Visually, this looks like a bit of a mess ... .
As of NY open, I was left with the following spreads left over from iron condors I had put on over time and/or rolled toward current price to delta balance:
A Dec 271/275 short put vertical.
3 x Dec 267/270 short put verticals.
A Dec 280/283 short call vertical.
2 x Dec 277/281 short call verticals.
I first pulled off the call spreads, closing the 280/283 for a .15 debit, and the 2 x 277/281 for a .38/contract debit (for a net debit of .76, since it's twice as many contracts).
Second, I rolled out the short puts verticals to the January cycle -- the 271/275 for a .59 debit and then the 3 x 267/270 for a .21/contract debit (for a net debit of .63, since it's 3 x).
After rolling out the short put sides, I proceeded to sell 4 x 278/281 short call verticals for a .68/contract credit (for a net credit of 2.72, since it's 4 x). (I sold the spread with the short option leg nearest the 25 delta strike).
Doing the math:
Debits Paid: .15 + .76 + .63 = 1.54
Credits Collected: 2.76
Net Credit Collected: 2.76 - 1.54 = 1.22
I add this to my December cycle scratch point, with a resulting scratch point of 9.29 for the whole position. Naturally, the whole kit and kaboodle is not an ideal setup. The short put sides are in the money and there isn't much room to adjust either side, regardless of which spread you look at (only three strikes separate the 275 short put from the 278 short call after all, and inverting iron condors is a thing that most traders don't generally do). That being said, the roll outs and sell against cuts core position net delta substantially over what it was at open and gives me a shot at either mitigating loss, scratching out, or turning the position into a winner, depending on what this whipsaw market does with itself ... .
As of NY open, I was left with the following spreads left over from iron condors I had put on over time and/or rolled toward current price to delta balance:
A Dec 271/275 short put vertical.
3 x Dec 267/270 short put verticals.
A Dec 280/283 short call vertical.
2 x Dec 277/281 short call verticals.
I first pulled off the call spreads, closing the 280/283 for a .15 debit, and the 2 x 277/281 for a .38/contract debit (for a net debit of .76, since it's twice as many contracts).
Second, I rolled out the short puts verticals to the January cycle -- the 271/275 for a .59 debit and then the 3 x 267/270 for a .21/contract debit (for a net debit of .63, since it's 3 x).
After rolling out the short put sides, I proceeded to sell 4 x 278/281 short call verticals for a .68/contract credit (for a net credit of 2.72, since it's 4 x). (I sold the spread with the short option leg nearest the 25 delta strike).
Doing the math:
Debits Paid: .15 + .76 + .63 = 1.54
Credits Collected: 2.76
Net Credit Collected: 2.76 - 1.54 = 1.22
I add this to my December cycle scratch point, with a resulting scratch point of 9.29 for the whole position. Naturally, the whole kit and kaboodle is not an ideal setup. The short put sides are in the money and there isn't much room to adjust either side, regardless of which spread you look at (only three strikes separate the 275 short put from the 278 short call after all, and inverting iron condors is a thing that most traders don't generally do). That being said, the roll outs and sell against cuts core position net delta substantially over what it was at open and gives me a shot at either mitigating loss, scratching out, or turning the position into a winner, depending on what this whipsaw market does with itself ... .
