#VXXGame Filled right after the bell (since VIX ETF options stay open until 4:15p):
STO $UVXY March 75 call for 5.00. Highest strike.
Tag Archives: VXXGame
VXX short stock
#VXXGame Waited a long time for this… Bought to cover 10 shares of $VXX shares for 26.95. Was early assigned 100 short shares on Feb 12th via a 27 short call. I will scale out as it moves down.
Reminder, this happens on Tuesday
#VXXGame $SVXY and $UVXY splits
https://seekingalpha.com/news/3386632-proshares-announces-reverse-share-splits-two-etfs#email_link
Trades
Catching up on posting from the last 7 days…
TODAY (Monday)
#CoveredCallCampaign
Sold $AAPL Aug 24th 202.5 #CoveredCalls for 7.00. This replaces the Aug 17th 202.5 calls I closed last week for 7.40, to avoid being called away on the ex-div date. I’m rolling ITM calls after earnings trade got breached.
Sold $SQ Aug 24th 76 call for 1.25, and Aug 31st 76 calls for 1.23
#SyntheticCoveredCalls
Sold $PYPL Aug 31st 90 calls for 1.10. A roll-up from Aug 24th 87.5 calls stopped last week.
#PieTrades
Sold $MU Aug 24th 53 covered call for .85. #PieTrades
LAST WEEK
#Rolling #StrangleRoll $TSLA Aug 17th 332.5 calls to Aug 17th 332.5/335 strangles for .65 credit. Will roll soon to avoid early assignment.
#Earnings Bought $YELP Aug 10th 38.5 #LongStraddles for 4.94. Sold the calls next day for 9.95. This trade usually works on YELP.
Stopped $FB Aug 24th 187.5 covered calls for 3.85. Rolled to Aug 31st 180/195 strangles for 3.83. Looks like I got stopped at the top. #CoveredCallCampaign.
#PieTrades Rolled $AMAT Aug 10th 46.5 covered call to Aug 17th 46.5 for .30 credit.
#VXXGame Closed $VXX Sep 21st 50 call for .46. Sold for 5.65 on April 17th.
A few trades
#LEAPs BTC $SQ July 20th 71 #SyntheticCoveredCalls for .15. Sold for 1.35 in June.
#CoveredCallCampaign BTC $BABA July 20th 202.5 #CoveredCall for .21. Sold for 2.05 in June
#VXXGame Sold $VXX Dec 50 call for 3.50
Volatility and SPX rallies
I trade VIX and VXX based on extremes I see in the price channels. I’ll start by sharing a few trades and more on strategy later.
Closed trades
STO VXX Jul13 38/39 BeCS @ .38 x 10. Bot back @ .10
Bot VIX Jul11 16P @ 1.62. Sold @ 2.02 x2
Bot VIX Jul11 15P @ .90. Sold @ 1.15 x2
Bot VXX Jul13 35P @ 1.02. Sold @ 1.45
Open trades
Rolled VIX Jul18 15/20 BuCS bot @ 1.12 to create a Jul18 15/13 BeCS for 1.90 credit – directional bias changed
Bot SPX Jul9 2780c @ 1.75 x2 in anticipation of the rally continuing thru today and perhaps Monday.
Moving a lot to cash
I’m starting to take a lot of trades off and putting fewer new ones on. I am doing this for these reasons:
1. The #SPXcampaign has not been working well in 2018. It was my core strategy starting in January 2015 and worked well through 2016. In 2017, I got crushed a little too much on the upside, and now this year’s whipsaw has been too difficult. I’m going flat in $SPX. Currently I only have a couple of OTM call spreads which I’ll be closing a bit cheaper. I will look to start fresh in the coming weeks or months after I assess the strategy.
2. I have been long a few tech stocks and selling calls. I was also rolling into strangles when calls got breached. In the last week the puts have been getting hit. So I’m keeping the stock for now but have closed most puts. I will sell covered calls if we move higher, or stop myself out if we move much lower or go into more serious correction.
3. I’m not feeling positive about the market. Of course, me typing this paragraph will likely mean today is the bottom! But the market action, the tariff fears, and other reasons for 2018 volatility do not seem to be abating. Plus record low unemployment is often what precedes a recession, and the nation’s debt and deficits are flying to new highs. I by no means am certain of a crash, and I wouldn’t be including this in my decision if it weren’t for #4.
4. My family is spending a month in Japan from late July to late August (my wife is from there, so we’ll be visiting family and touring). The NYSE opens at 10:30pm Tokyo time… I intend to keep trading lightly, but do not want to be going through volatility with lots of positions and having to stay up all night.
