iPath Series B S&P 500 VIX Short-Term Futures ETNArca
Description
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... for a .01/contract credit.
Notes: Rolling my deep in-the-money spread (See Post Below) to a setup with a break even around where the underlying is currently trading. Naturally, this dramatically increases buying power effect, as well as risk, since I'm widening from a five wide to a sixteen wide. Will look to narrow the spread via roll out or via roll-down of the long on approaching worthless.
Trade closed manually
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Closed here for 1.78. If my math is correct, total credits collected of 3.35, so (finally) a 1.57 ($157)/contract winner.
I still have one started in Feb in low 20s, short not moved so far now in June 6 wide and 3.79 total credit / expenses around 10-12 (it is a single contract spread). Staying that deep reduces credit available on rolls even in pops, which of course I watch for. It started at 2-wide with .62 cr. so overall got 3.17 cr. in process of going 4 wider.
NaughtyPines
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@Tom1trader, It's not ideal, but I just try to stay patient. This high volatility has lasted longer than expected, which happens from time to time.
420snoop
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get that credit!
NaughtyPines
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@420snoop, Basically, it paid for the fees to roll. Lol. I've been working this for quite some time waiting for VIX to mean revert (which is taking its time).