NaughtyPines
Long

OPENING: XOP NOV 15TH 16/SEPT 20TH 22 LONG CALL DIAGONAL

AMEX:XOP   SPDR SERIES TRUST SPDR S&P OIL & GAS EXPL & PRODTN ETF
... for a 4.89 debit.

Metrics:

Max Profit: $111/contract
Max Loss: $489/contract
Break Even: 20.89
Delta/Theta: 38.75/.98
Debit Paid to Spread With Ratio: 81.5%

Notes: Going long XOP at long-term lows with a 90/50 long call diagonal (i.e., 90 delta for the long call/50 for the short). Going a little more aggressive with the short call than I usually would to get a little more room to the downside. Shooting for 50% max.
Trade active: Taking some profit (about .35/$35 per contract) on break of the short call by rolling out the diagonal as a unit "as is" to the Oct 22/Dec 16 for a .19/contract credit; scratch at 4.70/BE at 20.70. It doesn't improve my break even a great deal, but extends duration on the long in the event I want to keep reducing cost basis ... .
Trade active: Rolling the October 22 short call to November as is for a .29/contract credit at short call >50% max. Scratch at 4.41/BE at 20.41.
Trade active: Rolling the diagonal "as is" from the Nov/Dec 16/22 to the Dec/Jan 16/22 on strength for a .27/contract credit. Scratch at 4.14, BE at 20.14. Max is now the width of the spread minus the scratch point or 1.86 ($186).
Trade closed manually: Out for a 5.07 debit/contract; .93 ($93) profit per contract, 19.02% ROC. Will re-up on weakness.
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