OPENING: X MAY 5TH 27/31/31/35 IRON FLY

Apr 25, 2017

... for a 2.23 credit.

Metrics:

Max Profit: 223/contract
Max Loss/Buying Power Effect: $177
BE's: 28.77/33.23
Theta: 6.1
Delta: -1.06

Notes: Earnings announcement today after market close. Will look to manage at 25% max.

Apr 26, 2017

Note

Out of the worthless call side for a .05 db. Scratch point is at 2.17. The put side is at max loss, so just going to wait more toward expiry to look at rolling, selling an oppositional side against.

Apr 26, 2017

Note

Having looked at the extrinsic value left on the put (basically, nada), going to take care of this here: rolling the 27/31 short put vert out to May 19th for a .25 db; selling a May 19th 18/21/26/29 iron condor for a .70 cr to finance. Scratch point is now 2.17 minus .25 plus .70 = 2.62.

Apr 26, 2017

Note

And ... selling the June 16th 25/27 short call vert for a .44 credit to delta balance. Scratch point at 3.06.

Apr 27, 2017

Note

Laddering a bit: sold the July 21st 26/28 call vert for a .32 credit. Scratch point at 3.38.

May 2, 2017

Note

Late post: Rolled the May 19th 27/31 out to the June expiry; today: covered the iron condor with its put side risk for a .65 db. Will focus on just the call side to reduce cost basis going forward.

May 11, 2017

Note

Covering the June 16th 25/27 short call vert for a .08 db on this down move today. May look to reestablish something in June next week. Scratch point is now 2.37.

May 12, 2017

Note

Covering the July 21st 26/28 for a .16 db (50% max). I was kind of hoping we'd get some kind of retrace, but no dice. Have an order in to take the broken put side off at max loss ... . Best to move on, redeploy ... .

May 16, 2017

Trade closed manually

Throwing in the towel on this one: covering the June 16th 27/31 short put vert for a 3.99 db, so loss is 2.23 cr -.05 db -.25 db +.70 cr +.44 cr + .32 cr -.65 db -.08 db -.16 db - 3.99 db = 1.49.