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NaughtyPines NaughtyPines TSLA, 1W,
TSLA: THE WEEK AHEAD: TSLA, RIG, X, EWZ
163 0 8
TSLA, 1W
THE WEEK AHEAD: TSLA, RIG, X, EWZ

With the vast majority of options-liquid earnings plays in the rear view mirror, premium selling becomes a search for just plain Jane high implied volatility underlyings. This week, TSLA, RIG, X round out out the top implied volatility single names; EWZ, the exchange-traded fund top implied volatility play. Here are some possible nondirectional setups, which are ...

NaughtyPines NaughtyPines EWZ, 1D,
EWZ: OPENING: EWZ JULY 20TH 33/39/39/45 IRON FLY
48 0 7
EWZ, 1D
OPENING: EWZ JULY 20TH 33/39/39/45 IRON FLY

... for a 3.22/contract credit ... . Metrics: Probability of Profit: 50% Max Profit: $322/contract Max Loss: $278/contract Theta: 1.71/contract Delta: -7.06/contract Break Evens: 35.78/42.22 Notes: With a background implied of around 31%, it's the highest vol exchange-traded fund out there. As with a short straddle, I'll look to manage the trade early (25% ...

NaughtyPines NaughtyPines EFA, 1W,
EFA: OPENING: EFA JUNE/SEPT 66/71/71/76 DOUBLE DIAGONAL
21 0 4
EFA, 1W
OPENING: EFA JUNE/SEPT 66/71/71/76 DOUBLE DIAGONAL

... for an .83/contract credit. Notes: I seem to be on a double diagonal kick of late ... . Will look to take profit at 20% of the width of the wings/roll the short straddle aspect at 25% max or at 21-25 DTE.

NaughtyPines NaughtyPines DIS, 1W,
DIS: THE WEEK AHEAD: DIS, AKS, P, TSLA, TWTR, X, MU, DISH
135 2 5
DIS, 1W
THE WEEK AHEAD: DIS, AKS, P, TSLA, TWTR, X, MU, DISH

With most of the earnings heavy hitters in the rear view mirror, there isn't much to trade this week of quality from an earnings announcement volatility contraction standpoint, with DIS being the standout name. DIS announces on Tuesday after market close with a 30-day implied volatility of 25%, which is in the upper half of its 52-week range. The May 18th 96/97 ...

NaughtyPines NaughtyPines XLF, 1W,
XLF: OPENING: XLF June/Sept 24/27/28/31 Double Net Credit Diagonal
37 0 5
XLF, 1W
OPENING: XLF June/Sept 24/27/28/31 Double Net Credit Diagonal

... for a .58/contract credit. Basically, this is a calendarized iron condor or iron fly, where you roll just the short strangle/short straddle body of the setup for cost basis reduction, while keeping the long strangle aspect in place for purposes of defining the risk ... . Take profit is somewhat subjective, but I start to look to bail on the trade at >20% of ...

NaughtyPines NaughtyPines GE, 1W, Long ,
GE: TRADE IDEA: GE JULY 20TH 13 LONG/MAY 18TH 15 SHORT CALL
131 0 7
GE, 1W Long
TRADE IDEA: GE JULY 20TH 13 LONG/MAY 18TH 15 SHORT CALL

This is a neutral to bullish assumption "skip month" call diagonal that very nearly approaches the metrics of a "proper" Poor Man's Covered Call where the credit received for the short call is equal to or greater than the extrinsic in the long option, the break even on setup is at or below where the stock is trading, and where the price paid is less than 75% of ...

NaughtyPines NaughtyPines SLV, 1W, Long ,
SLV: OPENING: SLV JULY 20TH 16 SHORT/OCT 19TH 13 LONG PUT DIAGONAL
48 0 7
SLV, 1W Long
OPENING: SLV JULY 20TH 16 SHORT/OCT 19TH 13 LONG PUT DIAGONAL

... for an .79/contract credit. Taking a directional shot here on silver weakness. In essence, it's a synthetic covered call with the short put aspect of the setup around the 70 delta. The long put is thrown in to bring in buying power effect over the naked for those that are working in a cash secured environment. On margin, you won't be saving much in buying ...

NaughtyPines NaughtyPines XBI, 1W,
XBI: OPENING: XBI JUNE 15TH 77/80/93/96 IRON CONDOR
35 0 5
XBI, 1W
OPENING: XBI JUNE 15TH 77/80/93/96 IRON CONDOR

... for a 1.00/contract credit. Metrics: Probability of Profit: 57% Max Profit: $100/contract Max Loss: $200/contract Break Evens: 79.00/94.00 Delta: -.28 Notes: Will shoot to take profit at 50% max ... .

NaughtyPines NaughtyPines EEM, 1D,
EEM: OPENING: EEM JUNE/SEPT 42.5/46.5/46.5/50.5 DOUBLE DIAGONAL
62 10 6
EEM, 1D
OPENING: EEM JUNE/SEPT 42.5/46.5/46.5/50.5 DOUBLE DIAGONAL

... for an .79 credit/contract. Roll the short straddle aspect at >25% max; look to exit for 20% of the wing width ... .

stevenplace stevenplace PEP, D,
PEP: Put Sale Opp
43 0 0
PEP, D
Put Sale Opp

Sell to Open PEP Jun 95 Put @1.59 Basis: 93.41 Return on Basis: 1.7% Return With 50% Margin: 3.4% Portfolio Margin on 10% Drop: $2,548 Return on PM: 6.24% If assigned, then sell calls. Pull in a dividend of 0.80 to cut basis down to 92.61. Then sell a call for $1.00 and you're down to 91.61. I think I did the math right.