I hope to reset my mind, catch up on bookkeeping (both trading and household), and build out this website a bit more.
So, to summarize: I am closing out SPX, TQQQ
I’m keeping stock in AAPL, BABA, SQ, and FB, all with stops set in not too much lower than current prices. BABA is a bit underwater but the other three are nicely in profit.
I have stock also in these which are currently struggling: #PieTrades in MU and AMAT, and broken earnings trade in OLED. I’ll let these sit, sell calls, and dump them if they can’t recover soon.
The only #VXXGame trades I have are long puts in $VXX, a trade that would have worked every year for the past 9 (except maybe 2011), but is NOT working in 2018. Also long $SVXY stock and short a small amount of $VXX stock. I have way OTM long calls on UVXY and VXX, so I’m prepared to sell volatility should it get expensive.
Still short some puts in RH, YY, and GUSH, which I’ll allow to decay.
Long LEAP calls in PYPL and SQ which were cheap, so no reason to close. I will sell calls against these.
And that’s it! Let me know any questions you have about positions you were following.
Final trade & expirations
#Earnings #Rolling I have not managed $OLED well at all since getting slammed on earnings. I’m actually not too far in the hole so sticking with 1-lots:
BTC $OLED June 15th 115 put for 21.75. Sold for 19.00 last month.
STO July 6th 100 put for 7.60
STO July 20th 110 put for 16.80.
#OptionsExpiration
Only one winning expiration:
$GUSH 45 call, sold for 1.05 in April, #ContangoETFs
These expired as losses:
$SPX long June 15th 2825/2850 call spreads, bought for .75, avg price, #SPXCampaign
$VXX long 30 puts, bought for 1.17, avg price
$VXX long 25 put, bought for .21
$AMBA long 50 call, bought for 3.90, #LongCalls
Also, hedges expiring (partially replaced with #VXXGame trades yesterday):
$UVXY 60 calls, bought for .69, avg price
VXX game
#VXXGame These were all traded yesterday, forgot to post…
Closed $UVXY July 20th 20 calls for .28. Sold for 1.20 last month.
Closed $UVXY Sept 20 call for .74. Sold for 2.75 on May 3rd.
Closed $UVXY Jan 2019 70 calls for .36. Sold for 6.52, average price, on Feb 5th and 8th.
Closed $UVXY Jan 2020 59 call for .90. Sold for 4.80 on April 6th.
Also, bought these highest strikes as future hedges against sell volatility:
BTO UVXY Sept 59 calls for .15, adding to my position
BTO $VXX Sept 105 call for .25
BTO $VXX July 20th 90 calls for .18, adding to my position
#vxxgame With the Vol getting…
With the Vol getting so low, is it a good time to buy some Leap calls in UVXY or VXX?
UVXY calls
#VXXGame Yesterday, Sold $UVXY July 20th 20 calls for 1.20.
Final trades and Options Expiration, 5/18/18
#SPXcampaign
Sold $SPX June 14th 2795/2820 call spreads for 1.75
Sold $SPX May 31st 2650/2675/2750/2775 #CondorRoll for 6.70
#OptionsExpiration Expiring at full loss: Long 2770/2790 call spreads, bought for 1.29… Made a couple of profitable rounds with this spread but the remaining ones fizzled out.
#IronButterfly Sold to close $AMZN 1575/1600/1625 butterfly for .84. Bought for 2.95 on May 3rd.
#Earnings Closed remaining $A 65 puts for .75. Avg closing price: 1.10. Strangles (65/75) sold for .77 on Monday.
Closed $OLED May 18th 100 put for 5.70. Sold for 3.50 last week. In the hole on the rolls here… need to assess next week.
#VXXGame BTC $UVXY Jan 2019 70 call for .45. Sold for 6.50, avg price.
Expiring are long calls used as hedges, UVXY 40 calls (bought for .45) and 44 calls (bought for .21).
Expiring at full loss: a bunch of $VXX 30 puts, bought for the avg price of .12
#Assignment $AMAT 54.5 put, taking stock, will sell call next week. #PieTrades
VXX gamin’
#VXXGame Bought some cheap protection for future call sales… doing so also gives me more buying power against current positions. All highest strikes.
BTO $VXX June 15th 70 call for .20
BTO $VXX July 20th 90 call for .25
BTO $UVXY June 15th 60 call for .07 (adding)
BTO $UVXY Sep 59 calls for .26
And took profits:
BTC UVXY Sep 30 call for .79. Sold in March for 3.425 (avg price)
TQQQ, UVXY, and FDX
#LongLEAPs #syntheticstock #syntheticcoveredcall
Closed $TQQQ May 11th 165 call for .30. Sold for 1.70 on Apr 24th. Sold against the long Jan 2020 150 call. Will sell a new one when we move higher.
