JLJ002500

VXX - Risky bear credit call spread

AMEX:VXX   IPATH S&P 500 VIX SHORT TERM FUTURES TM ETN
Opened bear credit call spread to hopefully take advantage of the high IV% and time premium. As long as market vol remains fairly stable for the rest of the week, I'll be in good shape. The very high time premium on short dated options means I am only at risk for a short period of time. It is atypical to be able to capture this amount of premium for options about to expire. The down side of trading short dated options is it is very hard to make adjustments if the trade goes against you.

VXX             16.77% $50.23
D: .2382
G: .0528
T: -.2314
IV%: 253% (vs. 112.52%)

W:
Trade closed manually: Took profits and closed position early. Didn't want to risk waiting till expiration.

Nice gain.
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