OPENING: XOP SEPT 21ST 40/44 SHORT STRANGLE ...

... for a 1.31/contract credit.

Probability of Profit: 62%
Max Profit: 1.31 ($131)/contract
Max Loss/Buying Power Effect: Undefined/6.68 ($668)
Break Evens: 38.69/45.31
Delta: 3.65
Theta: 2.75

Notes: Giving myself more room to be wrong with a short strangle in the September cycle. Implied volatility remains so-so here at 24.7% (near the bottom of its 52-week range), so it might be more worthwhile to wait for higher implied. That being said, I'm basically working XOP as an "all weather core position."

Trade active:

Rolled the 44 short call down to the 43 intraexpiry for a .26/contract credit (delta balancing) on this down move ... . Scratch at 1.57/contract.

Trade active:

Rolling to the Oct 39/43 short strangle (recentering around current price) for a realized gain and a .64/contract credit; scratch at 1.57 + .64 = 2.21/contract versus 2.06 current value of short strangle.

Trade active:

Staying aggressive: rolling the 43 short call down one strike to the 42 (the 30 delta) on this implosion for a realized gain on the call side and a .23/contract credit. Scratch at 2.44.

Trade active:

I probably should have just covered the Oct 39/42 short strangle in profit, but rolled out for the realized gain instead to the Nov 38/41 for a .72/contract credit with a scratch at 3.16. Stuck with her now ... . Lol.

Trade active:

Rolling the 38 short put up to the 39 (delta balancing) for a .34/contract credit. Scratch at 3.50.

Trade active:

Rolling the 39 to the 40 for a .36/contract credit. Scratch at 3.86.

Trade active:

Rolling the 40 to the 41 for a .39/contract credit. Scratch at 4.25/contract. Now a Nov 41 short straddle.

Trade closed manually:

Covering here for a 4.09/contract debit to get into something closer in time. Small happy meal winner.