Good evening all,
Our levels have stayed steady. I believe that the price will not move much the upcoming month. If you would like to add revenue to your positions sell covered calls and puts. You can collect a nice premium while we wait for movement later on.
... for a 5.68 credit.
Notes: Adding a delta cutter in the first expiry in which the at-the-money short straddle pays greater than 10% of the stock price which is (ugh) November. Scratch at 90.55. Net delta remains short with the vast majority attributable to the September 282 short call (-83.02 delta/2.83 theta/5.44 extrinsic), so it's as though I'm basically...
This is a continuation of a trade that started as an earnings play iron fly (see post below).
There are a couple of reasons I went this particular way, as opposed to attempting to continue to work the setup "as is."
First, the March 17th 40 short call was deep in the money. Even assuming I could roll to improve that strike a bit, it would still be deep in the...
