Update (IRA): IWM Sept 30th 177/Nov 18th 200 Long Put Diagonal
Mis à jour
Comments: Just updating my short delta hedge (See Post Below) in IWM so that it appears more toward the top of my ideas queue ... . As of the last short leg roll: Cost basis of 22.58 with a 177.42 break even on a 23 wide.
As you can see, price has pushed up quite a bit into the long leg of the setup, but I'll keep rolling the short leg out to reduce cost basis and look to roll the long leg up and out if I run out of time and/or don't get the move I need (i.e., back through the short leg of the setup; this may be somewhat of a tall order at this point, that's 18 strikes below where IWM is currently trading). At the moment, doing this would cost me (and will probably cost me when I actually go ahead and do it). For example, rolling the November 18th 200 long to the December 16th 230 (90 delta), would cost 28.69 at the mid price, increasing my cost basis to 51.27 on a resulting 53 wide with a 178.73 break even (a slight improvement over my current 177.42 break even).
I've still got 7 potential rolling opportunities of the short leg from week to week, so will cross that bridge when I come to it ... .
As you can see, price has pushed up quite a bit into the long leg of the setup, but I'll keep rolling the short leg out to reduce cost basis and look to roll the long leg up and out if I run out of time and/or don't get the move I need (i.e., back through the short leg of the setup; this may be somewhat of a tall order at this point, that's 18 strikes below where IWM is currently trading). At the moment, doing this would cost me (and will probably cost me when I actually go ahead and do it). For example, rolling the November 18th 200 long to the December 16th 230 (90 delta), would cost 28.69 at the mid price, increasing my cost basis to 51.27 on a resulting 53 wide with a 178.73 break even (a slight improvement over my current 177.42 break even).
I've still got 7 potential rolling opportunities of the short leg from week to week, so will cross that bridge when I come to it ... .
Transaction en cours
Rolled the September 30th 177 to the October 7th for a .51 credit. Cost basis of 22.07 on a 23 wide with a 177.93 break even. As with my SPY short delta hedge, just looking to collect a little bit nearer at-the-money extrinsic than I was able to previously.Commentaire
Rolled the October 7th 177 to the October 14th 177 for a .69 credit on weakness here. 21.38 cost basis on a 23 wide with a 178.62 break even.Trade fermée: cible de profit atteinte
My GTC order to close this hit today. Closed it for a 22.19 credit, which was 50% max of what I could make on the diagonal spread. .81 ($81) profit. Will re-erct this shortly, but would prefer getting in on strength as opposed to weakness.
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