shortstrangles

NaughtyPines NaughtyPines COST, D,
COST: TRADE IDEA: COST JULY 21ST 155/158/175/178 IRON CONDOR
91 0 10
COST, D
TRADE IDEA: COST JULY 21ST 155/158/175/178 IRON CONDOR

After news of AMZN's acquisition of WFM, COST's implied volatility has popped here, with its implied volatility rank ramping up to the 67th percentile over the preceding 52-week period, and with background implied volatility at 21%, making a premium selling play potentially worthwhile. Metrics: Probability of Profit: 64% Max Profit: $93/contract Max Loss/Buying ...

NaughtyPines NaughtyPines QQQ, D,
QQQ: TRADE IDEA: QQQ AUG 18TH 127/130/145/147 IRON CONDOR
42 0 7
QQQ, D
TRADE IDEA: QQQ AUG 18TH 127/130/145/147 IRON CONDOR

The Q's have the highest implied volatility rank among the four major index exchange traded funds. That being said, I generally look to bring in one-third the width of the widest wing with these with the short options set up at the 20 delta, and I'm not getting that here, so it's less than ideal ... . The metrics: Probability of Profit: 62% Max Profit: ...

NaughtyPines NaughtyPines EWY, 240,
EWY: TWO EWY (S. KOREA ETF) TRADE IDEAS
27 0 6
EWY, 240
TWO EWY (S. KOREA ETF) TRADE IDEAS

I haven't traded this particular instrument before. For obvious reasons, now seems like a perfect time. The first of the two trades is a short strangle, with the shorts set up at the ~30 delta strike: JUNE 16TH 60/65 SHORT STRANGLE POP%: 59% Max Profit: $140/contract Max Loss: Undefined Break Evens: 58.60/65.82 Theta: 3.01 Delta: .78 The second's a defined ...

Delta10 Delta10 PRO E61!, W,
E61!: E61! - Short Strangle 09.06.2017
135 0 5
E61!, W
E61! - Short Strangle 09.06.2017

Since the EURO did not break out after the first election in Europe, and the Commercals being neither long nor short, I tend to sell a strangle expecting the EURO to move sideways.

NaughtyPines NaughtyPines X, D,
X: X EARNINGS SHORT STRANGLE/IRON FLY
75 3 9
X, D
X EARNINGS SHORT STRANGLE/IRON FLY

X announces earnings tomorrow (Tuesday) after market close, and with its implied volatility rank and implied volatility metrics, it's ripe for a volatility contraction play. Here are two possible setups, which naturally might need to be tweaked this way or that depending on price movement intraday tomorrow. Feb 17th 29/38 Short Strangle Metrics Probability of ...

NaughtyPines NaughtyPines JNPR, W,
JNPR: EARNINGS: JNPR, GRPN, AND TWTR (DIRECTIONAL PLAYS)
25 0 5
JNPR, W
EARNINGS: JNPR, GRPN, AND TWTR (DIRECTIONAL PLAYS)

A couple of other ideas for next week surrounding earnings ... . I like to have a lot of these ideas in the hopper so that I can price setups during regular market hours; some of these aren't as "sexy"/liquid during NY as they appear in off hours. JNPR Dec 2nd 21 short puts; .45 cr at the mid (strike around long-term support). Earnings (10/25). I generally do ...

NaughtyPines NaughtyPines IBM, D,
IBM: THE WEEK OF 10/16: WHAT I'M LOOKING AT
28 0 3
IBM, D
THE WEEK OF 10/16: WHAT I'M LOOKING AT

While I grind away on various covered call positions (I only have one covered call with an October short call on; the rest are in November or December), I'm looking ahead to some decent earnings for premium selling. Generally, I'm looking for underlyings whose implied volatility is above the 70th percentile for the past 52 weeks and that have background implied ...

NaughtyPines NaughtyPines TEVA, W,
TEVA: TRADING IDEA: TEVA SEPT 16TH 47.5/60 SHORT STRANGLE
21 0 2
TEVA, W
TRADING IDEA: TEVA SEPT 16TH 47.5/60 SHORT STRANGLE

Post-earnings, TEVA's implied volatility rank/implied volatility are still quite high, and the 47.5/60 short strangle goes for 1.58 ($158)/contract at the mid. Look to take it off at 50% max profit ... . Defined Risk Alternative: Sept 16th 42.5/47.5/60/65 iron condor, currently going for 1.13 ($113)/contract at the mid.

NaughtyPines NaughtyPines SRPT, D,
SRPT: BOUGHT TO COVER SRPT SEPT 16TH 8/40 SHORT STRANGLE
17 0 2
SRPT, D
BOUGHT TO COVER SRPT SEPT 16TH 8/40 SHORT STRANGLE

Mmm. Must have gotten busy and not posted this one. In any event, I legged into these two sides separately, the 8 first and then the 40 after it ripped somewhat higher. The whole burrito was worth 5.82 in credito. Closing out here for a 4.60 debit nets me $122/contract in profit. This thing is "wicked illiquid", so I figured I get while the gettin' was good ... .

