Opened: SMH March 15th 169/175/199/205 Iron Condor
... for a 2.07 credit.
Comments: 30-day IV at 27.8%. (Higher would be better, but you can't have everything).
Collecting 1/3rd of the width of the wings in credit. 2.07 credit on BPE of 3.93; 52.7% ROC at max; 26.3% at 50% max.
As usual, will generally look to take profit at 50% max; adjust sides on side test. This is probably my last trade in the March monthly, since 45 DTE is kind of the wheelhouse for this stuff, and the March monthly is at 43 DTE.
I'll mostly hand sit from here until month end, with most of the trades being adjustments.
Comments: 30-day IV at 27.8%. (Higher would be better, but you can't have everything).
Collecting 1/3rd of the width of the wings in credit. 2.07 credit on BPE of 3.93; 52.7% ROC at max; 26.3% at 50% max.
As usual, will generally look to take profit at 50% max; adjust sides on side test. This is probably my last trade in the March monthly, since 45 DTE is kind of the wheelhouse for this stuff, and the March monthly is at 43 DTE.
I'll mostly hand sit from here until month end, with most of the trades being adjustments.
Trade active:
I hate adjusting stuff right out of the box, but you do what you gotta do to remain "delta happy."
Rolled the March 16th -175P/205C to the March 17th -180P/210C for a 1.71 credit. Widening by 5; 1.71 credit; +3.29 BPE. Total credits collected of 3.78.
Rolled the March 16th -175P/205C to the March 17th -180P/210C for a 1.71 credit. Widening by 5; 1.71 credit; +3.29 BPE. Total credits collected of 3.78.
Trade active:
Semicons ... be strong. Rolled the March 16th -180P/210C to the -185P/215C for a 1.75 credit on BPE of +3.25 to bring delta/theta ratio to back to around 1.0. Total credits collected of 5.53.
Trade active:
Rolled the 169/185 short put vertical up to the 175/191 for a 1.12 credit to delta balance. Total credits collected of 6.65. The delta/theta ratio ended the day at 10.7/6.8, so may adjust a smidge further tomorrow.
Trade active:
Delta adjustment: rolling the -191P/215C to the -196P/220C for a 2.41 credit on BPE of +2.59. 9.06 total credits collected. Delta/theta -10.96/8.83. It's not quite where I like to have the ratio, but didn't want to over-adjust either.
Trade active:
Rolling the 175P/-196P to the 179P/-200P for a 1.30 credit. 10.36 total credits collected on a 1-wide inversion. Delta/theta -9.49/9.46.
Trade active:
Rolled the 179P/-200P to the 184P/-205C for a 1.93 credit. 12.29 total credits collected on a 6-wide inversion.
Trade active:
Uninverting with price between my short option strikes from the 199C/205P to the 199P/205C for a 6.06 debit. 6.23 total credits collected.
Trade active:
Rolled the 205/220 short call vertical down to the 200/215 for a 1.21 credit. Total credits collected of 7.44.
Trade active:
Rolled the 184/199 short put vertical up to the 190/205. Total credits collected of 8.85 on a 5-wide inverted.
Trade active:
Ugh. Rolled the -205P/215C to the -210P/220C for a 3.65 credit. 12.50 total on a 10-wide inversion. At this point, I can only make 2.50 out of this (12.50 minus the 10-wide inversion), so will in all probability have to roll out if I want to continue to attempt to make something out of it.
Trade active:
Uninverted from the -200C/-210P to the -200P/-210C for a 10.05 debit. 2.45 credits collected.
Trade active:
Closed the 190/200 short put vertical for a .46 debit; rolled out the 210/220 short call vertical for a .13 credit; and sold the 195/205 short put vertical against for a 2.03 credit. Total credits collected of 2.45 - .46 + .13 + 2.03 = 4.15 with the resulting setup being the April 19th 195/205/210/220 iron condor. Delta -3.74/theta 1.94.
Trade closed manually:
On second thought ... . Throwing in the towel on this nondirectional. Closed today for a 7.94 debit. 3.79 ($379) loser.