BOUGHT TO CLOSE NDX/IUXX AUG 5TH 4400/4425 SHORT PUT VERTICAL

With 3 DTE in this post-Brexit troubled setup, I'm covering the put side for near worthless (for a .10/$10 debit).

I have proceeded to roll out the short call side "as is" to the September monthly expiry (for a 2.18 ($218)/contract debit), but decided to wait a bit to sell a short put side against for a credit that exceeds the cost of the roll to see if we get any retracement here (yeah, right; lol).

Comment:

Sold a Sept 16th 4335/4345 short put vert for a .61 credit here on this down move. I intentionally made it a narrower spread than the call side so that I can roll it away and wider from current price and/or toward current price "as is" to bring in more credit. Naturally, this doesn't completely finance the cost of the roll of the tested call side (which is what I like to usually do from the get-go), but it allows me to "stay nimble" on the put side regardless of where price goes without having to devote more buying power to this troubled play.

Comment:

Rolled just the 4345 short put to the 4350 strike for an additional .26 credit. More importantly, I locked in the gain experienced by the decrease in price of the short put (don't quote me on this, but the phone app said it was about $300/contract) and without invoking additional margin (the margin used by an iron condor is that attributable to the widest of the wings; currently, the call side is 25 wide and, with this roll, the put side is 15 wide). My next move will probably be to roll the call side within the same expiry up and wider by a strike. Just wanted to see how deep the NFP move would be and then go from there ... .

Comment:

Rolling the 4345/4350 short put side of this cluster to the 4400/4425 for an additional .65 in credit, so now I've got a 4400/4425/4425/4450 iron fly on ... . Oh the joys of rolling.

Comment:

Closing this troubled setup for a loss and moving on ... .