleaps
Premarket:
Rolled SPX Nov 5 2026 7485 Put to Nov 10 2026 7500 Put @ 7.00 credit.
Ladder now:
Nov 6 7500 Put
Nov 9 7415 Put
Nov 10 7500 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7688
Futures at time of trade are up +0.09%.
Rolled SPX 4 Nov 7350 Put to SPX 9 Nov 7350 Put @ 5.40 Credit….
Rolled SPX 5 Nov 7450 Put to SPX 10 Nov 7450 Put @ 5.15 Credit….
Current Ladder
6 Nov 7440 Put
9 Nov 7350 Put
10 Nov 7450 Put
3 Leaps 7700 Dec 2030
Rolled XSP 4 Nov 764 Put to XSP 5 Nov 764 Put @ 1.10 Credit….
#FuzzyLEAPs
Rolled $XSP Nov 4th 775 puts DOWN to Nov 6th 774 puts, .75 credit
Rolled $XSP Nov 4th 778 puts DOWN to Nov 9th 777 puts, .40 credit
#fuzzyleaps
Premarket:
Rolled SPX Nov 4 2026 7500 Put to Nov 9 2026 7415 Put @ 7.20 credit.
Ladder now:
Nov 5 7485 Put
Nov 6 7500 Put
Nov 9 7415 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7568
Futures at time of trade are up +0.75%.
#FuzzyLEAPs Another disastrous attempt to swing roll. I need to ban this practice; i just thought with higher VIX I’d have a shot. I’m glad we seem to be recovering and post midterm elections have seen rallies every time since 1980.
Rolled $XSP Nov 3rd 777 puts UP to Nov 4th 778 puts, -.85 debit
Rolled $XSP Nov 3rd 774 puts UP to Nov 4th 775 puts, -1.70 debit
Now I must resume attempts to roll down which I have spent most of this year failing to do. This strategy peaked profit for me in mid-August and I have made no profit since then.
Rolled Premarket XSP 3 Nov 764 Put to 4 Nov 764 Put @ 0.70 Credit
$3.21 collected since opening on 10/29….and 3 rolls so far….
Rolled Premarket SPX 3 Nov 7545 Put to 6 Nov 7440 Put @ 5.20 Credit
Current Ladder
4 Nov 7350 Put
5 Nov 7450 Put
6 Nov 7440 Put
3 Leaps 7900 Dec 2030
#fuzzyleaps
#fuzzyleaps
Premarket:
Rolled SPX Nov 3 2026 7570 Put to Nov 6 2026 7500 Put @ 7.00 credit.
The 7570 Put was ITM, but today’s roll got it back OTM (at least for now).
Ladder now:
Nov 4 7500 Put
Nov 5 7485 Put
Nov 6 7500 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7541
Futures at time of trade are down -0.19%.
Rolled XSP 2 Nov 766 Put to 3 Nov 764 Put @ 0.70 Credit…
Rolled SPX 2 Nov 7560 Put to 5 Nov 7450 @ 5.70 Credit….
Current Ladder
3 Nov 7545 Put (ITM)….
4 Nov 7350 Put
5 Nov 7450 Put
3 Leaps 7900 Dec 2030
#FuzzyLEAPs Missed the morning highs for a chance to roll lower, so traded the swing in the last hour. Swing-rolls:
Rolled $XSP Nov 2nd 777 puts to Nov 3rd 777 puts, .11 credit
Rolled $XSP Nov 2nd 774 puts to Nov 3rd 774 puts, .50 credit
Looks like a Downside Warning will fire at the close. But it’s hard to get too invested in a correction happening given the variable of election results.
#fuzzyleaps
Premarket:
Rolled SPX Nov 2 2026 7585 Put to Nov 5 2026 7485 Put @ 7.45 credit.
Ladder now:
Nov 3 7570 Put
Nov 4 7500 Put
Nov 5 7485 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7580
Futures at time of trade are up +0.33%.
Rolled XSP 30 Oct 766 Put to 2 Nov 766 Put @ 1.08 Credit
Rolled SPX 30 Oct 7430 Put to SPX 4 Nov 7350 @ 5.65 Credit
Current Ladder
2 Nov 7560 Put
3 Nov 7545 Put
4 Nov 7350 Put
3 Leaps 7900 Dec 2030
#fuzzyleaps
Premarket:
Rolled SPX Oct 30 2026 7605 Put to Nov 4 2026 7500 Put @ 7.10 credit.