#VXXGame Sold $UVXY Sept 20 call for 2.75. (today)
Earlier this week, closed these for profits:
UVXY June 15th 30 call for .40 (sold for 2.125)
UVXY Jan 2019 70 call for 1.20 (sold for 6.50)
UVXY Jan 2019 65 call for 1.15 (sold for 3.50)
#Earnings #Rolling (on Monday)
Closed $FDX May 4th 237.5 put for .24. Sold for 5.55 on 4/11.
Closed $FDX May 4th 235 put for .16. Sold for 6.05 on 4/11.
#vxxgame #shortcalls UVXY bought May…
#vxxgame #shortcalls UVXY
bought May 18, 16 call for 1.03, made 1.70. This started out January 29 as a 15 call, rolled twice to May.
Keeping up with the DROP
#VXXGame VXX products plummeting. Only a few positions in trouble, more than outweighed by my short calls that are deteriorating.
BTC $UVXY Apr 27 19 put for 3.95. Sold for 1.56 on Apr 3rd.
BTC $VXX Apr 27 44.5 put for 3.60. Sold for 1.25 on Apr 3rd.
BTC UVXY Jan 2019 70 call for 1.20. Sold for 6.50 (avg price) in February. Still have several remaining.
Sold UVXY Sept 25 call for 2.27
Sold VXX Sept 50 call for 5.65
Bought VXX June 15th 30 puts for .18, adding to my position.
VXX dump
#VXXGame Hard to keep ahead of short puts once the drop commences…
BTC $UVXY Apr 27 19 put for 3.45. Sold for 1.56 on Apr 3rd.
BTC $VXX Apr 27 44 put for 2.48. Sold for 1.15 on Apr 3rd.
Closed partial positions. Will close the remainder later, probably roll into short calls, which is the side that always works.
Also, earlier, closed UVXY March 18th 25 call for .54. Sold for 3.175 in March.
UVXY trades
#VXXGame Took some $UVXY profits and also added some more hedges.
BTC Apr 20th 25 call for .20. Sold for 1.47 on Apr 2nd.
BTC May 18th 25 call for 1.04. Sold for 3.175 (avg price) in March. Leaving one open.
BTC June 15th 40 call for .66. Sold for 2.75 on Feb 2nd.
BTO May 18th 44 calls for .20. Highest strike. My April 59 long calls rolling off next Friday so shifting to May and June.
VXX gamin’
#VXXGame
BTC $UVXY April 20th 26 calls for .25. Sold for 1.45 on April 2nd.
BTO $UVXY May 18th 40 call for .30. Adding to my position, which is cheap long calls to hedge the sale of higher-premium, lower-strike calls.
Trades this week
#ContangoETFs #CoveredCalls #CoveredCallCampaign #VXXGame #Earnings
Here are a few trades other than SPX:
Today: BTC $DUST Jun 15th 40 call for .25. Sold for 3.05 on Dec 4th.
Yesterday: BTC $FB Apr 20th 160 put for 3.00. Sold for 1.37 on March 19th. Backed out to early, not anticipating the rally the Zuck’s testimony would create.
Friday: BTC $FDX Apr 20th 235 puts for 6.77. Sold for 6.75 on 3/23 as when #Rolling from an earnings trade. I had margin pressure on Friday. Scaling back in since then:
Sold May 4th 235 put for 6.05;
Sold May 4th 237.5 put for 5.55.
This one seems like a buy… it’s just waiting for market to relax.
Friday: Closed $BABA Apr 27th 200 call for .18. Sold for 1.90 on 3/29.
Today: Sold BABA May 11th 195 call for 1.40
Tuesday: Sold $SQ Apr 27th 50 covered call for 1.01
Friday: Sold $UVXY Jan 2020 59 call for 4.80.
VXX this morning
VXX part 2
Sold $UVXY Apr 20th 26 calls for 1.45
Closed UVXY May 18th 20 call for 4.00. Sold for 2.50 on March 19th. This is my only position ITM. Closed one today and will close the other, and roll them to Sept higher strike.
Bought $VXX May 18th 30 puts for .05. I already had a couple of these; looking like a loss but why not add a handful more to make it a lottery ticket?
VXX gamin’
#VXXGame Sold $UVXY Apr 20th 25 call for 1.47.
BTC $UVXY Apr 20th 14 puts for .11. Sold for 1.05 on Mar 20th.
