... for a 481.76 debit. Comments: Re-upping in SPY in slightly longer duration, but with the short call at about the same delta as the one I took off, resulting in a lower buying power effect and break even with the primary goal being to milk a little more out of August before moving onto Sept. Again, un-sexy metrics as a standalone trade: Buying Power...
... for a 401.49 debit. Comments: As with my IWM monied covered call, re-upping in QQQ in 45 days' duration with the short call at about the same delta it was in the setup I just took off with the basic goal being to milk a little bit more out of August without taking on additional risk. Here, re-upping at about the same short call delta actually results in a...
... for an 87.83/contract debit. Comments: Parking some cap in TLT while I go about "summer things." Selling the -75 call against shares to emulate the delta metrics of a 25 delta long put while having built-in short call defense. Metrics: Break Even/Buying Power Effect: 87.83/contract Max Profit: 1.07/contract (ex. divvies); 1.38/contract (with divvies) ROC...
... for a 191.21 debit. Comments: I'm not quite ready to move out to the September monthly due to its duration, so doing a little something different here to attempt to milk a smidge more out of August. After having taken off my longer-dated position in profit, re-upping in 45 DTE with the short call at about the exact same delta it was at previously (around...
... for a 70.80 debit. Comments: High IV at 55%. Buying a one lot and selling a -75 call against in the August 16th monthly to emulate the delta metrics of a 25 delta short put, but with built-in short call defense. I looked at doing something in the 45 DTE wheelhouse, which would be the August 30th expiry, but it was less liquid than the monthly, so opted to...
... for a 54.85 debit. Comments: Added to my position at a strike/break even better than what I currently have on. Metrics: Buying Power Effect/Break Even: 54.85/share Max Profit: 3.15 ($315) ROC at Max: 5.74% 50% Max: 1.58 ($158) ROC at 50% Max: 2.87%
... for a 59.60 debit. Comments: High IVR/high IV at 68.7/63.1%. Selling the -75 delta call against stock to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call. Additionally, adding at strikes/break evens better than what I've current got on (the August 16th 73 covered calls; break even 70.80). Metrics: Buying...
... for a 493.42 debit. Comments: As with my QQQ monied, re-upping in SPY after having taken profit on my August 16th 493. Here, selling the -84 delta call against, which will mean a lower max and a lower ROC %-age. Just looking to potentially milk a little more out of the August cycle (60 DTE), before moving into Sept. Metrics: Buying Power Effect/Break...
... for a 420.39 debit. Comments: After having taken profit on my August 16th 420 CC, re-upping, but at a slightly higher strike ... . The ROC %-age metrics aren't generally what I like to see out of these, but have already realized some gains in the August cycle, so am fine if the ROC %-age isn't stellar here. I'm also selling the -85 delta call against, as...
... for a 187.46 debit. Comments: (Late Post). Sold the -75 call against a one lot to emulate the delta metrics of a 25 delta short put, but with built-in short call defense. Metrics: Buying Power Effect/Break Even: 187.46. Max Profit: 3.54 ($354) ROC at Max: 1.89% ROC at 50% Max: .94% Will generally look to take profit at 50% max on the entire setup (stock +...
... for a 37.00 debit. Comments: Back into TAN (30-Day IV: 47.6%), selling the -76 call against stock to emulate the delta metrics of a 25 delta short put, but with built-in short call defense. Going with the August 30th, 46 DTE contract. Metrics: Buying Power Effect/Break Even: 37.00/share Max Profit: 1.00 ($100) ROC at Max: 2.63% 50% Max: .50 ($50) ROC at...
... for an 83.77 debit. Comments: Some of the only red on my ETF board ... . Here, selling the -75 delta call against a one lot to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call. There is also a divvy to be had some time in June, with the last distribution being .73. Metrics: Buying Power Effect/Break Even:...
... for a 68.76 debit. Comments: Buying stock and selling a -75 delta call against to emulate the delta metrics of a 25 delta short put with the built-in defense of the short call. As usual, this only makes sense in a cash secured environment where you don't get much BP relief going with the short put over the covered call; on margin -- stick with the short...
... for a 37.86 debit. Comments: High IVR/IV at 55.1/41. Selling the -75 call against stock to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call. Metrics: Buying Power Effect/Break Even: 37.86 Max Profit: 1.14 ROC at Max: 3.01% 50% Max: .57 ROC at 50% Max: 1.50% Will generally look to take profit at 50% max.
... for a 40.73 debit. Comments: Adding to my KRE (IVR/IV 50.4/28.6) position with a setup out in the September monthly that has a break even better than what I currently have on. Selling the -75 delta call against a one lot to emulate the delta metrics of a 25 delta short put with the built-in defense of the short call. Additionally, attempting to grab a...
... for a 42.98 debit. Comments: Hitting a little KRE (IVR/IV 42/28) on weakness here, looking primarily to grab the June dividend (March distribution: .38; 3.19% annualized). Selling the -75 call against a one lot to emulate the delta metrics of a 25 delta short put with the built-in defense of the short call. Metrics: Buying Power Effect/Break Even:...
... for a 24.26 debit. Comments: High IV here at 36.4%. Using the July 26th weekly here for the setup, since this is one of those options highly liquid underlyings with both liquid monthlies and weeklies, and I like to attempt to keep things in that 45 DTE wheelhouse if I can. Because of the size of this underlying, I'm looking to ladder out if we get...
... for a 485.25 debit. Comments: (Late Post). Sold the -75 call against a one lot to emulate the delta metrics of a 25 delta short put, but with built-in short call defense. Metrics: Buying Power Effect/Break Even: 485.25 Max Profit: 7.75 ($775) ROC at Max: 1.60% ROC at 50% Max: .80% Will generally look to take profit at 50% max on the entire setup (stock +...