SPX 1-dte

#SPXcampaign My condor for today, Nov 30th 2690/2710/2810/2830, is expiring (sold for .90). I wasn’t planning on doing one for Monday due to the chance for a huge gap on the China talks. However, IV is so high, that I was able to sell a very wide condor. My short strikes have been around 100 points apart in this last week. For Monday’s condor, they are 210 apart.

Sold $SPX Dec 3rd 2620/2640-2850/2870 condors for .95.

Short strikes are 115 points away on downside, 95 points on upside. We have exceeded those moves only once this year: to the downside on Feb 5th.

#spxcampaign Sell iron condor Nov…

Sell iron condor Nov 30 2760/2770 calls and 2740/1730 puts for $1 and 1 hour till expiration. Many missteps today, hope to get this one right.

SPX 1-dte

#SPXcampaign Sold to Open $SPX Nov 30th 2690/2710/2810/2830 condors for .90. Expires tomorrow.

SPX 1-dte

#SPXcampaign Still working on this new approach… thought I’d share my big error on today’s spread.

I sold the $SPX Nov 28th 2590/2610-2710/2730 for 1.15 yesterday at 1:38p ET, when SPX was at 2672.

After selling, the SPX creeped higher into the close. Even so, my call spread side did NOT increase much. With the threat of a gap up opening, and a slow rise into the close, I could have closed the calls for about .70, and let puts expire today, for an overall profit on the trade, same day. But it didn’t rise enough to hit my stop, so I opted to stay in.

That turned out to be only a minor error: Consider taking profits same day if volatility drops enough in the last hour to exit with decent profit, and erase overnight risk. But, in this case, the gap up this morning wasn’t bad, and I could have closed at the open for a small loss.

Further more, my call side DID hit its stop this morning, when the expected move touched my 2710 short calls. This means I should have exited, and COULD have exited for a profit on the fade back down to 2685 area. But I didn’t. And as it bounced, I was not focused…. I should have realized the volatility risk with Powell’s comments, but I didn’t and was focused on record keeping and other non-trade issues.

Now I’m 10 points ITM. Faced with possibility of a chunky loss if there’s no fade. Don’t know how I’ll roll yet.

1. Take partial profits if they present themselves early.
2. Follow rules even if you believe that waiting for better exits will work.
3. Focus on market events you KNOW are coming. Don’t get distracted or complacent.

SPX 1-dte sold

#SPXcampaign Sold $SPX Nov 28th 2590/2610-2710/2730 condors for 1.15. Expires tomorrow.

SPX 1-dte expired

#SPXcampaign Expired: $SPX Nov 26th 2560/2580-2690/2710 condors, sold Friday for 1.15.

SPX call spread

#SPXcampaign Sold $SPX Dec 7th 2720/2745 call spreads for 5.80.