BTC $VXX Apr 13th 38.5 puts for .04. Sold for 1.10 on Mar 20th.
UVXY calls
#VXXGame Sold a couple against my far-OTM long hedges:
Sold $UVXY May 18th 25 call for 2.60
Sold $UVXY Jun 15th 30 call for 2.50
This product is much less crazy since they reduced the leverage.
Options Expiration and Final Trades 3/23/18
#SPXcampaign. Cleared out most put spreads for expected lower levels Monday. I only rolled one as I’d like to sell based on Monday’s open.
Stopped $SPX Apr 19th 2540/2515 put spreads for 5.40. Sold for yesterday for 2.85.
#CondorRoll: Sold Apr 6th 2700/2725 call spreads for 3.10, and Apr 6th 2475/2450 put spreads for 2.80.
Stopped Apr 19th 2475/2450 put spreads for 3.10. Sold yesterday for 1.80.
Closed Mar 26th 2680/2705 for .30. Sold this morning for 3.10.
Stopped March 26th 2575/2550 put spreads for 6.05. Sold yesterday for 1.75.
Bought to Open March 29th 2475/2450 LONG put spreads for 2.15. Will take profits with any big gap or move down Monday.
Bought to close March 23rd 2585 puts for .35. Sold in a #Condor Roll on Monday. Thought I didn’t need to worry about this one.
#VXXGame: Sold $UVXY Jan 2019 65 call for 3.75… thanks @optioniceman and @ramie77 for the idea
#Earnings BTC $FDX Mar 23rd 240 puts for 6.50. Sold in a strangle for 1.75 on Tuesday. Missed my chance to close for cheap on Wednesday. #Rolling: Sold Apr 20th 235 puts for 6.75. Also sold a Apr 20th 255 call for 1.15. Will add more calls on strength.
#OptionsExpiration
$SPX 2790/2815 call spreads
$VRTX (formerly covered) 177.5 call
Long volatility
#VXXGame Added a couple positions on the assumption volatility will remain a bit elevated.
Sold $UVXY April 20th 14 put for 1.05
Sold $VXX Apr 13th 38.5 puts for 1.10
UVXY calls sold
#VXXGame These are hedged with higher-striked long calls
Sold $UVXY May 18th 20 calls for 2.50
Sold $UVXY June 30 call for 1.75
Sold $UVXY Sept 30 call for 3.30
Options Expiration 3/16/18
#OptionsExpiration #Earnings #ShortStrangles #SPXcampaign #VXXGame #LongCalls #IronButterfly
— Expiring w/max profit —
$DG 84 puts
$OLED 140 calls
$TIF 109 calls
— Expiring w/max loss —
$SPX 2840/2860 long call spreads, purchased for 1.00 avg price.
$UVXY 91 long calls… purchased for 0.158 avg price… served me well as hedges against short calls
$SQ long 60 calls, bought for 0.964, avg price
— #Assignment —
$SQ 50 long calls, bought for 0.858, avg price. Taking stock (200 shares, cost basis 50.86) and adding it to #CoveredCallCampaign
$AVGO 255 long put – I exited one 265 short put for 9.10. Then, volatility at the close denied my fill on closing more, PLUS, we dropped below my long strike. So, this likely means one spread expired ITM, so a 10.00 debit (against 7.60 sale), but I will likely be assigned short shares based on the ITM long 255 put. Because I feel this may bounce on Monday, I’m buying shares after hours so the assignment will cancel out my position and I’ll be flat. This would amount to about a 2.50 loss overall on the trade.
More on SVXY
#VXXGame I can only vaguely understand the complexity here. It demonstrates the importance of keeping risk under constant control in these products that we, nor anyone, fully understands.
https://seekingalpha.com/article/4156919-xiv-svxy-really-happened?auth_param=bf3bv:1dancef:1bc06847ed8b4762c0399a6fda4e3282&uprof=37
Short Puts NKTR / Close Early SVXY Calls
#shortputs
$NKTR STO 4/20 90/100 BUPS at 3.00 The are being added to S&P 500 on March 19th
#vxxgame
Closed Early
$SVXY BTC 6/15 160 call at .05 STO at 8.70
Final trades and Options Expiration 3/9/18
#SPXcampaign Closed on GTC orders:
$SPX March 16th 2650/2625 put spreads for .30. Sold for 3.10 on March 7th.
$SPX March 28th 2525/2500 put spreads for .20. Sold as a 1.5x roll for 2.20 on March 1st.
#VXXGame
Sold to close final $VXX long March 9th 40 put for 1.61. Bought for 1.44 on Feb 20th.
