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July 2021 Trades

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E Trader
Posts: 28
(@e-trader)
Eminent Member
Joined: 10 months ago

I sold the 3920, 3940 and 3955s for Wed.  Avg price 1.72

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2 Replies
TwentySomething
(@twentysomething)
Joined: 1 year ago

Active Member
Posts: 13

@e-trader My strikes are similar to yours, but since I opened mine just a few minutes before close the price was much lower for me.

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E Trader
(@e-trader)
Joined: 10 months ago

Eminent Member
Posts: 28

Yeah, time marches on and premiums decay quickly when there is only 2 or 3 days.

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NavyPack
Posts: 161
(@navypack)
Estimable Member
Joined: 1 year ago

As Big ERN says, really exciting on days where close is around your strikes!  Eight minutes until close and I'm 8 points to the good....

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3 Replies
NavyPack
(@navypack)
Joined: 1 year ago

Estimable Member
Posts: 161

Three minutes until close and 12 points to the good.

Sorry for all the posts, but very cathartic to track down to the close in SPX.  So far, I'm glad I held out and didn't roll my loosing position earlier today.

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E Trader
(@e-trader)
Joined: 10 months ago

Eminent Member
Posts: 28

@navypack Glad you ended up OTM.  Thank goodness for the bounce in the last 15 minutes.  I ended up losing about 26 pts per option sold.  Stings a little, but was down about 45 pts at the lows.  Negative gamma is a bear.

 

Amazing how our results varied by several thousand dollars per option just based on my bad entry timing on Friday.  Ooof.

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bginburg
(@bginburg)
Joined: 6 months ago

Active Member
Posts: 13

@navypack I am with you, was very nerve wracking watching the last 15 minutes or so - almost closed the position out at $5, then at $3, then even at $1 but glad I held the course to get full premium with the 4240 strike.

During the ride, sold a 4070 put for Wednesday at $3.15 so hoping the negative march doesn't continue... if it does it doesn't bode well for some of my Friday puts that range between 4160 and 4200...

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NavyPack
Posts: 161
(@navypack)
Estimable Member
Joined: 1 year ago

@earlyretirementnowcom days like today seem to be huge for this approach.  Your thoughts?

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fi4wanderlust
Posts: 39
(@fi4wanderlust)
Eminent Member
Joined: 9 months ago

For those who are interested, I've been looking at the IV rank and put/call spreads when I sell options. SPY is currently showing +9.3 towards the put side which means premiums are looking really good right now.

https://marketchameleon.com/Overview/SPY/VolatilitySkew/

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Alex
Posts: 14
 Alex
Topic starter
(@alex)
Active Member
Joined: 6 months ago

Today got a bit closer than I like but finished ok. 4200.

Sold weds at 3990.

We have had several red days in a row to there may be a small relief rally either Tues or Wed on earnings even if the trajectory is a bit lower. 

 

 

The strikes I had today spiked against me 100% from when I sold them on Friday but eventually finished otm. I've taken the hands off approach which is good. Once I sell them I don't really check the trade until the end of the day. It zig zags a lot but I'm just letting the process play out and enjoy the summer in the mean time. 

 

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