poorman'scoveredcall

NaughtyPines NaughtyPines VXX, W, Long , 6 months ago
VXX: ROLLING JUNE 17TH, JUNE 24TH VXX PWCC SHORT CALLS OUT ... .
40 0 2
VXX, W Long
ROLLING JUNE 17TH, JUNE 24TH VXX PWCC SHORT CALLS OUT ... .
These short calls are both parts of poor man's covered calls (PWCC's) in VXX, the long-dated long calls of which are in the September expiry ... . The June 17th 18 call had lost over 65% of its value, so I opted to roll it here to the July 8th 15.5 short call (as close to the 75% probability out-of-the-money ...
NaughtyPines NaughtyPines VXX, D, Long , 6 months ago
VXX: ROLLING VXX JUNE 10TH 17.5 SHORT CALL TO JULY 1ST 17 SHORT CALL
33 0 4
VXX, D Long
ROLLING VXX JUNE 10TH 17.5 SHORT CALL TO JULY 1ST 17 SHORT CALL
This is part of a poor man's covered call setup in VXX, the back month of which is a September VXX 12 long call. I'm being somewhat mechanical here in rolling the 17.5 short call to the July 1st 75% probability out-of-the-money short call. I say "somewhat mechanical" because the usual thing to do is to wait until ...
NaughtyPines NaughtyPines VXX, D, Long , 7 months ago
VXX: BOUGHT VXX SEPT 16TH 12/MAY 13TH 17 SHORT CALL DIAGONAL
43 0 2
VXX, D Long
BOUGHT VXX SEPT 16TH 12/MAY 13TH 17 SHORT CALL DIAGONAL
Adding to my "suite" of long VIX/VIX derivative setups, since there isn't much premium to sell in this market right now until we get into the "fat" of meaty earnings next week (NFLX, etc.). Filled for a $418/contract debit. I'll look to take these off at 25% max profit ... .
NaughtyPines NaughtyPines VXX, D, Long , 7 months ago
VXX: BOUGHT VXX SEPT 16TH 13/MAY 13TH 18 SHORT CALL DIAGONAL
35 0 2
VXX, D Long
BOUGHT VXX SEPT 16TH 13/MAY 13TH 18 SHORT CALL DIAGONAL
Layering on another long volatility setup here on this dip below 17.50 in VXX. (See Post below as to how to work this "poor man's covered call"). Unfortunately, there are virtually no metrics to provide with a diagonal, such as probability of profit, since it will vary depending on how much credit you collect ...
NaughtyPines NaughtyPines FXE, W, 8 months ago
FXE: WHAT I'M LOOKING AT NEXT WEEK: MON, EWZ, VIX PRODUCTS, FXE
25 0 0
FXE, W
WHAT I'M LOOKING AT NEXT WEEK: MON, EWZ, VIX PRODUCTS, FXE
With VIX at sub-14 levels and without much on the earnings calendar that is ideally playable with options from a premium selling standpoint, next week is likely to be a schnooze in the absence of a broad market volatility pop. Nevertheless, there are a couple of plays I might consider. MON: MON announces earnings ...
NaughtyPines NaughtyPines VXX, D, 8 months ago
VXX: ROLLING: VXX MAY 6TH 21 SHORT CALL TO MAY 20TH 21 SHORT CALL
23 0 0
VXX, D
ROLLING: VXX MAY 6TH 21 SHORT CALL TO MAY 20TH 21 SHORT CALL
I'm rolling the May 6th 21 short call of this setup to the May 20th 21 short call for an additional $23 credit, as the May 6th had lost a good deal of its value ... . The long-dated option leg of the setup cost a $752 debit when I put it on, and I've collected a net of $229 in credits so far -- about 30% the value ...
NaughtyPines NaughtyPines VXX, D, Long , 8 months ago
VXX: OPENING: VXX SEPT 16 13/MAY 17.5 CALL DIAGONAL
24 0 0
VXX, D Long
OPENING: VXX SEPT 16 13/MAY 17.5 CALL DIAGONAL
Cycling into some more long volatility product here with this VXX diagonal, which I filled for a $3.73 debit ... . See the post below as to how to work this setup.
