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Short week, so sold normal 2DTE mid day Tuesday.
Sold the Wednesday (9/9 expiration) put at 3170 and 3.3 delta for $140. Underlying at 3372. Already moving against me a little.
Nice to be able to sell at least 200 points and almost 6% below market.
Yeah, I love the 1-day trades! Usually, less can go wrong over short windows.
Strikes expiring today: between 3000 and 3150. Should be safe. I hope!
My trades so far:
1: Today's expiration(!): 3275 strike
2: 9/9 expiration: 3100 strike
3: 9/9 expiration: 3075 strike
Will wait and see until closer to market close to roll more contracts.
Feels safe selling 200 pts OOM for 1 DTE, but looks like you are selling 250 pts or more below market tomorrow.
Obviously lots of variables, but on 66 pt down day, seems momentum to go another 200 points before close Wednesday would be tough.
Need to dig through my Excel data to see how bad negative continuation can be.
@navypack Well, all I need is a $0.50 premium for the 1-day trade. And I got between 0.60 and 0.70. Why take on more risk than I need? Something is going on in the market that makes people think a big drop is imminent. 🙂
I sold puts for NDX at the start of the day, and will transition to SPX until the end of day, selling for 9/9 and 9/11.
I rotate between SPX, NDX, and RUT based on volatility and trying to have a little diversification. (Sticking with Sec 1256 contracts for now)
The only issue I have with NDX and RUT is slippage, and the time it takes to get into the position, unless you're willing to immediately sell at the bid. I'm slowly writing an auto-trading bot to free up my time with that issue.