Opening (IRA): SMH February 21st 195/220/270/295 Iron Condor

Jan 14

... for a 3.91 credit.

Comments: Back into the semiconductor ETF, where I don't have a position on currently. Going comparatively low delta, with the short options camped out at the 17 delta on both sides and the wings about 1/10th the price of the underlying in width.

Metrics:

Max Profit: 3.91
Buying Power Effect: 21.09
ROC at Max: 18.54%
50% Max: 1.96
ROC at 50% Max: 9.27%

Will generally look to take profit at 50% max, roll untested side in toward current price on side test.

Jan 15

Note

Just for poos and giggles: Taking profit on just the short strangle aspect and then recentering: closed the 220/270 for a 4.52 debit and opened the 225/275 for a 4.15 credit. 3.54 net credits collected.

Jan 16

Note

Just working the short strangle aspect of this ... . Rolling the in-profit 225 up to the 230 for a .54 credit. 4.06 net credits collected.

Jan 16

Note

I can now make the wings of the same width again by rolling the 195P/295C to the 200P/300C for a .07 credit ... . 4.13 net credits collected.

Jan 17

Note

More short strangle working ... . Rolling the in-profit 230 up to the 235 for a .58 credit. 4.71 net credits.

Jan 24

Note

Rolled the 200/235 short put vertical aspect up to the 220/245 short put vertical for a .65 credit; 5.36 net credits received.

Jan 27

Note

Rolled the 275/300 down to the 260/285 for a 1.91 credit. 7.27 net credits collected.

Jan 27

Note

Rolled the -260C/220P down to the -245C/205P for a 6.19 credit. 13.46 net credits collected.

Jan 31

Note

With 21 days to go, rolled this out to the March 21st 205/245/255/295 for a 2.67 credit; 16.13 net credits collected. Delta/theta -5.36/13.62.

Feb 3

Note

Small delta adjustment, rolling the 255/295 short call vertical down to the 250/290 for a 1.58 credit; 17.71 total credits collected. Delta/theta now 8.79/13.02.

Feb 6

Trade closed manually

Drying out powder here ... .Closed for a 17.72 debit, a .01 ($1) loser.