#spycraft Closed 5 of the…


Closed 5 of the 10 short 266 calls for the Feb 1 expiration for 3.49. The new Tradestation screens apparently put my orders in last week twice, so I ended up with 20 contracts instead of 10 on the put side. It is doing well so will leave them but I don’t have the margin for the ladder now. So anyway, sitting on my hands on this one until next week.

Once I can close the put side will re-ladder.

However, I don’t really see any reason to sell the call side at the moment so will just open the put side and leg into the call side later. If you are going to iron condor I would skew to the upside a lot. Looks like there is panic buying now.

So now have 20 contracts of the 245/242 puts, 5 of the 266 and 10 of the 269 call side. Keep on rallying. Cost 3.49.

I also adjusted the other account. It is now the 242.5/240.5 put spread 5 of these and 3 of the 268/ and 5 of the 270. Cost 2.38 to close these.

I figure if we can keep rallying will be a winner. If not can resell on the pull back.

Ladder on 1 account STO the Feb 8 255/252 put spread for 0.21. 10 contracts

No point in adding the call side until we have 2 sided action again.

SPY 21dte IC ladders

Sold SPY Feb8 275/277.5/255/252.2 call/put IC x2 @ .45
Joining the SPY21 dte ladder party with @hcgdavis. Will add a layer whenever a 21dte is available. Starting small but will increase size after I defend a couple to find out how that goes.

#spycraft Making some adjustments to…


Making some adjustments to the call sides in SPY and EXPE. Too busy to post the actual trades at the moment, just trying to get them through. Will update later.

Looks like we are back in slow grind higher mode everyday.

SPX 7dte IC defense

Per my SPX IC defense plan, I bought back half of my Jan18 2635 short calls. This will allow one of the long calls to run unhedged in case this rally continues into Friday.



#spycraft Just opened Feb 1…


Just opened Feb 1 expiration IC at the 245/242 puts for 0.25 credit and the 166/269 calls for 0.39 credit. Could probably get about the same now.


WDC rolled the 4 DTE 70/70 out a week for 0.62 credit. Cb now 18.49.

The #spycraft trades will be managed as per the discussion last week. Hard adjustment points as soon as the short strike is breached or if in expiration week closed for a small loss or rolled. As long as we have 2 or more weeks left to expiration will back ratio.

#spycraft Opened leg 2 of…


Opened leg 2 of the IC. STO the 21 DTE 268/270 ccs for 0.24. Now have the 242.5/240.5 and 268/270 IC for 0.44 credit.

I will open another batch on Monday after some stocks are finally called out.

Every Thur. or Fri. add another rung to the ladder but with so many SPY expirations you can do M,W, or F.

Finally unraveling some trade adjustments…

Finally unraveling some trade adjustments over the last 14 weeks and bringing in some profits again. Have been flat for 3 months but a very nice week today 🙂

EOG 110/110 with the back ratio ccs wrapped around it from the other day. With the slight pull back this morning I was able to sell 5 99 calls for 15 DTE for 1.97. What this did was lock in a no loss trade on the credit spread. Original trade was the 97/98 ccs. Back ratioed the other day. With todays trade I locked in a gain of $25 total if it closes at 98.02. Anywhere above 99 or below 97 that expands to $505. Basically inverted a butterfly but because of the gains from the back ratio now have that part of the trade risk free.
After the original post, rolled the 22 DTE 110 put out to 43 DTE for 0.45 credit. Cb now 13.96.
EXPE 120/120 125/126, 117/118 ccs and 118/120 ccs at cost basis of 9.43. Managing same as EOG. Any of the short strikes breached will delta neutral hedge (usually buy back half of the shorts).
GILD 70/70 cb 8.48. Will roll in 2-3 weeks.
MU 35/35 cb 14.80 and will roll 1-2 weeks
WDC 40/40 cb 19.11. Roll next week. This will be the longest to recover. Good thing I have a lot of time.
XBI 80/80 at 13.97 rolls in 2 weeks.
LNG 50/60 1 DTE rolled out 15 DTE for 0.48 credit. Cb 14.06
GILD 67.5/69 cb 8.90 and rolls in 2 weeks

LNG batch 1 61 CC should be assigned tomorrow at 57.70 cb
LNG batch 2 61 cc should be assigned at 58.53 cb.

SQ should expire for full profit tomorrow. 667.50 profit on 3 contracts in 2 weeks. Finally an easy winner chicken dinner.

22 DTE 242.5/240.5 pcs for 0.20 credit. Small account so only 5 contracts. However, once batch 1 LNG expires this is one of the accounts I will re-dedicate to #spycraft with the mechanical management rules. Trying to double the 2 accounts in a year. Easy to keep track of since the new year.

I will be legging into an out of a lot of trades now. Anytime I can lock in a gain will do it. No guessing about what to do when short strikes are violated, they will be delta neutral hedged or shut down at a minimal loss, no questions asked. After looking at 4 years of #spycraft trades, controlling losses was the number 1 way to make this tactic profitable. The other way appears to be applying some timing by legging in and out of sides.