BTC $UVXY Apr 20th 26 calls for .44. Sold for 2.00 and 5.30 in early Feb.
BTC UVXY March 16th 16 call for .32. Sold for 1.95 on Feb 27th.
BTC UVXY Jan 2019 70 call for 1.20. Sold in early Feb for 6.50 (avg price) -still holding more.
Bought the following highest strikes, adding to my positions, for protection against future short calls:
April 20th 59 calls for .09
May 18th 40 call for .30
June 15th 60 call for .25
#ContangoETFs
BTC $DRIP April 20th 25 call for .15. Sold for 1.70 on Feb 9th.
#OptionsExpiration
— Expiring —
COST 180/197.5 strangles, sold for 1.55 on Wednesday.
VXX long sold
#VXXGame I took @ramie77‘s idea on this one, but did not close it with profit when he did. On this last day of its life, it’s paying me back a little. Selling one now and seeing if I’ll get more for the other in the next hour.
Sold to close $VXX March 9th 40 put for 1.10. Bought for 1.44 on Feb 20th.
UVXY rotation
#VXXGame BTC $UVXY March 16th 15 call for 2.90, to avoid early assignment. Sold for 1.15 on Jan 16th.
#Rolling STO UVXY Sept 30 call for 3.55.
BTC UVXY March 16th 22 calls for .37. Sold for 3.20 and 4.40 in early Feb.
BTO UVXY APRIL 20th 59 calls for .14, as long hedges against short calls. I have 10 long 91 calls rolling off on next week’s expiration, so I need to replace them.
#vxxgame #shortcalls UVXY Closed March…
#vxxgame #shortcalls UVXY
Closed March 16, 19 call for .62, after rolling from 18, made 1.80, learning from the past, had about $1800 n margin waiting for the last .62 with short and in the money 13 and 15 calls still out there.
More thoughts on SVXY #vxxgame….
More thoughts on SVXY #vxxgame.
I closed out all the SVXY stock I was assigned on yesterday because with the new structure, I just don’t see it taking off like it used to even when back in contango. With the VIX down exactly 0.96 this morning, SVXY only up 0.07 or so. The big gains we were seeing before Feb were from years of accumulated contango. Looks like we will have some 2 sided markets for a while and that hopefully will keep the VIX higher, good for selling options as @fuzzballl pointed out yesterday.
Still reading the new Sebastain book but have already picked up a few pointers from the market maker side. Only be long volatility for short periods of time. Do not be short unhedged volatility (see SVXY and XIV implosion), buying puts on VXX long term has shown good risk adjusted returns. However, I would take that 1 step further and suggest buying VXX put spreads, especially after spikes. Looking at 17 DTE VXX put spread, buy the 45, sell the 40 costs 2.86 at current prices for 5 dollar max profit or roughly 1:1 profit to loss ratio. I don’t have the cash or margin at the moment, but will be looking to use some of these as we go forward. You could even go ITM for less risk and still come out ahead.
Rest of the week just sitting on my hands letting theta do it’s thing. Have a good week!
#pietrades and #vxxgame Looking at…
#pietrades and #vxxgame
Looking at the new structure of SVXY, it will take decades for it to get back to 100 (just my opinion) so rather than sitting on dead money, I closed out all my SVXY stock from 12.34-12.40 at large losses no longer just a paper loss. But that is so I can use what’s left to make some money back. It will take about 2-4 years to get back to where I was if I can avg. 50% returns, slightly less if I can do better. Unfortunately one of the disadvantages of going back to small accounts is you lose the leverage, especially on non-margin accounts so I am having to be more conservative. I still have one contract of SVXY at 50 for Jan 2019 that has not been assigned. Hopefully they will wait…..it was easy money while it lasted but I think we all have a better understanding of the risks in SVXY now!
At least I only trashed 2.5 accounts this time, in 2015 it was my main trading account so at least not as bad as then on a percentage basis. On a dollar basis it was more 😦 though.
With that in mind and some of these orders are still working but should go through.
1. FAS 68 CC this week for 67.15
2 FAS 66 CC for next week at 65.11
3. WDC 87 CC for next week for 86.09
4 LNG CC (assigned over the weekend at 55.02 cost basis) 54 CC at 0.4 cost basis now 54.65
$765 in premium for 12 days, far away from what it used to be but all of these have a little downside protection in them and should not go to zero like SVXY could. Bringing some money in every week is better than a loss or having it just sit there.
Will add some long term #fuzzy in a few weeks as they can have 100% returns on capital over a year.
