Putting on some more low volatility strategy stuff in this low volatility market ... .
There aren't many metrics to look at:
Buying Power Effect: 3.55 db Theta: 1.08 Delta: -9.57
As with the IWM put calendar (see Post below), will work both ends of the candle, rolling the long away profitably, rolling the short away/out profitably while keeping the width of any resulting diagonal spread "reasonable."
Trade active
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Rolling the Sept 15th 243 to the Sept 22nd 244 for a realized gain of .22 ($22)/contract and a credit of .46. Scratch at 3.09.
Trade active
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Rolling the Dec 16th 243 to the Dec 16th 242 for a realized gain and a credit of .28 on this down move. Scratch at 2.81.
Trade active
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Rolling the Dec 16th 242 long put to the Dec 16th 241 long put for a realized gain and a credit of .31. Scratch at 2.50.
Trade active
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Rolling the Dec 16th 241 long put to the Dec 16th 240 long put for a realized gain and a credit of .30. Scratch at 2.20. The delta's getting a bit long here (~10/contract), so will look to roll the short aspect down once more of its extrinsic bleeds out (a waiting game).
Trade closed: target reached
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Covering here for a 2.91 credit. 2.91 - 2.20 = .71 (71/contract profit), 20% of what I put it on for. Will reestablish next week assuming volatility remains fairly low.
Your method of using the idea to journal the trade turns out to be one of the clearest descriptions of how to actively manage time trades. Thanks!
NaughtyPines
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@Tom1trader, Everybody does it slightly differently, but keeping track of scratch points is critical to quite a few setups, particularly if rolling is involved somewhere.
Tom1trader
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@NaughtyPines, Thanks! Have traded condor ends independantly but legs of spread new. Applying it now in a few trades. Keep smiling!