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NaughtyPines NaughtyPines VIX, D,
VIX: OPENING: VIX AUG 16TH 9/12.5/12.5/16 IRON FLY
48 2 7
VIX, D
OPENING: VIX AUG 16TH 9/12.5/12.5/16 IRON FLY

Going to bite on an August setup here ... . Metrics: Max Profit: $190/contract Max Loss/Buying Power Effect: $160/contract Break Evens: 10.40/14.40 Theta: .94 Delta: 17.02 Notes: Previously, the recommendation was to shoot for 25% max profit on these. If you do that, however, you'll have to wait until the very last moment, generally, so shooting for 10% max on ...

NaughtyPines NaughtyPines VIX, D,
VIX: OPENING: VIX JULY 21ST 9/12.5/12.5/16 IRON FLY
43 0 11
VIX, D
OPENING: VIX JULY 21ST 9/12.5/12.5/16 IRON FLY

Without a ton of stuff to do here premium selling wise that meets my standards, layering on some more VIX fly in the July expiry (35 DTE). July /VX futures contract is currently trading at 12.45, so that's where I set up the short straddle body of the set up. Metrics: Max Profit: 1.82/contract Max Loss/Buying Power Effect: 1.68/contract Break Evens: ...

NaughtyPines NaughtyPines VIX, D,
VIX: OPENING: VIX JULY 21ST 10/12.5/12.5/15 IRON FLY
41 0 11
VIX, D
OPENING: VIX JULY 21ST 10/12.5/12.5/15 IRON FLY

... for a 1.60 credit. With the /VX July contract currently trading at 12.74, this is basically a bet that VIX will finish between current VIX price and the VIX futures front month price around expiry, although anything between 10.90 and 14.10 will do ... . Metrics: Max Profit: 1.60/contract Max Loss/BPE: .90/contract BE's at 10.90/14.10 Notes: Will look to ...

NaughtyPines NaughtyPines P, W,
P: OPENING: P JULY 21ST 6/9/9/12 IRON FLY
39 0 6
P, W
OPENING: P JULY 21ST 6/9/9/12 IRON FLY

... for a 1.71 credit. Metrics: POP%: 50% Max Profit: 1.71 Max Loss/Buying Power Effect: 1.29 BE's at 7.29/10.71 Notes: Will look to manage at 25% max.

NaughtyPines NaughtyPines VIX, D,
VIX: OPENING: VIX JULY 21ST 10/13/13/16 IRON FLY
24 0 8
VIX, D
OPENING: VIX JULY 21ST 10/13/13/16 IRON FLY

... for a 1.96 credit Metrics: POP%: 31% Max Profit: 1.96/contract Max Loss: 1.04/contract BE's at 11.04/14.96 Notes: I'll look to manage this at 25% max.

MSFT: Neutral trade on MSFT (IronFly)
161 4 15
MSFT, D
Neutral trade on MSFT (IronFly)

With an IVR of 51.5 on Microsoft I sold an Iron fly with 29 days to expiration for $2.32 This is a neutral trade and we make money as long as price stays between $65.18 and 69.82 in the next 29 days. The trade: Long 72.5 Call Short 67.5 Call Short 67.5 Put Long 62.5 Put Max win $232 per contract

NaughtyPines NaughtyPines EWY, 240,
EWY: OPENING: EWY JUNE 16TH 58/63/63/68 IRON FLY
18 0 5
EWY, 240
OPENING: EWY JUNE 16TH 58/63/63/68 IRON FLY

Ended up going with the fly. Filled for a 2.59 credit. Metrics: POP%: 42% Max Profit: 2.59/contract Max Loss: 2.41/contract BE's at 60.41/65.59 Theta: 1.54 Delta: -6.72 Notes: Shooting for something north of 25% max ... .

NaughtyPines NaughtyPines X, D,
X: OPENING: X MAY 5TH 27/31/31/35 IRON FLY
105 6 8
X, D
OPENING: X MAY 5TH 27/31/31/35 IRON FLY

... for a 2.23 credit. Metrics: Max Profit: $223/contract Max Loss/Buying Power Effect: $177 BE's: 28.77/33.23 Theta: 6.1 Delta: -1.06 Notes: Earnings announcement today after market close. Will look to manage at 25% max.

NaughtyPines NaughtyPines AA, D,
AA: TRADE IDEA: AA MAY 5TH 28/32/32/36 IRON FLY
55 0 6
AA, D
TRADE IDEA: AA MAY 5TH 28/32/32/36 IRON FLY

AA (implied volatility rank 73/implied volatility 48) announces earnings on Monday after market close, so look to put on a play before the end of the session to take advantage of the post-announcement volatility crush. Metrics: Max Profit: $210/contract Max Loss/Buying Power Effect: $190/contract Break Evens: 29.90/34.10 Theta: 4.96 Delta: 3.51 Notes: This is a ...