NaughtyPines NaughtyPines IWM, D, 8 months ago
IWM: COVERING IWM POOR MAN'S COVERED CALL/PWCC CRITIQUE
103 0 1
IWM, D
COVERING IWM POOR MAN'S COVERED CALL/PWCC CRITIQUE
With this upmove here, I'm getting out of this long-term play while I can for basically scratch. Here's my critique on this methodology ... . Pro's: (1) The strategy is great as a long-term play for a core position (for example, in an index ETF like SPY or in TLT), particularly if you value simplicity and don't ...
NaughtyPines NaughtyPines VXX, 240, 8 months ago
VXX: ROLLING VXX MAY 20TH 21 SHORT CALL TO MAY 20TH 20 SHORT CALL
34 0 2
VXX, 240
ROLLING VXX MAY 20TH 21 SHORT CALL TO MAY 20TH 20 SHORT CALL
Rolled my VXX May 20th 21 short call down to the 20 short (same expiry) for an additional .27 ($27 credit). This is part of my VXX synthetic/poor man's covered call ... .
NaughtyPines NaughtyPines IWM, D, 8 months ago
IWM: ROLLING IWM POOR MAN'S COVERED CALL SHORT CALL TO MAY 20TH 107
38 0 1
IWM, D
ROLLING IWM POOR MAN'S COVERED CALL SHORT CALL TO MAY 20TH 107
Rolling the short strike down 2 strikes from the 109 for an additional 1.00 credit. With the amount of credit collected so far, I just need to let theta decay work its magic on the short option going into the expiration of the long-dated option in September.
NaughtyPines NaughtyPines VXX, W, Long , 8 months ago
VXX: TRADE IDEA: VXX SYNTHETIC/POOR MAN'S COVERED CALL
110 2 3
VXX, W Long
TRADE IDEA: VXX SYNTHETIC/POOR MAN'S COVERED CALL
Synthetic covered calls using options are a good way to utilize capital efficiently as compared to buying the underlying outright and initiating, for example, a covered call. Were you to buy 100 shares of VXX at $14, it would cost $1400, with the current value of the short call reducing that cost basis by about ...
NaughtyPines NaughtyPines IUX, D, 9 months ago
IUX: ROLLING IWM PWCC APRIL 15TH 104 SHORT CALL TO MAY 105
12 0 2
IUX, D
ROLLING IWM PWCC APRIL 15TH 104 SHORT CALL TO MAY 105
Taking a little advantage of this down move to roll my IWM Poor Man's Covered Call April 104 short call to the May 105 for a .33 credit. It isn't much, but it's a credit ... .
NaughtyPines NaughtyPines IWM, D, 9 months ago
IWM: IWM POOR MAN'S COVERED CALL -- CONTINUED
39 0 1
IWM, D
IWM POOR MAN'S COVERED CALL -- CONTINUED
This is a continuation of the post, below, which was getting a bit "long in the tooth." To make a long story short, I put on this setup at the end of December, originally as an Aug 19th 97 Long Call/Feb 15th 115 short call. Since that time, I've been rolling the short call up and out, out and sideways, out and ...
NaughtyPines NaughtyPines IWM, D, 11 months ago
IWM: IWM POOR MAN'S COVERED CALL IDEA
84 0 0
IWM, D
IWM POOR MAN'S COVERED CALL IDEA
I previously described this setup in the post below. I would ordinarily do it in SPY, but I have SPY iron condor setups on and IWM is a good instrument to play with this strategy, since it is the index ETF with the smallest value among SPY, IWM, QQQ, and DIA. Here's the setup: Aug 19th 97 long call Feb 19th 115 ...
NaughtyPines NaughtyPines SPY, D, a year ago
SPY: OPTIONS TIP: THE "POOR MAN'S COVERED CALL"
378 0 0
SPY, D
OPTIONS TIP: THE "POOR MAN'S COVERED CALL"
As I'm waiting to dry some powder out between earnings seasons, I'm boning up on options setup fundamentals (doesn't hurt to go over them now and again), new potential trading setup ideas and the like ... . I like this one where I just don't feel like tying up the buying power on an ordinary covered call ... . ...
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