Forum Replies Created
-
AuthorPosts
-
IncomeLab (Old)Participant
SPX trading around our short 2425 Put. We’re going to buy a put spread to re-balance NET delta of this position. Right now we have (15) 2425/2415 Bull Put spreads. We’re going to BUY TO OPEN (10) 2435/2425 Put debit spreads or 2/3 size of our short put spreads. This will take NET delta from +100 to about +25 and increase theta.
IncomeLab Order Ticket Type Asset Duration Strike C/P BTO SPX 31 AUG 2435 Put STO SPX 31 AUG 2425 Put Total Debit: $3.90 P/L graph
Note: We’re holding this position vs our MAL. If at anytime we’re close to hitting that number, we’ll close everything out and move on.
Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantWe’re going to BUY TO CLOSE 2550/2560 Bear Call spread here
IncomeLab Order Ticket Type Asset Duration Strike C/P STC SPX 29 SEP 17 2560 Call BTC SPX 29 SEP 17 2550 Call Total Debit: $0.30 P/L graph
Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantWe’re going to SELL TO CLOSE this Put Butterfly aiming to capture about 50-60% of credit we took in to enter this trade
IncomeLab Order Ticket Type Asset Duration Strike C/P STC SPX 11 SEP 17 2370 Put BTC X 2 SPX 11 SEP 17 2360 Put STC SPX 11 SEP 17 2330 Put Total DEBIT: $0.70 P/L graph
Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantWe’re still working towards unwinding this trade. We’re going to SELL TO CLOSE calls we’ve bought as an OTM hedge here
IncomeLab Order Ticket Type Asset Duration Strike C/P STC SPX 8 SEP 17 2540 Call Total Credit: 0.40 P/L graph
Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantWe’re going to BUY TO CLOSE 2510/2520 Bear Call spread here. This leaves 2425/2415 Bull Put spread and left over OTM calls we used as hedges.
IncomeLab Order Ticket Type Asset Duration Strike C/P BTO SPX 31 AUG 17 2510 Call STC SPX 31 AUG 17 2520 Call Total Debit: 0.30 P/L graph
Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantSPX 31AUG ICBASE
Trade Plan: We’re looking to BUY TO CLOSE 2510/2520 Bear Call spread for 0.40c or less while holding the 2425/2415 Bull Put spread against our stop. We may adjust our bull put spread by rolling it down to 2390/2380.SPX 29SPX ICBASE
Trade Plan: This trade is fine for now and we’ll make adjustments IF/WHEN we start to slide down the T+0 line. We’ll get into details about this trade in IncomeLab LIVE call this week, but for now we’ll stick to the plan.SPX 11SEP Put Butterfly
Trade Plan: We entered this trade fading the move lower, and the plan is to risk 1 to make 1. We wont make any adjustemts and IF/WHEN we get to 2370 we’ll stop out.RUT 29SEP EIP
Trade Plan: We’re going to hold this position agaisnt our stop loss or we’ll scale into Tier 2 with RUT above 1450. We rolled up 1430 put to 1450 put to reduce overall NET delta and give us a chance to adjust IF RUT was going to trade higher.Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantRUT at 1372
Instead of moving T1 from 1400 to ATM, we’re going to roll up our long 1430 put to 1450 strike. This will reduce NET delta and increase theta a bit. From here we’ll do one of two things:
1. We’ll hit out stop next week if RUT is below 1370
2. We’ll scale Tier 2 and Tier 3 as planned and move 1450 put back to 1430
IncomeLab Order Ticket Type Asset Duration Strike C/P STC RUT 29 SEP 17 1430 Put BTO RUT 29 SEP 17 1450 Put Total Debit: $15.70 P/L graph
Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantThis is a scaling strategy, entered in 1/3rd. We will add 2 more rounds as the underlying moves higher. We have all the trade guidelines in a study course.
IncomeLab (Old)ParticipantWe’re going to stop out of this trade with RUT trading around 1383
IncomeLab Order Ticket Type Asset Duration Strike C/P STC RUT 15 SEP 17 1450 Put BTC X 2 RUT 15 SEP 17 1420 Put STC RUT 15 SEP 17 1370 Put Total Debit: $2.50 NOTE: We only have Tier 1 on and would normally roll it down to ATM, but we’re hitting our Planned P/L stop loss and we’re not looking to try to work this trade from a losing position into a winning one. Instead, we’re going to take another EIP and start fresh.
Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantWe’re going to BUY TO CLOSE 2370/2360 Bull Put spread and SELL TO OPEN another spread at higher strike prices.
IncomeLab Order Ticket Type Asset Duration Strike C/P BTC SPX 31 AUG 17 2370 Put STC SPX 31 AUG 17 2360 Put Total Debit: $0.30 SELL TO OPEN 2425/2415 Bull Put spread
IncomeLab Order Ticket Type Asset Duration Strike C/P STO SPX 31 AUG 17 2425 Put BTO SPX 31 AUG 17 2415 Put Total Credit: $0.70 P/L graph:
We’re also going to make an adjustment on the upside when 2510 Call’s delta reaches 30. We’ll roll 2510/2520 Bear Call spread up to 2525/2535 and take off any OTM hedges we’ve used.
Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantWe’re going to SELL TO CLOSE remaining part of this trade
IncomeLab Order Ticket Type Asset Duration Strike C/P STC RUT 18 AUG 1440 Put BTC X2 RUT 18 AUG 1420 Put STC RUT 18 AUG 1370 Put Total Credit: $1.90-$2.00 Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantWe’re going to start to unwind this trade as it is in our Profit Target zone. We’re going to SELL TO CLOSE 1350/1400/1430 put butterfly (Tier2)
IncomeLab Order Ticket Type Asset Duration Strike C/P STC RUT 18 AUG 1430 Put BTC X2 RUT 18 AUG 1400 Put STC RUT 18 AUG 1350 Put Total Credit: $8.50 P/L graph
Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantRUT 18AUG EIP:
Trade Plan: This trade is currently in our Profit Target zone and we’ll work on unwinding it over the next few days. IF we’re bullish on RUT in the very near term, then we’ll remove T2 first followed by T3.
RUT 15SEP EIP:
Trade Plan: We’re still holding T1 and looking to add T2 with RUT trading above 1450. On the downside, we’ll look to either stop out or re-enter T1 with RUT trading below 1390.
SPX 31AUG ICBASE:
Trade Plan: We’re going to roll up 2510/2520 when 2510 call delta reaches 30. On the downside, 2370/2360 put spread showing mid price of around .45c and we’ll look to close it if trades below .40c
SPX 29SEP ICBASE:
Trade Plan: We’ll make adjustments when 2550 call’s delta reaches 20 and 2350 put’s delta reaches 25.SPX closed at 2476 last week and on Friday, SPX weekly options were pricing in 23 points worth of movement (2500-2453).
Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantRUT 18AUG EIP:
Trade Plan: Current profit target is around 800, same as stop loss. IF RUT trades below 1390 we’ll look to scale out of Tier 2. On the upside, if RUT trades above 1450 we’ll look to roll down some of the long puts on the upside to raise the right side of the P/L graph.
RUT 15SEP EIP:
Trade Plan: Current profit target is around 400, same as stop loss. We’ll look to scale into Tier 2 with RUT trading above 1450 and IF RUT trades 30 points below short strike of Tier 1 (1420) we’ll look to either move Tier 1 down to ATM or stop out for a loss.
SPX 31AUG ICBASE:
Trade Plan: We added more OTM options to hedge against a move higher and to reduce out NET delta and SPX traded lower since. The plan is to roll 2510/2520 when 2510 call reaches delta 30 (2485-2490) and take off the hedges when that happens. On the put side, the 2370/2360 put spread is holding up as volatility is already pretty low. IF the put spread trades below .40c – we’ll look to close it.Attachments:
You must be logged in to view attached files.IncomeLab (Old)ParticipantWe’ve been in this trade for 8 days. SPX is pretty much unchanged since entry, volatility is down about 1% and mid price for this IC shows around 4.60
If we can BUY TO CLOSE this Iron Condor for 4.60, we will capture about 50% of profit target in 8 days. An early exit makes sense here because we were looking to capture about 1.00 of premium in about 25 days. Right now, we can take .50c in 8 days (since entry). This is not a ‘must do or else’ type of an exit, just a nice way to manage a winning trade when it makes sense.
IncomeLab Order Ticket Type Asset Duration Strike C/P STC SPX 8 SEP 17 2515 Call BTC SPX 8 SEP 17 2505 Call BTC SPX 8 SEP 17 2435 Put STC SPX 8 SEP 17 2425 Put Total Debit: $4.60 P/L graph
Attachments:
You must be logged in to view attached files. -
AuthorPosts