OPENING: XOP SEPT 21ST 42 SHORT STRADDLE
... for a 3.05/contract credit.
Metrics:
Max Profit: $305/contract
Max Loss: Undefined: $848/contract on margin
Break Evens: 38.95/45.05
Delta: -6.55
Theta: 3.31
Notes: Admittedly, the implied volatility rank and implied volatility metrics here aren't great (11 and 25, respectively) but the credit collected as a function of the buying power effect is decent (36%). As with the previous XOP short straddle cycle (see Post Below), I'll look to take profit quickly ... .
Metrics:
Max Profit: $305/contract
Max Loss: Undefined: $848/contract on margin
Break Evens: 38.95/45.05
Delta: -6.55
Theta: 3.31
Notes: Admittedly, the implied volatility rank and implied volatility metrics here aren't great (11 and 25, respectively) but the credit collected as a function of the buying power effect is decent (36%). As with the previous XOP short straddle cycle (see Post Below), I'll look to take profit quickly ... .
Trade closed manually:
Covering here shortly before the bell for 2.86/contract (6.2% max) for a quickee dirtee inzee outzee.