NaughtyPines NaughtyPines VIX, D,
VIX: OPENING: VIX JUNE 21ST 10/15/15/20 IRON FLY
29 0 5
VIX, D
OPENING: VIX JUNE 21ST 10/15/15/20 IRON FLY

... for a 3.00 credit. I'm not seeing much else in the markets that meet my refined sense of pickiness, so putting on some VIX fly here using the June VIX futures price (14.73 at the time of this writing) to tell me where to sell the short straddle body of this setup. Metrics: Max Profit: $300/contract Max Loss: $200/contract Break Evens: 12.0/18.0 Theta: ...

NaughtyPines NaughtyPines EWZ, D,
EWZ: TRADE IDEA: EWZ MAY 19TH 32/37/37/41 DYNAMIC IRON FLY
35 0 5
EWZ, D
TRADE IDEA: EWZ MAY 19TH 32/37/37/41 DYNAMIC IRON FLY

With a six-month implied volatility percentile of 76 and a background implied volatility of 37, throwing a touch of "Brazilian" on here ... . Metrics: Max Profit: $247/contract Max Loss: $253/contract Break Evens: 34.53/39.47 Theta: 1.77 Delta: -.29 Notes: Will look to manage this at 25% max ... .

NaughtyPines NaughtyPines VIX, D,
VIX: OPENING: VIX MAY 17TH 11/14/14/17 IRON FLY
48 0 6
VIX, D
OPENING: VIX MAY 17TH 11/14/14/17 IRON FLY

... for a 2.05 credit. This particular setup involves examining where the /VX futures price lies in the corresponding expiry to that of the VIX. Here, the May /VX price is closest to the VIX 14 strike, so that is where the body of the fly is set up. You then proceed to buy a .05 long put in the same expiry, and buy the long so that the wings are of equal ...

VIX: VIX IronFly for a neutral bet on volatility
206 0 12
VIX, D
VIX IronFly for a neutral bet on volatility

After a a little upside on the VIX we got another fast contraction in volatility. Got the idea from the guys at tastytrade and I liked the trade. This is a neutral bet on the VIX and we make money if it stays between 15.50 and 11.50. Sold the 13.5 Straddle and bought the 17 Call and 10 Put wings to make an Iron fly for a $2 credit per contract and reducing our ...

Benji Benji PRO XLE, D,
XLE: XLE Iron Fly
26 0 6
XLE, D
XLE Iron Fly

Trade Setup: -1 XLE Apr 21 65/69.5/69.5/74 Iron Fly @ $2.33 DTE: 30 Max Win: $233 Max Loss: $217 Breakevens: $67.17 & $71.83 Trade Management: 25% profit; Full loser, possibly roll the ITM side out in time if my bias is the same near expiration. Green is profit zone; vertical black bar is expiration.

NaughtyPines NaughtyPines URBN, D,
URBN: OPENING: URBN MARCH 17TH 21.5/25.5/25.5/29.5 IRON FLY
38 0 5
URBN, D
OPENING: URBN MARCH 17TH 21.5/25.5/25.5/29.5 IRON FLY

... for a 2.24 ($224)/contract credit. (High IVR/High IV; Post Earnings Volatility Contraction Play). Metrics: Max Profit: $224/contract Max Loss/Buying Power Effect: $177/contract Break Evens: 23.27/27.73 Theta: 6.12 Delta: -4.33 Notes: I'm looking to manage this at 25% max profit.

NaughtyPines NaughtyPines DKS, D,
DKS: OPENING: DKS MARCH 17TH 43/50/50/57.5 IRON FLY
22 0 6
DKS, D
OPENING: DKS MARCH 17TH 43/50/50/57.5 IRON FLY

... for a 4.35 ($435)/contract credit. I put this on earlier in the week, but neglected to post it here ... . (High implied volatility rank; high implied volatility; it's in the 95th percentile of where implied volatility has been in the past six months; its background implied volatility is at 47%). Metrics (Currently): Max Profit: $418/contract Max ...

NaughtyPines NaughtyPines GPS, D,
GPS: TRADE IDEA: GPS 21/25/25/29 IRON FLY
39 5 8
GPS, D
TRADE IDEA: GPS 21/25/25/29 IRON FLY

High implied volatility rank, high implied volatility, earnings/volatility contraction play ... . Metrics: Max Profit: $203/contract Max Loss/Buying Power Effect: $197/contract Break Evens: 22.97/27.03 Delta: -6.38 Theta: 2.03 Notes: I'll shoot to take this off at 25% max profit ... .

Benji Benji PRO XRT, D,
XRT: XRT Iron Fly
31 0 5
XRT, D
XRT Iron Fly

Still looking for any IV in the market - XRT had a 35 IVP, so I thought I would put something small on. Focused on minimal BP exposure during these tough times in IV, but I have to keep a decent # of occurrences up regardless. Trade Setup: - 1 XRT Mar 17 42/44/44/46 Ironfly @ $1.34 DTE: 30 Max Win: $134 Max Loss: $66 Breakevens: 42.66 and 45.34 Trade ...

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