NaughtyPines NaughtyPines ROKU, 1D,
ROKU: OPTIONS TIP: BUYING POWER EFFECT REDUCTION/BUDGETING WITH LONGS
102 1 5
ROKU, 1D
OPTIONS TIP: BUYING POWER EFFECT REDUCTION/BUDGETING WITH LONGS

When playing with a small, cash secured account, buying power effect can limit one's ability to trade since even something as basic as the 30-delta 27 short put in ROKU in the June cycle pictured here can tie up quite a bit of buying power. The June 15th 27 short put brings in a nice 1.27/contract in credit, but comes with a cash secured price tag of the strike ...

NaughtyPines NaughtyPines TSLA, 1W,
TSLA: THE WEEK AHEAD: TSLA EARNINGS, EEM
164 0 6
TSLA, 1W
THE WEEK AHEAD: TSLA EARNINGS, EEM

Although AAPL and GILD announce earnings next week, the only earnings announcement that interests me from a premium selling standpoint is TSLA, with a background implied volatility of over 65%. The 73% probability of profit May 11th 255/330 short strangle is paying 5.83 at the mid (off hours quotes) with its defined risk counterpart, the 68% probability of profit ...

NaughtyPines NaughtyPines TLT, 1W, Long ,
TLT: OPENING: TLT SEPT 21ST 113 LONG/JUNE 15TH 117 SHORT PUT DIAGONAL
54 0 5
TLT, 1W Long
OPENING: TLT SEPT 21ST 113 LONG/JUNE 15TH 117 SHORT PUT DIAGONAL

... for a .07/contract credit. Taking a directional shot here at long-term horizontal support, with some flexibility to roll the short put aspect down in the event I'm wrong. Notes: Will roll the short put aspect "as is" on 50% decrease in value and look to exit for 20% the width of the spread in profit.

NaughtyPines NaughtyPines XLU, 1D, Long ,
XLU: OPENING: XLU SEPT 21ST 46 LONG/JUNE 15TH 52 SHORT CALL DIAGONAL
28 2 5
XLU, 1D Long
OPENING: XLU SEPT 21ST 46 LONG/JUNE 15TH 52 SHORT CALL DIAGONAL

... for a 4.63/contract debit. Metrics: Max Profit on Setup: $137/contract Max Loss on Setup: $463/contract Break Even: 50.63 Debit Paid/Spread Width: 77.2% Notes: Will look to take profit at 20% max; roll short call at 50% decrease in value.

NaughtyPines NaughtyPines ORCL, 1D,
ORCL: COMPARISON/CONTRAST OF FOUR BULLISH TRADES IN ORCL
64 0 2
ORCL, 1D
COMPARISON/CONTRAST OF FOUR BULLISH TRADES IN ORCL

ORACLE The Plain Jane "Spack" (Short Put/Acquire/Cover) Trade Sell the June 15th 44 put Metrics: Probability of Profit: 75% Max Profit: $69/contract Max Loss: Undefined Break Even: $43.31 Delta: 26.48 Theta: 1.17 The Plain Jane Covered Call Buy Shares at 46.23/Sell the June 15th 48 call Metrics: Probability of Profit: 48% Max Profit: $174 Max Loss: ...

NaughtyPines NaughtyPines TWTR, 1D,
TWTR: THE WEEK AHEAD: TWTR, X, IYR, XLU, ORCL, IBM
149 0 4
TWTR, 1D
THE WEEK AHEAD: TWTR, X, IYR, XLU, ORCL, IBM

Although there are quite a few earnings coming up next week, only two catch my eye from a premium selling standpoint: Twitter and U.S. Steel. Twitter announces on Wednesday before market open; has a 30-day implied volatility of 75.19%; and the May 4th 20-delta, 74% probability of profit 27.5/38 short strangle is paying 1.28 at the mid with its defined risk ...

NaughtyPines NaughtyPines XOP, 1D,
XOP: XOP MAY 18TH 30/32/39/41 IRON CONDOR (LATE POST)
67 0 4
XOP, 1D
XOP MAY 18TH 30/32/39/41 IRON CONDOR (LATE POST)

I apparently neglected to post this when I put it on back on March 27th in the kid's small account, and am doing so here primarily to keep track of cost basis. Here's the blow by blow: On March 27th, I opened this trade for a .50/contract credit. On April 7th, I closed out the short put side for a .05/contract, with a resulting cost basis of .45/contract. ...

NaughtyPines NaughtyPines NFLX, 1D,
NFLX: OPENING: NFLX MAY 18TH 300/305/365/370 IRON CONDOR
156 0 7
NFLX, 1D
OPENING: NFLX MAY 18TH 300/305/365/370 IRON CONDOR

... for a 1.66/contract credit (33% of the width of the wings) on post-earnings high implied volatility (38.3%). Metrics: Probability of Profit: 60% Max Profit: $166/contract Max Loss: $334/contract Break Evens: 303.34/366.66 Theta: 3.31 Delta: -.99 Notes: Will look to take profit at 50% max.

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