#Zebra Trade I caught a…

#Zebra Trade
I caught a rare Liz & Jny this morning “Calling All Millionaires” and caught their #Zebra trade (Zero Extrinsic Back Ratio). This is a little similar to the #Cobras I was doing a little while back (Covered Back Ratio). It looks like a good way to keep some short delta in the portfolio.
My trade today: BTO SPX Sep 26 2940 put (30DTE, 70 Delta) @51.70 x2, STO Aug 29 2900 put @ 6.80 x1. These get rolled every two days (keep track of accrued credits against the longs).

Good video here explains the trade and management:

https://www.tastytrade.com/tt/shows/calling-all-millionaires/episodes/zero-extrinsic-back-ratios-in-2-easy-steps-08-22-2018