Ladder now:
Nov 2 7585 Put
Nov 3 7570 Put
Nov 4 7500 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7720
Futures at time of trade are down -1.02%.
STO SPX 3 Nov 7545 Put @ 5.60 Credit
Current Ladder
30 Oct 7430 Put
2 Nov 7560 Put
3 Nov 7545 Put
3 Leaps 7900 Dec 2030
BTC XSP 29 Oct 768 Put @ 0.01…..Sold for 0.73 Credit….
STO XSP 30 Oct 766 Put @ 0.73 Credit….
#FuzzyLEAPs
Rolled $XSP Oct 29th 778 puts DOWN to Nov 2nd 777 puts, .25 credit
Rolled $XSP Oct 29th 775 puts DOWN to Oct 30th 774 puts, .50 credit
#fuzzyleaps
Premarket:
Rolled SPX Oct 29 2026 7460 Put to Nov 3 2026 7570 Put @ 7.30 credit.
Ladder now:
Oct 30 7605 Put
Nov 2 7585 Put
Nov 3 7570 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7743
Right on the closing bell GTC order filled….
BTC SPX 29 Oct 7475 Put @ 0.10….Sold for 5.48 Credit on a roll…
Current Ladder
30 Oct 7430 Put
2 Nov 7560 Put
1 Leap Uncovered
3 Leaps 7900 Dec 2030
#fuzzyleaps
BTC XSP 28Oct 766 Put @ 0.01…..Sold for 0.55 Credit…
STO XSP 29 Oct 768 Put @ 0.73 Credit…
STO SPX 2 Nov 7560 Put @ 5.70 Credit
Current Ladder
29 Oct 7475 Put
30 Oct 7430 Put
2 Nov 7560 Put
3 Leaps 7900 Dec 2030
#fuzzyleaps
#fuzzyleaps
After the Fed press conference:
STO SPX Nov 2 2026 7585 Put @ 7.50 credit.
Ladder now:
Oct 29 7460 Put
Oct 30 7605 Put
Nov 2 7585 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX now:
7723
#FuzzyLEAPs Got a next-day roll-down even though 5-pts ITM…
Rolled $XSP Oct 28th 779 puts DOWN to Oct 29th 778 puts, .10 credit
27 Oct….BTC SPX 28 Oct 7360 Put @ 0.10……Sold on a roll for 5.75 Credit…
Not selling 2 Nov until after Fed Meeting…
Current Ladder
29 Oct 7475 Put
30 Oct 7430 Put
1 Leap Uncovered….
3 Leaps 7900 Dec 2030
BTC XSP 27 Oct 769 Put @ 0.01……3.37 total premium collected after 3 rolls….
STO XSP 28 Oct 766 Put @ 0.55 Credit
#fuzzyleaps
I decided to close tomorrow’s short put now and then sell the next ladder rung tomorrow during Warsh’s press conference:
BTC Oct 28 2026 7440 Put @ 0.25 Debit.
Ladder now:
Uncovered LEAP
Oct 29 7460 Put
Oct 30 7605 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (current):
7718
#FuzzyLEAPs Rolled one to a lower strike, but leaving myself flexible on the other for tomorrow’s Fed announcement
Rolled $XSP Oct 27th 776 puts DOWN to Oct 29th 775 puts, .90 credit
Rolled $XSP Oct 27th 779 to Oct 28th 779 puts, .40 credit
#fuzzyleaps
Premarket:
Rolled SPX Oct 27 2026 7690 Put to Oct 30 2026 7605 Put @ 7.65 credit.
With today’s roll, I managed to get that pesky ITM put down to a strike that is OTM (at least for now anyway).
Ladder now:
Oct 28 7440 Put
Oct 29 7460 Put
Oct 30 7605 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7676
Rolled XSP 26 Oct 769 Put to XSP 27 Oct 769 Put @ 1.00 Credit…
Rolled SPX 26 Oct 7580 Put to SPX 29 Oct 7475 Put @ 5.25 Credit…
Rolled SPX 27 Oct 7495 Put to SPX 30 Oct 7430 Put @ 5.20 Credit…
Current Ladder
28 Oct 7360 Put
29 Oct 7475 Put
30 Oct 7430 Put
3 Leaps 7900 Dec 2030
#fuzzyleaps
#fuzzyleaps
Premarket:
Rolled SPX Oct 26 2026 7580 Put to Oct 29 2026 7460 Put @ 7.00 credit.
