With natural gas in play, opportunity here allows participation similar. Price extension to the downside should slow down & the neutrality should give room for risk management if directional assumption is wrong. 8/9/13.5/14.5 JAN19 IRON CONDOR @ 0.21 CREDIT General plan: Roll if necessary & if possible to reduce risk. Target maximum profit, unless significant...
The major activity in natural gas, especially over the past 2 weeks presented an opportunity to make a bullish-neutral bet. 31/32/42/43 JAN19 IRON CONDOR @ 0.73 CREDIT General plan: Roll if necessary & if possible to reduce risk. Target maximum profit, unless significant profit appears early. Comment or direct message for discussion, or on other interesting...
... for a 1.06/contract credit. Max Profit: $106/contract Max Loss: $194/contract Break Evens: 245.94/273.06 Theta: 1.86 Delta: -1.75 Notes: Replacing an iron condor I closed earlier to keep my risk constant throughout the cycle and given this high volatility environment. It also has the effect of adding a smidge of short delta to my core position, which has...
... for a .90/contract credit (.30/$30 profit/contract). You know the drill -- mixing and matching profitable call side with profitable put side from iron condors put on over time. Will replace this setup with another iron condor in the same expiry; keeping my risk/buying power effect constant throughout the cycle given the fact that background implied...
... for a 1.07/contract credit. Metrics: Max Profit: $107/contract Max Loss: $193/contract Break Evens: 248.93/278.07 Delta; -1.4 Theta: 1.73 Notes: With 38 days to go in the January cycle, layering on a smidge of short delta to my slightly long delta SPY core position, which -- as I note below -- can't be adjusted all that much. As usual, I'll look to mix and...
... for a 1.08/contract credit. Adding to my January cycle QQQ core position after stripping off some units earlier (See Post Below). Since the overall position remains fairly delta neutral, I'm not looking to add delta with this trade, so am basically going with a neutral setup. With the previous close costing a .71 debit and this open paying 1.08, my January...
... for a .71/contract debit (.37/$38 profit per contract). Taking some small profit here on my QQQ January cycle core position by mixing and matching profitable put side with profitable call side of iron condors I've put on over the past several weeks. I'll look to replace this setup with another fairly delta neutral setup in the January cycle, since we've...
Stock rally through till early 2018. Choppy price action with range-bound price through remainder of 2018 indicates large volume of shares exchanging hands (in other words, for a better mental picture, larger holders off-loading to more interested but smaller buyers). Expectation is neutral price discovery, with earnings report in January catalyzing subsequent...
... for a 1.05/contract credit. Metrics: Max Profit: $105/contract Max Loss: $195/contract Break Evens: 154.95/178.05 Delta: -2.78 Theta: 1.57 Notes: Layering on some more in the January cycle. With the other two iron condors I've already put on in January, my position scratch point is 3.26/contract. Will look to mix and match profitable put side with...
Year-long cyclical pattern, within a wide parallel ascending channel (not shown to prevent clutter) is the current predominant price action, showing clear supply and demand zones. Expecting price to finish upswing or remain neutral at least until close to or at the next earnings season. 50/52.5/65/67.5 JAN19 IRON CONDOR @ 0.66 CREDIT General plan: Roll if...
Stock has sold off since Jan, and held the downtrend throughout 2018. Bearish momentum is slowing down, as if recovery is in the works (compare LVS idea); betting this bad boy experiences a slowdown, with price staying in the range or having a quick reversal of the downtrend. 21/22/33/34 FEB19 IRON CONDOR @ 0.25 CREDIT General plan: Roll if necessary & if...
... for a 1.04/contract credit. Metrics: Max Profit: $104/contract Max Loss: $196/contract Break Evens: 155.96/180.04 Delta: -1.57 Theta: 1.35 Notes: Layering on in the January cycle (See Post Below for "the first layer."). I'll treat the position as a single setup for take profit purposes and mix and match profitable put side with profitable call side to...
... for a 1.17/contract credit. Metrics: Max Profit: $117/contract Max Loss/Buying Power Effect: $183/contract Break Evens: 174.17/150.83 Delta: -2.33 Theta: 1.30 Notes: Starting the January cycle run in the broad market exchange-traded fund with the highest background implied volatility. Collecting greater than one-third the width of the wings.
... for a 1.12/contract debit (1.04 profit/contract). Notes: Further clean-up of my XOP core position in December. Now that I've taken off the 38/41 short call vertical and this iron condor, what remains is two short put verticals, one at 32/35, the other at 30/35. The 32/35 was left over from an iron condor I put on previously, the 30/35 from an iron fly, the...
The stock price broke out from a range, made what looks like a head-n-shoulders pattern, and can mirror the channel pattern it made before the head-n-shoulders. Volatility is high and this is a neutral directional bet on the price action. 47.5/50/77.5/80 JAN19 IRON CONDOR @ 0.45 CREDIT General plan: Roll if necessary & if possible to reduce risk. Target maximum...
Taking advantage of mixed market feelings toward stock to place wide neutral iron condor to box in price action. 255/265/365/375 JAN19 IRON CONDOR @ 1.67 CREDIT General plan: Roll if necessary & if possible to reduce risk. Target maximum profit, unless significant profit appears early. Comment or direct message for discussion, or on other interesting...
Shake my head or nah? Taking advantage of bearish momentum and high volatility for a bearish-neutral bet. 75/76/103/104 JAN19 IRON CONDOR @ 0.21 CREDIT General plan: Roll if necessary & if possible to reduce risk. Target maximum profit, unless significant profit appears early. Comment or direct message for discussion, or on other interesting ideas! Follow for updates.
Stock has sold off since May/June, with no recovery since last earnings report. Betting on price to stay within this range. 35/40/62.5/67.5 JAN19 IRON CONDOR @ 0.64 CREDIT General plan: Roll if necessary & if possible to reduce risk. Target maximum profit, unless significant profit appears early. Comment or direct message for discussion, or on other interesting...