NaughtyPines NaughtyPines YELP, W,
YELP: EARNINGS: SOLD YELP SEPT 16TH 26/38 STRANGLE
50 0 3
YELP, W
EARNINGS: SOLD YELP SEPT 16TH 26/38 STRANGLE

... for a 1.15 ($115)/contract credit. Ordinarily, I look to set these up in expiries closer in time, but I'm going out to the monthly to collect additional credit, give myself more time/room to be right ... . Will shoot to take this off at 50% max profit (~.57 ($57)/contract debit).

NaughtyPines NaughtyPines YELP, D,
YELP: NEXT WEEK EARNINGS PLAY POSSIBLES: YELP, KORS, NVDA
37 0 2
YELP, D
NEXT WEEK EARNINGS PLAY POSSIBLES: YELP, KORS, NVDA

Currently, there are three earnings announcements next week that meet my >70% implied volatility rank, >50% implied volatility standards: YELP, KORS, and NVDA and that offer up at least 1.00 ($100)/contract in credit for my troubles. Preliminarily: YELP Aug 19th 26.5/38 short strangle goes for 1.09 ($109)/contract at the mid (Tuesday after market close). KORS ...

NaughtyPines NaughtyPines SRPT, D,
SRPT: SOLD SRPT AUG  26TH 35 CALL
43 9 3
SRPT, D
SOLD SRPT AUG 26TH 35 CALL

... for a 2.85 ($285)/contract credit. This will complete an Aug 26th 10/35 short strangle worth 4.15 in credit ($415)/contract, which I'll shoot to take off at 50% max profit. Because I already had the 10 short put on, this doesn't cost me any additional buying power. This will also give me some protection to the short side, since I think that this is more ...

NaughtyPines NaughtyPines HTZ, D,
HTZ: SOLD HTZ SEPT 16TH 40/57.5 SHORT STRANGLE
10 0 1
HTZ, D
SOLD HTZ SEPT 16TH 40/57.5 SHORT STRANGLE

This one popped up earlier today as a high implied volatility play ... . Filled for a 1.83 ($183)/contract credit ... . I'll look to take it off at 50% max ... .

NaughtyPines NaughtyPines HOG, D,
HOG: TRADE IDEA: HOG SEPT 16TH 42.5/57.5 SHORT STRANGLE
15 0 1
HOG, D
TRADE IDEA: HOG SEPT 16TH 42.5/57.5 SHORT STRANGLE

Ain't much decent premium out there ... . HOG announces in 2 days, but I'm really just doing this as a longer-term premium selling play (hence, the Sept expiry), since there isn't jack diddly in the market of late. Metrics: Probability of Profit: 72% Max Profit: 1.38/contract ($138) Max Loss/Buying Power Effect: Undefined/$501 Break Evens: 41.12/58.88 Notes: ...

NaughtyPines NaughtyPines GILD, D,
GILD: TRADE IDEA: GILD AUG 19TH 79/94 SHORT STRANGLE
47 2 1
GILD, D
TRADE IDEA: GILD AUG 19TH 79/94 SHORT STRANGLE

GILD announces earnings on Monday after market close, so look to put this on sometime before the final bell. Metrics: Probability of Profit: 74% Max Profit: $123/contract Max Loss/Buying Power Effect: Undefined Break Evens: 77.77/95.23 Notes: This is being done in the off hours, so I'm not getting accurate buying power effect metrics for this setup, and it's ...

NaughtyPines NaughtyPines NFLX, D,
NFLX: EARNINGS PLAY: NFLX JULY 29TH 85.5/111 SHORT STRANGLE
115 0 5
NFLX, D
EARNINGS PLAY: NFLX JULY 29TH 85.5/111 SHORT STRANGLE

Unfortunately, the only underlying announcing earnings next week that has sufficient implied volatility to consider selling premium in is NFLX, with an implied volatility of 52%. It announces earnings on Monday after market close, so look to put on a play some time on Monday, preferably right before the NY close. Preliminarily (I'm checking this crap in off ...

NaughtyPines NaughtyPines P, D,
P: NOTABLE HIGH IV STOCKS WITH IV > 50%
202 3 2
P, D
NOTABLE HIGH IV STOCKS WITH IV > 50%

1. P, 79% 2. FCX, 76% 3. X, 75% 4. TWTR, 67% 5. STX, 57% 6. ABX, 56% 7. NFLX, 56% 8 GG, 53% 9. SLW, 52% Naturally, we are coming into earnings season here, so there's a reason that some of these have high IV here (e.g., NFLX announces in a week and a half). Ordinarily, I like IV to be >50% and IVR (current IV's level relative to where it's been for the past 52 ...

NaughtyPines NaughtyPines WBA, D,
WBA: WBA EARNINGS PLAYS
19 0 1
WBA, D
WBA EARNINGS PLAYS

WBA announces earnings tomorrow before market open, so look to put on a play before today's NY close. Here are the metrics for defined/undefined risk setups: WBA July 15th 76.5/90 short strangle POP%: 76% Max Profit: $106/contract Max Loss/Buying Power Effect: Undefined/$1031/contract WBA July 15th 74/78/89/93 iron condor POP%: 67% Max Profit: $104/contract Max ...

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