$SPX STO 3970/3990-4180/4200 at 1.10 SPX at 4082
#SPX1dte Sold to Open $SPX Nov 25th 3950/3970-4080/4100 condors for 1.00, SPX at 4026, deltas -.06 +.05, IV 11.3%
#SPX1dte Bought to close $SPX Nov 23rd 4065/4085 call spreads for .20. Also closing put spreads. I doubt today’s Fed minutes will have much affect, but cannot be certain.
#SPX1dte Sold to Open $SPX Nov 23rd 3920/3940-4065/4085 condors for 1.40, SPX at 4000, deltas -.08 +.05. IV 19.5%.
Bullish lean as tomorrow will likely melt upwards slowly.
Expiring: Nov 22nd 3870/3890-4010/4030 condors, sold yesterday for 1.30
#SPX1dte Sold to Open $SPX Nov 22nd 3870/3890-4010/4030 condors for 1.30, SPX at 3950, deltas -.06 +.06, IV 18.8%
Today’s condor expired worthless.
#SPX1dte Sold to Open $SPX Nov 21st 3860/3880-4040/4060 condors for 1.40, SPX at 3960, deltas -.07 +.05
Today’s condor expiring worthless.
#SPX1dte Sold to Open $SPX Nov 18th 3820/3840-4010/4030 condors for 1.15, SPX at 3933, deltas -.06 +.06, IV 25.7%
#SPX1dte Bought to close $SPX Nov 17th 3880/3860 put spreads for 3.50. Filled at 6:14:47, 13 seconds before the 15-minute pause in trading before the opening bell.
#SPX1dte Sold to Open $SPX Nov 17th 3860/3880-4040/4060 condors for 1.35, SPX at 3961, delta -.07 +.06, IV 24.4%
Expiring: Nov 16th 3895/3915-4050/4070 condors, sold this morning for 1.30
#SPX1dte In pre-market, Sold to Open $SPX Nov 16th 3895/3915-4050/4070 condors for 1.30, deltas -.06 +.05, IV 37.65%
#SPX1dte Sold to Open $SPX Nov 14th 3865/3885-4080/4100 condors for 1.40, SPX at 3995, deltas -.06 +.06, IV 17.34%
Expiring: Nov 11th 3865/3885-4040/4060 condors, sold this morning for 1.40.
#SPX1dte In pre-market, sold to open $SPX Nov 11th 3865/3885-4040/4060 condors for 1.40. Deltas -.06 +.06
#SPX1dte Not sure if stop was breached but it was close. Bought to close $SPX Nov 9th 3735/3715 put spreads for .20. Condors sold for 1.25 yesterday.
No trade for tomorrow due to CPI report at 8:30am ET
#SPX1dte Sold to Open $SPX 3715/3735-3935/3955 condors for 1.25, SPX at 3843, IV 31.3%, deltas -.05 +.05
#SPX1dte Bought to close $SPX Nov 8th 3880/3900 call spreads for .65. Condors sold yesterday for 1.35.
#SPX1dte Sold to Open $SPX Nov 8th 3715/3735-3880/3900 condors for 1.35, SPX at 3807, deltas -.07 +.05
Expiring: Nov 7th 3655/3675-3850/3870 condors, sold Friday for 1.35
#SPX1dte Sold to Open $SPX Nov 7th 3655/3675-3850/3870 condors for 1.35, SPX at 3758, deltas -.07 +.04, IV 16.1%
#SPX1dte Bought to close $SPX Nov 4th 3810/3830 call spreads for .80. Condors sold for 1.35 this morning.
My P/L chart looks like railroad tracks on a candle chart. Here are results of last 4 weeks:
The good news is I can identify two mistakes from this week that turned it sour. If it weren’t for my human mistakes, the strategy would be the problem.
I have been tracking paper results if I used a “no stop” strategy, and it officially pulled slightly ahead of my actual gains. Had I gone with no stops since May 16th, my profits would be 11.7% higher.
#SPX1dte At 21 minutes after opening bell, sold to open $SPX Nov 4th 3630/3650-3810/3830 condors for 1.35. Deltas -.06 +.06
#SPX1dte BTC $SPX 3685/3665 put spreads for 3.10. Condors sold for 1.30 yesterday.