Ladder now:
Oct 27 7690 Put (ITM)
Oct 28 7440 Put
Oct 29 7460 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7623
Rolled SPX 23 Oct 7530 Put to 28 Oct 7360 Put @ 5.75 Credit
Current Ladder
26 Oct 7580 Put
27 Oct 7495 Put
28 Oct 7360 Put
3 Leaps 7900 Dec 2030
Rolled XSP 23 Oct 769 Put to XSP 26 Oct 769 Put @ 0.90 Credit…
#fuzzyleaps
Premarket:
Rolled SPX Oct 23 2026 7580 Put to Oct 28 2026 7440 Put @ 7.15 credit.
Ladder now:
Oct 26 7580 Put
Oct 27 7690 Put (ITM)
Oct 28 7440 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7663
Rolled XSP 22 Oct 769 Put to 23 Oct 769 Put @ 1.00 Credit..
Rolled SPX 22 Oct 7595 Put to SPX 27 Oct 7495 Put @ 5.35 Credit
Current Ladder
23 Oct 7530 Put
26 Oct 7580 Put
27 Oct 7495 Put
3 Leaps 7900 Dec 2030
#fuzzyleaps
Premarket:
Rolled SPX Oct 22 2026 7715 Put to Oct 27 2026 7690 Put @ 7.50 credit.
Ladder now:
Oct 23 7580 Put
Oct 26 7580 Put
Oct 27 7690 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7757
BTC XSP 21 Oct 765 Put @ 0.01…..Sold for 0.57….
STO XSP 22 Oct 769 Put @ 0.48…
BTC SPX Oct 21 7615 Put @ 0.10….
STO SPX Oct 26 7580 Put @ 5.30…
Current Ladder
22 Oct 7595 Put
23 Oct 7530 Put
26 Oct 7580 Put
3 Leaps 7900 Dec 2030
#fuzzyleaps
Premarket:
Rolled SPX Oct 21 2026 7650 Put to Oct 26 2026 7580 Put @ 7.00 credit.
Ladder now:
Oct 22 7715 Put (ITM)
Oct 23 7580 Put
Oct 26 7580 Put
LEAPs:
3 @ 7700, Dec 20 2030
SPX (yesterday’s close):
7712
Rolled SPX 20 Oct 7605 Put to SPX 23 Oct 7530 Put @ 5.55 Credit
Current Ladder
21 Oct 7615 Put
22 Oct 7595 Put
23 Oct 7530 Put
3 Leaps 7900 Dec 2030
BTC XSP 20 Oct 768 Put @ 0.01…..Originally STO on 10/13 as XSP 10/14 774 Put….
After 4 rolls total credit = $2.99..
STO XSP Oct 21 765 Put @ 0.57..
#FuzzyLEAPs I’ll be traveling Thur-Mon so this roll puts me to Tuesday…
Rolled $XSP Oct 20th 780 puts DOWN to Oct 27th 779 puts, .70 credit
#fuzzyleaps
Premarket:
Rolled SPX Oct 20 2026 7655 Put to Oct 23 2026 7580 Put @ 7.40 credit.
Ladder now:
Oct 21 7650 Put
Oct 22 7715 Put (ITM)
Oct 23 7580 Put
LEAPs:
3 @ 7700
SPX (yesterday’s close):
7690
Rolled XSP 19 Oct 770 Put to 20 Oct 768 Put @ 0.55 Credit
#FuzzyLEAPs
Rolled $XSP Oct 19th 778 puts to Oct 21st 778 puts, .30 credit
#fuzzyleaps
I edited my “SPX Musings” post, but the upshot is that I am back to targeting around $700 per day premium on my 3 LEAPs.
Premarket:
Rolled SPX Oct 19 2026 7735 Put to Oct 22 2026 7715 Put @ 7.20 credit.
Ladder now:
Oct 20 7655 Put
Oct 21 7650 Put
Oct 22 7715 Put (ITM)
LEAPs:
3 @ 7700
SPX (yesterday’s close):
7659
Rolled XSP 16 Oct 770 Put to XSP Oct 19 770 Put @ 0.75 Credit..
