Options Portfolio Update – Rolling up Iron condors QQQ and TLT

This update covers trades made on 7-17 and 7-18. I rolled up the ‘untested’ put side of my QQQ Iron condor. This means the price of QQQ has risen to challenge my call side. The idea is to roll the put side up to collect more credit, while taking some profits at the same time.

Initially I sold the 131/19 puts portion of the iron condor for $32 I was able to buy them back for $8 after $2.58 in fees that left a profit of $21.42. I then sold the 139/137 put spread in the same date range (Aug 18 / 31 days) for $36.

Here are the trades.

iron condor put side roll up 7-19-17

The new QQQ Iron Condor

new qqq iron condor 7-19-17

I’ve now collected a total of $64 for the current open Iron Condor and have taken $21.42 to the bank. Grand total of $85.42 ~ the goal would be to close the current position for 50% of the current max profit (50% of $64 = $32)

I also rolled up the put side on my TLT Iron condor. I sold the 121/117 put for $75 initially. I bought it back for $25 meaning $50 profit – 2.58 fees. $47.42 was taken to the bank. I then re opened the puts at higher strikes; I sold the 123/120 put spread for $57.

Here is how the new iron condor looks

new TLT iron condor 7-19-17

The current open Iron Condor is collecting a total of $128 and I’ve taken $47.42 to the bank.

Although I was able to take some profits it was because these positions were challenged to one side of the iron condor. Ideally of course positions would require no adjustment; by adjusting the put side up the trades became less likely to succeed (now the ceiling and floor I set for the price is in a tighter range).

New development: I made my first naked trade.

I sold the $32 call option x 1 contract on MU for $141 the break even is the price + credit received so in this instance my ceiling is $33.41 the current price is $31.51 I show a 67% chance of profit.

My cushion between break even and current price is $1.90 6% away from the current price.

This naked trade required about $640 in buying power. It’s a bit out sized for my portfolio but I’m still learning; it’s also within my risk tolerance on a personal level.

Here is my current Options Portfolio. It’s not looking the best but still has about a 61% chance of profit. My biggest error is the debit spread(s) in FXE I need to remember this lesson and try not to be a premium buyer – my nature is more a premium seller.

portfolio positions and greeks 7-19-17

Net liquidation and buying power of my Options Portfolio

net liquidation and buying power - options trading blog

Here are the closing trades to date for this cycle.

closing options trades to date 7-19-17

 

Options Portfolio Update – Closing MSFT winner opening TLT Iron Condorm USO Debit Spread – Accidental Fat Fingered open

This post is catching up for 7-6 thru 7-7

I ended up closing my MSFT 70/72.5 call spread for a small winner. I gave it plenty of time to work (45 days) and it was going back and forth against me. Since it only had 15 days left I didn’t want to be caught holding a loser instead of taking a small winner when I could

msft small winner 7-8-17

Stats on this small winning option trade [MSFT]:

Duration:  45
Credit: 75
Buying power reduction: $175
Profit: $11
Fees: $2.58
Profit after fees: +$8.42
Profit as a percentage of buying power re`56tduction: +4.8%

I also opened a TLT iron condor.

Here is the fill:

TLT open iron condor 7-8-17

$4 wide and collecting $146 with 43 days until expiration. Max loss is total width minus credit received so $354. The break evens are 126.46 to the upside and 119.54 to the downside.

Opened a small debit spread on USO. Bought the 9 call and sold the 10 call for $35 debit. My break even is $9.35 and max profit would be $65

Here is the USO chart with the break even floor marked.

uso chart 7-8-17

I was looking to get back against FXE via a debit spread; however I accidentally didn’t double check the expiration dates; I ended up with this turd of a trade. I like the strikes and price – but it’s only for 14 days – I plan on getting rid of it Monday for a small loss and seeing what the premium might be for the strikes I want.

FXE_Debit_mistake

Here is my current open portfolio

current open portfolio 7-8-17

Net liquidation and buying power available.

net liquidation and buying power 7-8-17

Bonus Update! Here are my closing trades since 6-21 (start of this new cycle) it’s looking great as long as I don’t blow it up with the remaining open positions.

closing trades so far 7-8-17

 

Options Blog – Update – Opening 2 positions, closing a small winner

I closed my old QQQ Iron condor for a small profit $21 before fees. I was being tested on the 136/131 put spread side. Below is the QQQ option chain

QQQ Iron Condor close for small winner 7-5-17

I was then able to reopen a smaller position ($2 dollar wide instead of $5 wide). Now by break evens are 130.40 to the downside and 144.60 to the upside. Giving a 7.12 cushion to the upside and 7.08 to the downside; 5.1% in both directions.

QQQ Iron Condor re-open smaller risk profile good credit

I see this as taking profit, re-centering my Iron Condor all while taking off some risk.

Here are the stats on the closed trade : It’s not the standard 15-20% return on buying power; but I’ll accept all wins – even some ‘scratch’ trades.

Duration:  14
Credit: $206
Buying power reduction: $294
Profit: $21
Fees: $5.16
Profit after fees: +$15.84
Profit as a percentage of buying power reduction: +5.4%

My other open was a 247 / 249 call spread for $57. Break even is $247.57 just outside the expected move.

spy credit call spread 7-5-17

Here is a SPY chart (3 month, measured in 1 day) .. marked with the ceiling I set.

spy chart with ceiling for call spread 7-5-17

The overall portfolio had a down day losing about $113 in value.

positions and greek 7-5-17

Here is the current Net Liquidation and Buying Power available.

net liquidation and buying power - 7-5-17

 

 

Options Update – 2 days, Opening DIA and good portfolio performance

This post covers today (no position changes) and yesterday (6-26-17, one opening trade).

