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: No position changes – FXE to the moon!

I have until Friday to make any closing trades for this cycle. Today there  were no position changes.

1 day stock market chart 5-17-16

The market started up then came back down staying slightly down but mostly unchanged through the close of the bell; The Nasdaq remained higher for the day closing strong..
The story of the day was the weak dollar; This hurt my FXE iron condor – wiping out $21.50 in value  / the position is now down $6.50 from being up almost $15 yesterday. Continue reading “Options Portfolio Update: No position changes – FXE to the moon!”

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”