#fuzzyleaps
Premarket:
Rolled SPX Oct 16 2026 7715 Put to Oct 21 2026 7650 Put @ 5.50 credit.
Ladder now:
Oct 19 7735 Put
Oct 20 7655 Put
Oct 21 7650 Put
LEAPs:
3 @ 7700
SPX (yesterday’s close):
7744
Rolled XSP 15 Oct 774 Put to XSP 16 Oct 770 @ 0.44 Credit….
Rolled SPX 15 Oct 7680 Put to SPX 20 Oct 7605 Put @ 5.50 Credit
Current Ladder
16 Oct 7685 Put
19 Oct 7595 Put
20 Oct 7605 Put
3 Leaps 7900 Dec 2030
#fuzzyleaps
#FuzzyLEAPs
Rolled $XSP Oct 15th 778 puts to Oct 19th 778 puts, .30 credit
Rolled $XSP Oct 15th 780 puts to Oct 20th 780 puts, .02 credit
Frankly, I’m very frustrated with my failure to properly track another drop. So I rolled early and am getting away from my screens for the day.
Trying to stay OTM, so I used my conservative target (see post below):
#fuzzyleaps
Premarket:
Rolled SPX Oct 15 2026 7705 Put to Oct 20 2026 7655 Put @ 5.50 credit.
Ladder now:
Oct 16 7715 Put
Oct 19 7735 Put (ITM)
Oct 20 7655 Put
LEAPs:
3 @ 7700
SPX (yesterday’s close):
7718
I have been re-thinking my target premium again, in an effort to stay as conservative as possible, in case I decide to really scale up my allocation to #fuzzyleaps in the future. I just wanted to post my latest thinking, in order to let you guys chime in with criticisms, suggestions, etc.
I think that we can divide the premium we need to bring in, into 2 categories. One, we need to cover the cost of the LEAPs, and two, we would like to make some kind of profit on the cash allocated when all is said and done. With that in mind, let’s start with the LEAPs.
LEAPs Target:
At a bare minimum, it seems to me that we at least need to pay off our LEAPs by expiration (so 4 years in the future). Of course, the LEAPs won’t really be worth zero in 4 years, but assuming that they will be, establishes a conservative target threshold. Since I allocate enough money to cover several rollups over time, let’s call that $100,000 per LEAP that must be paid for over the 4-year period. Drilling that down to establish a minimum annual target leaves us with:
$100,000 / 4 = $25,000 premium needed per LEAP per year.
But, as I said, we also would like to make some kind of profit over the 4 years. The question is, what minimum number is reasonable? Here is my thinking on that.
Profit Target:
In order to participate in gains in SPX, one could simple buy and hold SPY. Long term, history says that doing that would result in an average (including dividends) of around 10% per year. Of course, the future can and will be different, but a 100-year track record is hard to argue with. So, if we want to try to beat that somehow using the SPX options market, what is a reasonable target to shoot for?
While I am tempted to try for some way higher number, such as 50%, what I am trying to establish here is a minimum, and therefore conservative, goal. For me, I think that doubling the buy-and-hold average is enough to make it worth the effort, but not so much that it’s too optimistic. So, let’s try using a 20% annual return target and see where that gets us.
$100,000 X 0.2 = $20,000 premium needed per LEAP per year.
So the total now is:
$25,000 + $20,000 = $45,000 needed per LEAP per year.
Divided by 250 trading days per year:
$45,000 / 250 = $180 needed per LEAP per day.
Multiplied by my current 3 LEAPs:
$180 X 3 = $540 total premium needed per day to achieve the stated goal.
So, if we are trying to establish a minimum threshold premium per day, this seems to me to be a reasonable target. Not so conservative as to make it not worth doing, but profitable enough to serve as a minimum goal. What do you guys think? Thanks in advance for any input!
Edit (on 10/19/2026):
After rethinking all of this over the weekend, I have decided to go back to targeting around 7.00 per day. Here’s why.
If I want to make 20% per year on my $100k per LEAP, that equals $20k. Divided by 250 trading days = .80 points per day per LEAP.