Yesterday a few minutes after market open my portfolio was down about $30. Mainly based on SPY and BA going against my position.

opening bell positions and vaule change

Around 9am my option portfolio was down $40 dollars in value for the day and down $90 overall. At this point I thought ‘hopefully this sharp down move will do what the market has seemed to do the last 60 days and end up either back at $0 or slightly reverse in the last hour of the day’.

The portfolio actually reversed early and sharply to being positive $48 for the day. Here it is at 11am

sharp reversal 6-27-17

I also opened the 217219 call spread for August 53 days away for $61. This makes my break even $217.61

DIA 217-219 call spread

The ceiling was almost off the top of the 3 month chart (blue line).

dia call spread chart 217-219

Here is how the portfolio ended up yesterday; +$82.50

end of 6-26-17 day great gain

I think it was one of my best days from the portfolio value gained perspective.

I was +$7 at 8:59, +$4 at 10:49 and ended the day up $50.

Now the options portfolio is collecting $514 in credit from 7 of the 8 positions; We have 1 debit spread in FXE with a long time work

Here is my current positions and greeks.

portfolio and greeks 6-27-17

Net liquidation and Buying Power:

net liquidation and buying power 6-27-17

 

 

Options Blog – Opening SBUX Call Spread

Today I opened a Starbucks Call Spread. I sold the $62.50 July call and  bought the $65.00 July call for a net credit of $65. These contracts have 58 days to expiration.

sbux call spread 5-24-17

sbux call spread - with expected move in orange

The orange bar represents the expected move. Within a few hours of making the trade Starbucks gained $.65-.70 and the trade closed down $17.50

Options Portfolio Overview with Greeks (Delta, Theta and Vega)

options portfolio overview with greeks - 5-24-17

Options net liquidation and Available Buying Power

net liquidation and buying power 5-24-17

I have collected $240 so far in the back month’s cycle and I’m looking to collect about $90 more (about 2 more positions) .. I’ll also collect a bit more if some of the 6 positions remaining in the front month can be closed.

Options Portfolio Update: First Earnings Trade, First $3 Wide Strikes, Second Iron Condor

The market opened and stayed up eighty percent  of the day then as it seems to have done the last part of the day it reverses itself and ends up about unchanged. This kind of cyclical and closing unchanged market could be a contributing factor to the current low level of volatility in the market.

market overview 5-9-17

My First Earnings Play:
Today I opened the following Iron Condor. A Iron Condor sets a floor and ceiling price level and when selling you would want the underlying to stay in that price channel. I opened a IC using $3 wide strikes and played the strikes just inside the expected move on both the upside and downside.  Continue reading “Options Portfolio Update: First Earnings Trade, First $3 Wide Strikes, Second Iron Condor”

Options Portfolio Update – No position changes – down day

The market opened sideways but I was hurt by my 2 OIL positions and the QQQ’s.

Market Open.

Market Open 4-27-17

The market closed slightly up. The portfolio lost $23 in value today and is down an even $100 so far in value.

The VIX dropped even more – I would guess it is as low as possible; but I thought that the last 2 or 3 days. Vix is the ETF that measures volatility – volatility is the expectation of the movement size of the market. Volatility also controls the premium on options – right now it’s hard to collect 1/3 the width of the strikes in a vertical with volatility being so low – it’s a ‘tough’ market to sell premium in to say the least.

I broke a mechanic today – by letting the QQQ’s go beyond 100% of premium loss. Tomorrow I will fix this by closing the position losing an extra $7-$10 in the process.

Here is my complete portfolio at close.

total options portfolio 4-27-17

My net liquidation and buying power.

net liquidation and buying power for my options portfolio 4-27-17

There are 50 days left in June’s monthlys and Tuesday of next week should be close to where I stop opening positions until July comes into the 60-45 day range.

Option Portfolio Update – Closed 1 winner – Sideways is okay!

I’ll never complain about a sideways market open again! At least until the next time I do complain 🙂

The market around 9:40 am

market open 4-26-17

and how the market closed.

market closed - 4-26-17

I was finally able to take off my last trade in May’s monthly cycle. It had 23 days left. EWW took 30 days as a trade to collect 50% maximum profit.

eww closing winning trade - 4-26-17

One cool thing I noticed is that I was actually filled 2 cents better than my trade. My trade was for .28 in premium and I got filled at .30

Continue reading “Option Portfolio Update – Closed 1 winner – Sideways is okay!”

Options Portfolio Update – Sold (to close) GLW – Winner

Today was a down day in the market for most of the day. This enabled me to close out my GLW position for very close to my target of 50% max profit.

Stats for the trade.
Duration: 21 days
Credit: $31
Buying power reduction: $69
Profit: $14
Fees: $2.58
Profit after fees: $11.42
Profit as a percentage of buying power reduction: 16.5% over 21 days.

Closed for a total of 45% of max profit before fees. Below you can see the option chain..

Continue reading “Options Portfolio Update – Sold (to close) GLW – Winner”

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.
Continue reading “Option Portfolio Update – Sold (to close) QQQ – Winner”