Opening (IRA): SPY July 18th 495 Short Put

May 2

... for a 5.13 credit.

Comments: Targeting the <16 delta strike paying around 1% of the strike price in credit.

Max Profit: 5.13
ROC at Max as a Function of Strike Price: 1.04%

Will generally look to roll up if the short put is in profit at 45 DTE or greater, add at intervals if I can get in at strikes better than what I currently have on at the June 513's and July 495's, and/or consider a "window dressing" roll (i.e., a roll down to a strike that is paying about the same in credit) to milk the last drops out of the position.

May 9

Note

Rolling up to the <16 delta strike paying around 1% of the strike price in credit, which is at the 510. 1.51 credit received; 6.64 net credits.

May 16

Note

Rolling up to the 16 delta strike at the 545 for a 2.34 credit; 8.98 net credits received.

Jun 6

Note

Doing a window dressing roll/bit of de-risking here from the July 18th 545 to the July 31st 530 for a .02 credit.

Jul 3

Trade closed manually

Closed for a .37 debit; 8.63 ($863) net profit.