If I assume a 20% up year for the SPX, then my losses are 349 due to delta, and 41 due to theta (1-year), for a total of 390 points ($39,000) per LEAP. So, the total I need to bring in per day = 390/250 = 1.56 points per LEAP.
Adding the two = 2.36 points per day per LEAP, so 7.08 points per day for 3 LEAPs.
Rolled SPX 14 Oct 7705 Put to SPX 19 Oct 7595 Put @ 5.05 Credit
Current Ladder
15 Oct 7680 Put
16 Oct 7685 Put
19 Oct 7595 Put
3 Leaps 7900 Dec 2030
Rolled XSP 14 Oct 774 Put to XSP 15 Oct 774 Put @ 0.90 Credit
#FuzzyLEAPs. Well, here we are again at the start of a possible pullback, and yet again I’m stuck with my pants down. It was probably a mistake to not heed the CPI data release. I had figured before that I may want to let positions expire and not roll them before data releases, especially now when inflation & interest rates are more likely to be bad news than good. That would give me the chance to see how the market plays out and place a much lower strike if necessary. But I didn’t take that action.
My second mistake was not rolling at or soon after the open, in hopes we might just recover from the premarket dip. I had ample opportunity for a decent roll of 778 and a roll-down of 780 puts. But that’s now firmly gone and I’m faced with another period of stagnation with this strategy.
I just can’t crack it.
#fuzzyleaps
Premarket:
Rolled SPX Oct 14 2026 7680 Put to Oct 19 2026 7735 Put @ 10.10 credit.
Expected move at time of trade: 7733
Ladder now:
Oct 15 7705 Put
Oct 16 7715 Put
Oct 19 7735 Put
LEAPs:
3 @ 7700
SPX (yesterday’s close):
7805
BTC XSP 13 Oct 776 Put @ 0.01…..Sold for 0.30…on a roll..
STO XSP 14 Oct 774 Put @ 0.35…
Rolled SPX 13 Oct 7690 Put to SPX 16 Oct (weekly) 7685 Put @ 5.00 Credit….
Current Ladder
14 Oct 7705
15 Oct 7680
16 Oct 7685
3 Leaps 7900 Dec 2030
#FuzzyLEAPs
Rolled $XSP Oct 13th 778 puts to Oct 14th 778 puts, 1.00 credit
Rolled $XSP Oct 14th 780 puts to Oct 14th 780 puts, 1.30 credit
WARNING: OCT 16 SPX HAS AM & PM OPTIONS
#fuzzyleaps
Premarket:
Rolled SPX Oct 13 2026 7625 Put to Oct 16 2026 (PM) 7715 Put @ 10.50 credit.
Ladder now:
Oct 14 7680 Put
Oct 15 7705 Put
Oct 16 7715 Put
LEAPs:
3 @ 7700
SPX (yesterday’s close):
7807
Rolled XSP 12 Oct 777 Put to Oct 13 776 Put @ 0.30 Credit
#FuzzyLEAPs Filled these on the move lower, hoping we can stay at these levels for awhile to generate premium before we need to take another dip.
Rolled $XSP Oct 12th 775 puts UP to Oct 13th 780 puts, 1.20 credit
Rolled $XSP Oct 12th 778 puts to Oct 13th 778 puts, .60 credit
#fuzzyleaps
Premarket:
Rolled SPX Oct 12 2026 7660 Put to Oct 15 2026 7705 Put @ 7.00 credit.
Ladder now:
Oct 13 7625 Put
Oct 14 7680 Put
Oct 15 7705 Put
LEAPs:
3 @ 7700
SPX (yesterday’s close):
7811
BTC SPX 9 OCT 26 7740 Put @.10…..Sold for 6.50…
STO SPX 14 OCT 26 7705 Put @5.20..
Rolled SPX 12 OCT 26 7700 Put to 15 OCT 26 7680 Put @ 5.10
Ladder currently…
13 Oct 7690 Put..
14 Oct 7705 Put…
15 Oct 7680 Put…
3 Leaps 7900 Dec 2030…
BTC XSP 10/09/26 772 Put @ 0.01….Sold for 0.55….
STO XSP 10/12/26 777 Put @ 0.39…
#FuzzyLEAPs
Rolled $XSP Oct 9th 775 puts to Oct 12th 775 puts, .60 credit
Rolled $XSP Oct 9th 778 puts to Oct 12th 778 puts, .60 credit
