NaughtyPines

EWZ NOV 16TH 34C/39P INVERTED SHORT STRANGLE

AMEX:EWZ   ISHARES INC MSCI BRAZIL ETF
Just updating an EWZ trade that I started out some time ago as an iron fly (See Post Below). Currently, it's morphed into an inverted November 16th 34C/39P -- a 5-wide, inverted short strangle that I've collected 6.87/contract in credits to date.

Currently, this broken setup is valued at 7.16, so if I closed it out here for 7.16, I'd realize a small and very tolerable loss. The max I can earn on it is 1.87 (total credits received minus the width of the inversion -- five).

With a current theta of 5.36, I'm going to hang in with it a few more days ... .
Trade active: Trying to stay mechanical: rolling out with 23 days to go "as is" to the December cycle for a 1.19 credit; scratch at 8.06 on a five-wide inverted. I will adjust the short put upward to balance net delta a bit going forward if this thing just doesn't move back down.
Trade active: Rolling the 39 put up to the 40 for a .47/contract credit; scratch at 8.53 for a 6-wide inverted.
Trade closed manually: Covered today for 7.99, a .54 per contract winner.
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