In retrospect, it was a bad trade. The market was plummeting into the close, but the IV for today’s option chain was low, and my wings were not far enough OTM. I also sold a few minutes before the close, so the last drop of the day pushed me closer to my put strike. I should have waited until after the closing bell, or even considered a bearish risk/reversal since such a bad drop in the final half-hour usually means we will open next day lower.
#SPX1dte Sold to Open $SPX Nov 3rd 3665/3685-3880/3900 condors for 1.30, SPX at 3776, deltas -.06 +.06, IV 30%
Watching today’s put spread carefully.
#SPX1dte Sold to Open $SPX Nov 2nd 3960/3980 call spreads for 2.00, SPX at 3885, delta probably about +.10 when filled.
Will consider a put side if we pull back enough.
#SPX1dte Expiring: $SPX Nov 1st 3785/3805-3955/3975 condors, sold yesterday for 1.45
Not selling for tomorrow due to Fed announcement on rates at 2pm Eastern. If I’m available, I may place trades after the announcement.
#SPX1dte Sold to Open $SPX Nov 1st 3785/3805-3955/3975 condors for 1.45, SPX at 3878, deltas -.06 +.06, IV 23.7%
Expiring: Oct 31st 3780/3800-3985/4005 condors, sold Friday for 1.45
#SPX1dte Bought to close $SPX Oct 28th 3915 call for .30. Condors sold for 1.65. Stop hit with first spike above 3902. Monday trade will come in comment.
#SPX5dte Sold to close $SPX Oct 28th 3825/3845-3855/3875 condors for 16.50. Bought Tuesday for 17.75, so 1.25 loss. Not enough movement and too risky to hold until tomorrow.
1-dte trade to follow in comments.
#SPX1dte Sold to Open $SPX Oct 27th 3725/3745-3920/3940 condors for 1.60, SPX at 3833, IV 28%, deltas -.07 +.06
Expiring: Oct 26th 3740/3760-3935/3950, sold yesterday for 1.30
#SPX1dte Sold to Open $SPX Oct 26th 3740/3760-3935/3950 for 1.30, at 12 minutes after closing bell. Deltas -.07 +.04
This is broken wing, 20 points on puts, 15 on calls, due to limited strikes above 3950. Market moved on me after setting it up and getting filled ($MSFT and $GOOGL earnings), so deltas are skewed.
#SPX1dte Sold to Open $SPX Oct 25th 3685/3710-3900/3925 condors for 1.80, SPX at 3801, IV 30%, deltas -.07 +.05
25-point wide due to limited strikes available above 3900.
#SPX1dte Sold to Open $SPX Oct 24th 3625/3645-3855/3875 condors for 1.55, SPX at 3753, IV 20%, deltas -.06 +.06
#SPX1dte Bought to close $SPX Oct 21st 3755/3775 call spreads for .90. Condors sold yesterday for 1.35.
#SPX5dte Bought to Open $SPX Oct 25th 3640/3660-3670/3690 condors for 17.75. First one of these I’ve done in a few weeks because volatility has made them too expensive. Here I’m only going 3 trading days out (Tuesday) so I can keep price under 18.00.
1-dte trades to follow in comments
#SPX1dte Sold to Open $SPX Oct 20th 3565/3585-3785/3805 condors for 1.50, SPX at 3687, IV 32.1%, deltas -.06 +.06
Expiring: Oct 19th 3600/3620-3770/3790 condors, sold this morning for 1.55.
#SPX1dte So much for this Risk/Reversal crap… i thought we’d get more of a rally here, especially with good earnings news. But I’ve been thoroughly bitch-whipsawed this week.
Sold to open $SPX (same day) Oct 19th 3600/3620-3770/3790 condors for 1.55, SPX at 3698, deltas -.06 +.07
#SPX1dte I am still bullish for more move higher. I’m trying a risk/reversal again, placed after the close then immediately helped by $NFLX blowout…
Sold to Open $SPX Oct 19th 3635/3615 put spreads
Bought to Open $SPX Oct 19th 3820/3840 call spreads
Net DEBIT -.40.
$SPX STO 10/18 3610/3590 / 3820/3840 for $1.35 $SPX at 3714
#SPX1dte Not a fun thing to wake up to. Earlier, in pre-market, bought to close $SPX Oct 18th 3770/3790 call spreads for 6.00. That’s my biggest hit since June 24th. I really do not know what I was thinking yesterday, since it was an obvious day to play directionally to upside. I will consider a same day trade after the open.