The New SVXY: A Comparison
The New SVXY: How Will The Revised ETF Perform Compared To ZIV And To The Old SVXY?
https://seekingalpha.com/article/4152553-new-svxy-will-revised-etf-perform-compared-ziv-old-svxy?auth_param=bf3bv:1d9ikf5:969d59d3332385040c89b89bf109e8a1&uprof=37#alt1
UVXY call
#VXXGame Sold $UVXY May 18th 25 call for 3.75
UVXY trades
#VXXGame BTC $UVXY June 55 call for .76. Sold for 11.00 on Feb 6th.
STO UVXY March 16th 16 call for 1.95.
Looking more like no Upside Warning today… going to have to roll some put spreads if we creep closer to 2750.
Bad news for being long SVXY
Bad news for those of us holding and hoping with SVXY
#VXXGame Starting tomorrow, $SVXY will be -0.5x and $UVXY will be +1.5x
http://www.tradingvolatility.net/2018/02/svxy-and-uvxy-to-be-re-purposed-feb-28.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+TradingVolatility+%28Trading+Volatility%29
Options Expiration… VIX Indicator
#OptionsExpiration #VXXGame
Only one #Assignment, my final $SVXY 90 put
#VIXIndicator — The VIX is reacting strongly to the upside at any sign of volatility. Although we spent the morning in cancelation territory, the Mueller spike sent up back above 19.00. So although we’ve been steadily rising, volatility is still hanging around.
VXX and SVXY
#VXXGame I forgot I had even sold a $VXX Feb 23rd 27 call for 6.00 on Feb 2nd. But I did and I was early assigned on Monday night, so I’m short 100 shares. I will hold that.
As for $SVXY, the only short put they’ve left me with was the Feb 16th 90 put. I guess waiting for assignment on schedule rather than early. I also have a Jan 2019 25 put which I don’t expect assignment on anytime soon.
VXX moves
#VXXGame Added to existing long put positions:
Bought $VXX June 25 puts for .70
Bought $VXX Jan 2019 20 puts for 1.70
Bought $VXX June 30 put for 1.95
Also, sold $UVXY Jan long 75 put for 3.40. Purchased for 1.59 in January as a pre-hedge against short calls sold in February.
#pietrades Rolled GM 42.5 put…
Rolled GM 42.5 put that expires this week out 2 weeks for 0.43 credit. CB now under 40.
XBI STO 10 DTE 85 put for 0.77. Went through fast at mid point, may be able to get more if you work the order.
SVXY decision. With the futures expiring today, my hope is that as they expire we may see a pop. However I do not expect steady gains until we are no longer backwards which may take a few weeks and probably not until the VIX is under 18. Anyway, I am holding the stock until then. Once we have some gains I will make sure it is hedged in the future, probably by setting up a #fuzzy ratio but do not want to spend extra money on this trade until it recovers even a little.
The VXX trades below look smart. I would do it if had capital left. The hedge fund book I am reading, Mark Sebastain does that every 2 weeks. Buys puts on VXX or a debit spread and rolls it to the next 2 weeks when there is a 50% profit. May be a smarter way to play #vxxgame in the future. Losses are capped but probably steady gains. The flip slide would be selling ATM call credit spreads.
I will NEVER be short VIX, SVXY unhedged in the future, lesson learned the hard way again. I think a hammer the head would have been easier.
Thanks everyone for the help/thoughts on VXX/SVXY over the last few weeks. I think going forward we are all much smarter about how to use these instruments and more importantly how not to use them. But collectively I think we will all make back most of the losses within 1-5 years (that seems like a long time at the moment) but will go by faster than any of us can imagine!
VXX long puts added
#VXXGame Bought $VXX Jan 2019 20 puts for 1.75. Added to my position started in September at the average price of the position. I put in this order last week when things were crazy and it just filled now.
How Winning Traders Rebound
http://www.newtraderu.com/2013/01/25/how-winning-traders-rebound-make-a-come-back-and-never-quit-2/
How Winning Traders Rebound, make a Come Back, and Never Quit
1. They accept losing trades quickly but it does not define them, they learn and try again. The next trade will be more wise than the last one.
2. They compartmentalize emotions by not blaming themselves but understanding the historical expectancy of their systems returns.
3. They have a bias toward action by constantly doing things that move them closer to their goal of being a rich trader. (Homework, chart study, reading, being mentored, back testing, etc. )
4. They change their minds sometimes, they know when to stop doing something that does not work and move in the direction of trading success through new lessons. They learn what type of trading is right for them.
5. They prepare for things to go wrong through risk management and position sizing instead of just going naively toward their goals they are ready to make adjustments as needed.
6. They’re comfortable with discomfort, they will accept losses and draw downs in their method, they are willing to pay tuition to the markets to get to where they want to be.
