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fazParticipant
i posted this on the wrong july monthly thread. This is where I am at the moment.
i have much lower call strikes. 2150/2160; my delta was around 22-23 on the plane last week so I cut net delta in 1/2 but this time as an experiment I used 4 x CFD (= 4 SPX deltas ) instead of a delta 40 SPY call.
I will also look today after work at possibly doing same as you with put side.
fazParticipantclosed 1850/1860/2170/2180 for 1.35.
opened 1865/1875/2150/2160 for 1.95.. —> Chose lower strikes then your suggestion, 2160/2170, as 2160 was showing delta 8 and i know i got a bit much credit on the call side… small mistake due to time constraints :-).
- This reply was modified 7 years ago by faz. Reason: strike typo #2
fazParticipantmistake in the summary at the top of front page. You have 2 x july 1 but this is standard july.
fazParticipanti missed the last 2 ICs due to not getting filled. So have been waiting for a week until some strength so i could deploy a new one to work my capital.
I STO an hour ago, 1850/1860/2170/2180 @ 1.75. so quite close to your strikes. Hope you get filled .
- This reply was modified 7 years ago by faz. Reason: wrong strikes
fazParticipanti guess its too late for me.. with the pullback now is not the best time to squeeze one in.. looks like i may miss this cycle unless btfd is around later..
ps didnt get an email.. havnt for a while..
- This reply was modified 7 years, 1 month ago by faz.
fazParticipant*** May IC ***
I have long deltas, so have removed the hedge.
Here is what is looks like.
thoughts?
[sorry ive put this on the wrong thread. please can you move it to the chat]
- This reply was modified 7 years, 1 month ago by faz. Reason: wrong thread
- This reply was modified 7 years, 1 month ago by IncomeLab (Old).
Attachments:
You must be logged in to view attached files.fazParticipantdoesnt look like we will get filled more then 0.7 on 2190/2200 but 2185/2195 looks like 0.9 might also be able to move the put side down 5 points?
thoughts?
fazParticipanti ended up swapping for a 25 delta june SPY call… similar to my June1 hedge…
fazParticipantIgor,
Again i cannot buy back a call. So in my case ( 2 lot ) ,
My current delta is 6.5 and i have an SPY 40 delta (4 delta ) call = 2.5 net deltas
when I go full size on the Put side making it delta 5 without call hedge or delta 1 with call hedge..
i guess i could swap my call for 25 delta SPY ? — this is what it would like if i did what i say — looks similar to your p & l
- This reply was modified 7 years, 1 month ago by faz.
- This reply was modified 7 years, 1 month ago by faz. Reason: added diagram
Attachments:
You must be logged in to view attached files.fazParticipantjust to discuss opening.
i know we have been busy today but possible diversification over price & time opportunity for June monthly.. something like maybe 1890/1900/2190/2200 looks ok but might be worth doing call 1/2 size to make it more delta neutral
thoughts?
fazParticipantHi Igor,
***housekeeping****
Just a thought.
i think that the positions summary should also be updated when you buy back a call (1 x maybe call bought back under the hedges ?)
fazParticipantHi igor,
June1.
difficult for me to take of one call as i am 1/5th your size… johnny 2 lot for now.
i could replace one of the call spreads with 10 x SPY call spreads then buy back equivalent 2 x call. = complicated set-up..
OR I could buy an OTM call and potentially greedy roll the put side to pay for it while aiming to cut net detal in 1/2
thoughts ?
fazParticipantHi Igor,
**May2 IC**
We now hit the very advanced part of these ICs.. 25 DTE we are rolling inwards and playing the LP IC game it seems.. if i were not on this programme i think i might close now.
so what the rules for ICs as we approach last few weeks.
1. its more/too expensive to roll
2. its good to consider managing delta via removing risk rather then adding via OTM call/puts.
3. other considerations ?
4. How far do we expect to ride this towards expiration?
5. We want more credit now because ?pls correct/add/remove at will :-)..
fazParticipantyes i know the difference now i have a higher strike on the May thats why i am delta 14..
but thanks v much for the main point
“We hit adjustment point when my alert on short strike’s delta >20 went off. I dont count on reversion and will go ahead with the plan of making adjustments when we reach that point.”
fazParticipantigor, i still wouldn’t mind an explanation/clarification of my above post.
however, i have now loaded up in ONE and I see gamma risk with < 30DTE.. is that why we are doing our adjustments at this point?
Or is it because we hit the adjustment point and despite reverting we adjust anyway
Or is it because you are very concerned about upside risk?
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