#SPX1dte Sold to Open $SPX Oct 18th 3565/3585-3770/3790 condors for 1.55, SPX at 3685, deltas -.06 +.06
Expiring: Oct 17th 3575/3595-3740/3760 condors, sold this morning for 1.20 after being stopped out of first one.
#SPX1dte Bought to close $SPX Oct 17th 3700/3720 call spreads for 4.20. Condors sold for 1.30 on Friday. Looks like I picked the wrong day for my Risk/Reversal.
#SPX1dte Sold to Open $SPX Oct 17th 3420/3460-3700/3720 condors for 1.30, SPX at 3595, deltas -.05 +.07
When you are long one of these spreads, you are faced with decisions all day long (and even all night long with $SPX)… when to exit? With a small profit? Or wait for a bigger one.
Being short is easier.. if stop is hit, GET OUT.
Last night at 9:30pm Pacific I could have taken profits on call spread by selling at 2.50. I instead put in an order for 4.00, thinking we’d edge higher over night. Instead, we dropped. Then after the open, I put in a new sell order for 1.50… the opening spike got me to 1.35, so no fill. Now we have collapsed, and likely profit will be zero. Only hope is whatever volatility just spiked us down will be seen as a buying opportunity like yesterday’s morning was.
Still, successful week with 4 wins, 1 likely breakeven (today) for total profit of 4.85.
#SPX1dte Closed $SPX Oct 13th 3400/3380 put spread for .10. Condors sold yesterday for 1.25. I will let calls expire.
My job looks like it will afford enough access to my computer that I can continue trading semi-regularly, at least until end of November when we begin shooting. The show I am working on is the third season of “Hacks,” produced by NBC/Universal for HBO.
It will mean I will be closing one or both sides for safety more often than I normally do, so I can be risk-off for remainder of day.
#SPX1dte Sold to Open $SPX Oct 13th 3380/3400-3750/3770 condors for 1.25, SPX at 3583, deltas -.03 +.04
Normally wouldn’t sell going into CPI report after last month’s volatile down day, but these strikes are far OTM and low delta, and still providing ample premium.
#SPX1dte Closed full condor for .25… now it’s only .10. Perfect day for neutral trader.
#SPX1dte Sold to Open $SPX Oct 12th 3460/3480-3685/3705 condors for 1.40, SPX at 3587, deltas -.05 +.06
#SPX1dte At 11 minutes into trading, sold $SPX Oct 11th 3495/3515-3655/3675 condors for 1.30, SPX at 3583, deltas -.06 +.05.
Don’t forget, September CPI report (inflation) released this Thursday at 8:30am ET
#SPX1dte At 27 minutes into trading, sold to open $SPX 3545/3565-3690/3710 condors for 1.45. Deltas -.06 +.06
My first day on the new show so depending on my schedule, my trading and posting will be more limited.
#SPX1dte Stopped out of put side for 2.60. Let’s pretend today never happened.
#SPX1dte Driving in Northern California, managed to listen to CNBC coverage of Jobs Report on TuneIn radio, now stopped at a supercharger so I placed a trade.
#SPX1dte In pre-market, sold to Open $SPX Oct 7th 3610/3630-3800/3820 condors for 1.55. IV 50%, deltas -.07 +.04. I built the trade with +/-.06, but by the time it executed the market spiked down a bit, which is why deltas are off balance.
#SPX1dte Expiring: $SPX Oct 6th 3665/3685-3860/3880 condors, sold yesterday for 1.45.
I am traveling back to LA tomorrow to start work on a new show. So no trade now, and not sure if I’ll be around in the morning to place a same-day. Look out for the JOBS report at 8:30am Eastern, 5:30am Pacific.
#SPX1dte … And on the third day, the market rested, and did NOT stop me out of my trade.
