It's got the highest implied volatility among the broad-index exchange traded funds. Going delta neutral here to get some theta on and decaying.
Metrics:
Probability of Profit: 51% Max Profit: 102/contract Max Loss: 198/contract Break Evens: 133.98/146.02 Theta: .98 Delta: .59
Notes: Will look to manage at 50% max.
Trade active
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Being somewhat aggressive here with delta balancing: rolling the 145/147 short call vert to the 142/144 intraexpiry for a .34 credit. With the scratch point now at 1.36, I'm still shooting for the original .51 profit, so setting a new GTC order to cover at 1.36 - .51 = .85.
Trade active
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Rolling the short put side up to the 30 delta (the 136/139) with 30 DTE and on test of the short call side for a .26 credit. Scratch point's now at 1.62; still looking to cover for the original profit target (.51) at 1.62 - .51 = 1.11.
Trade closed manually
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With the long call broken at 144 and 25 DTE, basically scratching this trade out here for a 1.64 db (a .02/$2 loss) and redeploying in a higher POP setup ... .