Opening (Margin): /MCL April 17th 78.25 Short Straddle

1 mar 2023

... for a 7.66 credit.

Comments: Re-establishing here with 47 days in the April monthly to go ... . As before, will primarily make additive adjustments to get to the size of position I want and then look to just rolling sides in for adjustments without adding units.

3 mar 2023

Trade attivo

Selling the slightly short delta-skewed 76 short straddle here for a 7.50 credit to flatten net delta. Total credits collected of 15.16.

3 mar 2023

Trade attivo

Yeesh. Selling the standalone +17 delta put at the 70 strike to delta balance running into the weekend. Filled for a 1.01 credit. Total credits collected of 16.17.

3 mar 2023

Trade attivo

And now selling the standalone + 18 delta put at the 71.5 strike for a 1.10 credit to cut net delta. The unit imbalance will bug me incessantly, but such is life. I'll sell call against if at some point I need short delta again. Total credits collected of 17.27. Delta/theta ratio is now back under 1.0.

7 mar 2023

Trade attivo

Rolling the 70 short put up to the 75 for a .90 credit to cut net delta in half or so. Total credits collected of 18.17. Position delta/theta ratio is a smidge >1.0, but don't want to go too crazy here adjusting ahead of API/EIA. Leaning short at the moment running into those.

7 mar 2023

Trade attivo

Closing out the basically delta neutral 78.25 short straddle for a realized gain running into API/EIA. Filled for a 7.36 debit. Total credits collected of 10.81. Will look to adjust after ... .

7 mar 2023

Trade attivo

Sold correspondently delta'd calls against my two standalone short puts -- the 84C and the 80.75C for a total of 3.36 in credits. Total credits collected now 14.17. Position leans slightly short with 41 days to go.

7 mar 2023

Nota

Sell the slightly long delta skewed 78.5 short straddle here to flatten net delta. Filled for a 7.25 credit. Total credits collected of 21.42.

8 mar 2023

Trade attivo

Sold the slightly long delta skewed 79 short straddle for a 7.14 credit. Total credits collected of 28.56. Break evens now 70.42/85.24 with a max profit zone wrapped around 78.50.

8 mar 2023

Trade attivo

Closed the 76 short straddle for a 7.05 debit; the 84 short call for a .96 debit; the 80.75 short call for a 1.77 debit; sold the 83 short call for 1.12; and sold the 79.5 short call for 2.16. Net credits received: 22.06 with the position leaning long and a tad shy of delta/theta ratio of 1.0.

8 mar 2023

Trade attivo

After adjusting with existing units, selling the short delta skewed 75.5 short straddle for a 7.07 credit to cut net delta in half. Still leans long, but delta/theta ratio is now <.5. Total credits collected of 29.13 with 40 days to go and about 24.00 of extrinsic to play with.

9 mar 2023

Trade attivo

Closed the 78.5 short straddle for a realized gain and a 6.95 debit. Total credits collected of 22.18 with 39 days to go and around 18.00 of extrinsic to play with. Now leans slightly short.

9 mar 2023

Trade attivo

Sold the short delta skewed 74 short straddle for a 7.37 credit to bring delta/theta back under 1.0. Total credits collected of 29.55.

10 mar 2023

Trade attivo

Closing the 74P/79C for a realized gain and a 4.89 debit. Also reduces short delta a smidge, since the setup was skewed a touch short. Total credits collected of 24.66 with 38 days to go and about 18.00 of extrinsic to work with.

12 mar 2023

Trade attivo

Sold the 80 short straddle for a 7.32 credit to cut net delta. Total credits collected of 31.98, 36 days to go, and about 24.00 in extrinsic to work with. Net position leans short with a delta/theta ratio of around .58.

14 mar 2023

Trade chiuso manualmente

Closed for a 39.54 debit here. 7.56 ($756) loss.

Couple lessons here: (a) this way of doing things is buying power intensive; (b) this way of doing things is time intensive, requiring fairly constant monitoring; (c) this way of doing things results in a lot of fees/commissions.