Expiring: Oct 5th 3655/3675-3860/3880 condors, sold yesterday for 1.25
Sold to open $SPX Oct 6th 3665/3685-3860/3880 condors for 1.45, SPX at 3781, IV 28%, deltas -.06 +.06
#SPX1dte Sold to Open $SPX Oct 5th 3655/3675-3860/3880 condors for 1.25, SPX at 3778, IV 28.75%, delta -.06 +.06
Expiring: My 2nd attempt, Oct 4th 3710/3730-3835/3855 condors, sold this morning for 1.70. Loss on day: -.60
#SPX1dte Sold to Open $SPX Oct 4th 3710/3730-3835/3855 condors for 1.70, SPX at 3778 at 7:31am Pacific Time. IV 39.7%, deltas -.14 +.05
#SPX1dte In pre-market, sold to open $SPX Oct 4th (same day) 3615/3635-3790/3810 condors for 1.70, IV 42.3%, deltas -.05 +.06
#SPX1dte Bought to close $SPX Oct 3rd 3695/3715 call spreads for .90. Sold this morning for 1.45.
#SPX1dte In pre-market, sold to Open $SPX Oct 3rd (same day) 3500/3520-3695/3715 condors for 1.45, IV 60.7%, deltas -.05 +.05
#SPX1dte No new trade…. this plunge in final minutes is a clear enough sign to WAIT until Monday.
Expiring: $SPX Sept 30th 3490/3510-3750/3770 condors, sold yesterday for 1.75.
#SPX1dte Sold 6 minutes after closing bell: $SPX Sept 30th 3490/3510-3750/3770 condors for 1.75, SPX closed at 3640, IV 40.8%, deltas -.05 +.06
#SPX1dte Well, my instincts were correct to wait until morning to sell, but in the end made little difference.
Bought to close $SPX Sept 29th 3590/3570 put spreads for 3.40. Condors sold for 1.45 this morning. First loss of the week.
#SPX1dte In pre-market, sold to open $SPX Sept 29th 3570/3590-3775/3795 condors for 1.45, IV 53.6%, deltas -.05 +.05
#SPX1dte No trade placed this afternoon, will wait for morning
Expired: $SPX Sept 28th 3515/3535-3740/3760 condors, sold for 1.60 yesterday.
#SPX1dte My stop was not hit, but I don’t trust this market… BTC $SPX Sept 27th 3590/3570 put spreads for .60. Condors sold this morning for 1.70.
#SPX1dte In pre-market, Sold to Open $SPX Sept 27th 3570/3590-3765/3785 condors for 1.70, IV 51.3%, deltas -.05 +.06
#SPX5dte Sold to close $SPX Sept 27th 3750/3770-3780/3800 condors for 19.15. Bought for 17.80 on Thursday.
#SPX1dte Expiring: Sept 26th 3525/3550-3800/3825 condors, sold Friday for 1.40.
No trade placed for tomorrow due to insufficient premium to get safely OTM. Will consider a same-day trade in the morning.
#SPX1dte Sold to Open $SPX Sept 26th 3525/3550-3800/3825 condors for 1.40, SPX at 3691, IV 22.9%, deltas -.05 +.05. These are 25-points wide, as not all strikes available so low on the put side. Also went with 5 deltas rather than usual 6 for a bit more safety.
Total for week: +5.50
#SPX1dte Bought to close $SPX Sept 23rd 3680/3660 put spreads for 5.05. Condors sold yesterday for 1.75.
Another Friday where most of the week’s profit is obliterated. Even though a Downside Warning has not yet fired (it may today), I’m going to need to switch back to same day trades to account for overnight moves. It also is becoming a pattern where a big move (like last Tuesday after CPI and this Wednesday after FOMC) is followed by a quiet day, but then a sharper move will occur a day or two later.
#SPX5dte Bought to Open $SPX Sept 27th 3750/3770-3780/3800 condors for 17.80, with SPX at 3786.
#SPX1dte Sold to Open $SPX Sept 22nd 3650/3670-3920/3940 condors for 1.35, SPX at 3798, IV 38.8%, deltas -.05 +.06
#SPX1dte Sold to Open $SPX Sept 21st 3770/3750 put spreads for 3.40.
#SPX1dte SAME DAY: Sold to open $SPX Sept 21st 3720/3740-3995/4015 condors for 1.60, SPX at 3872, IV 77.4%, deltas -.05 +.04.
IV incredibly high, probably as a result of the huge move we had last Tuesday after inflation report. I felt these strikes were far enough OTM, with lower deltas than I normally sell, to place the trade before Fed announcement.