7. They’re willing to wait, they patiently improve each day setting themselves up for those winning trades that will be very profitable in the future.
8. They have trading heroes that inspire them to be better than they are now and give them the hope of achieving their dreams.
9. They have more than passion they are on a mission, their desire for success gives them the drive to not quit until they win.
10. They know only time separates them from their goals of success in the markets.
VXX puts bought
#VXXGame Added to a position I started in September:
Bought $VXX June 25 puts for 1.25.
UVXY call sold
#VXXGame Sold $UVXY Jan 2019 70 call for 9.60. I still have more long calls than short, so it’s not costly for me to add slowly.
SVXY final long put sold
#VXXGame Sold to Close $SVXY June 110 long put for 99.25. Originally sold in the 150/110 put spread for 18.40 on Jan 5th. That leaves my highest SVXY naked put (150) ready for assignment. Cost basis on assignment for this one alone would be 32.35. Not so bad, but also not taking into account the rest of my puts that didn’t have the benefit of spreads.
VXX stock sold
#VXXGame Sold long $VXX stock for 49.82. Assigned via 42 puts on Oct 13th.
UVXY calls added
#VXXGame Sold $UVXY Mar 16th 22 call for 4.40, adding.
Sold Apr 20th 26 call for 5.30
#vxxgame SVXY VIX ZIV Here…
#vxxgame SVXY VIX ZIV
Here is about 20 minutes on what happened and why, nothing that hasn’t been stated here in the last couple of days
https://www.tastytrade.com/tt/shows/trade-managers/episodes/svxy-xiv-and-ziv-implications-02-06-2018?utm_content=buffere772b&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
SVXY trades
#VXXGame Sold $SVXY Feb 16th 100 long put for 86.80. Sold in the 120/100 put spread for 2.15 on Jan 23rd.
Also, yesterday closed my final 2 calls:
Closed June 150 call for .05. Sold for 14.95 on 12/20.
Closed Jan 2019 205 call for .05. Sold for 8.05 on Oct 20th.
SVXY
Thanks for all the postings down below. Looks like plenty of patience is going to be required to work our way back. As long as the thing is open and trading we’ll eventually get there.
In my “SVXY only” account I’m short 7 puts that will be at an average cost basis of 97.70 including put premium received. I’m fine with these getting exercised ASAP so call selling can begin.
In other account everything was hedged as either synthetic stock or put spreads. Nothing major and will resume selling calls on these as well.
Looking back I was well aware this thing could go to zero but didn’t think I’d ever see it. Still haven’t decided how I’ll trade it in the future if at all. Having nice success with synthetic stock so plan on doing a lot more of those types of trades.
Good luck everyone!
SVXY calculations
#VXXGame Ok, here’s my thinking. I am short 6 naked options between 75 and 120. I also have two spreads, 30, and 40 points wide. All expire by September.
I have calculated two scenarios:
1. I take assignment on the naked options, and allow the spreads to expire and take the loss.
That would result in a $60,000 cash outlay and 600 shares of stock. So $100 per share.
2. Take assignment of the 6 naked, SELL the longs from the spreads when stock is at 15.00, and also take assignment from the 2 remaining shorts.
That would result in a $63,000 cash outlay for 800 shares, or 78.75 per share.
So #2 is preferred, PROVIDED $SVXY survives and gets its way back at least to 78.75.
Thoughts, anyone?
Covered SVXY short stock
#VXXGame BTC $SVXY stock for 11.40. This was assigned via a 100 put last March, then it split, so cost basis is 50.00. I covered the other half yesterday at 86.00 (doh!).
I couldn’t figure a reason to hold it. It’s possible this is the low for SVXY so why not cover at best price? By the time SVXY gets back to 100, I will have been assigned 700 shares.
SVXY call closed
#VXXGame Closed $SVXY Jan 2019 165 call for .05. Sold for for 4.25 (effective price) on July 11th, as half of a 330 call before the split.
So I’m guessing we have to now watch SVXY build itself back up from 11.00? I don’t see how a massive rally will make this thing go up as fast as it came down.
UVXY call
#VXXGame Sold $UVXY March 70 call for 4.30. Against long 91 calls I bought for .16 last month.
VXX long puts
#VXXGame #LongPutDiagonals i entered this trade on Sept 1st when VXX was at 46.08. I bought the $VXX 2019 LEAP 20 puts for 1.80.
Today, VXX is HIGHER (52.00 as I type) and those puts are ALSO higher… mid price about 3.00.
Shows how much volatility drives all prices higher. If I get a chance to buy more under 2.00, I will.
