Option Portfolio Update – Sold (to close) QQQ – Winner

This morning opened with a down move and I was able to close my QQQ position.

I sold the 133/134 call credit spread on March 14th for $30.
Today I bought it back for $21.

Stats for the trade.
Duration: 28 days
Credit: $30
Buying power reduction: $70
Profit: $9
Fees: $2.58
Profit after fees: $6.42
Profit as a percentage of buying power reduction: 9% over 28 days.

Here is the option chain:

option chain for closing the QQQ on april 11 2017

I would’ve rather collected the target of 50% of max profit; however with the trade only having 10 days left and being fortunate enough to have a down move today. I thought it was a safer bet to take a small profit rather than any sort of loss.

The net liquidation of the account is now $941.38 with $594 available buying power.

I like to start trades with 45-60 days until they expire. The current month cycle has 38 days and the next month has 66 days. So I’ll probably wait for target window that is coming in 6 days.

The status of my remaining (5) positions – all having 38 days left until expiration.

remaining 5 option position on 4-11-17

IWM might test my personal limit of losing 100% of it’s premium. In that case I might look at closing the IWM position and opening another position in a different underlying in the current MAY cycle (38 days left).