UVXY call sold
#VXXGame Sold $UVXY June 55 call for 11.00. This is against long 60 calls I bought last month for .96. I’m being careful to remain in spreads now.
After hours fill
#VXXGame Bought to close $SVXY June 145 call for 1.75. Sold for 10.00 on Dec 1st. Was trading at 20.00 a couple weeks ago.
VXX Game
#VXXGame Got antsy and took some profits on the way down… too early!
Bought to cover 100 shares of $SVXY for 86.00. Assigned awhile ago at 50.00. Still holding another 100.
Sold the long put on the $SVXY March 130/100 put spread: Sold 100 put for 23.00. If assigned the stock via the 130 put, it will be at 99.00 cost basis.
Also, just filled for 7.90 on the $UVXY Jan 2019 70 call. That’s 5 fills in one day, each one a dollar higher than the last.
UVXY
#VXXGame After loading up on short $UVXY Jan 70 calls in the space of an hour… 3.90, 4.90, 5.90, 6.90, I couldn’t resist selling one of my long 75 calls for 6.50. Bought for 1.59 avg price in early Jan.
My account is up today, thanks to the Downside Warning getting me pretty damn short.
UVXY
#VXXGame – Darn it…can’t resist. Margin free against my short Jan 2020 5 strike puts.
Sold UVXY JUN 15 2018 60.0 Call @ 3.50
/VX
#VXXGame – Instead of naked shorting UVXY, (I remember 2015 too well) I’m going with this along with the VIX call spreads I’m trying to add to. Going out a couple months where the moves are less volatile.
SOLD /VXJ8 @ 16.05 (April)
UVXY call
#VXXGame I’m building a much smaller ladder at a slower pace than the master ( @optioniceman )
Sold $UVXY March 16th 22 call for 3.20.
$UVXY #ShortCalls #VXXGame – a…
$UVXY #ShortCalls #VXXGame – a couple of more
Sold UVXY FEB 9 2018 20.0 Calls @ 0.87 – Expires Friday
Sold UVXY FEB 16 2018 35.0 Calls @ 0.43
VXX game trades
#VXXGame
Sold $SVXY Sept 75 put for 12.15
Sold $UVXY June 40 call for 2.75
VXX Gamin’
$SVXY $UVXY
#VXXGame Made these trades at various points this morning, was in a meeting when the real spike happened so totally missed my chance there. Just waiting now to see what happens later today/into the close.
STO SVXY Feb 9 $95 puts @ $1.15
STO SVXY Feb 16 $80 puts @ $$0.80
STO SVXY Feb 16 $87 put @ $1.45
STO SVXY Apr 20 $50 put @ $0.95
STO SVXY Apr 20 $55 put @ $1.59
STO SVXY Apr 20 $60 put @ $2.07
STO SVXY Apr 20 $65 put @ $2.60
STO UVXY Feb 9 $17 calls @ $0.42
STO UVXY Feb 16 $22 calls @ $0.45
STO UVXY Feb 16 $11.5/$13.5 call spreads @ $0.60
STO UVXY Feb 23 $20 calls @ $0.70
STO UVXY Mar 2 $20 calls @ $0.71
VXX gamin’
#VXXGame Sold $UVXY Feb 16th 16 call for 1.05
Closed $VXX Feb 16th 25 put for .10. Sold for 1.15.
Stopped $VXX Feb 2nd 26 call for 5.35. Sold for 1.35 on 1/23. Will roll to another ITM call at some point.
SVXY put closed
#VXXgame Closed this one with nice profit, giving a nice chunk of buying power back so I can sell something better.
Closed $SVXY Feb 16th 80 put for .61. Sold for 7.35 in a strangle on Nov 15th
NUGT and SVXY
#ContangoETFs #VXXGame Following @optioniceman in spirit:
Sold $NUGT Jan 2019 50 call for 5.95, adding to my position.
Sold $SVXY Feb 16th 120/100 put spread for 2.15. Margin cost to sell naked is too steep.
VXX call
#VXXGame #LongPutDiagonals #SyntheticShortStock
Sold $VXX Feb 2nd 26 call for 1.35.
With VXX perpetually headed to zero, I am selling short-term puts AND calls against my Jan 2019 long 25 puts.
SVXY
#SyntheticStock #IRA – Posted the details last week with all the nuts and bolts. Adding 1 for fun…
Bought Jan 2019 SVXY 135/135/132.5 Synthetic Stock / Disaster Put @ 38.35
About 80 cents a week to cover worse case scenario…
Sold SVXY FEB 2 2018 138.0 Call @ 1.80
Options Bistro 