NaughtyPines

... for a 6.85 credit. Comments: Selling the 25 delta strike here on weakness. Metrics: Buying Power Effect: 531.15 Max Profit: 6.85 ($685) ROC at Max: 1.29% 50% Max: 3.43 ($343) ROC at 50% Max: .65%At >50% max ten days in ... . Money, take, run. Closing here for a 2.13 debit. 4.72 ($472) profit.

... for a 215.96 debit. Comments: High IV + weakness. Selling the -85 delta call against shares to emulate the delta metrics of a 16 delta short put, but with the built-in defense of the short call. Going lower net delta due to the shorter duration (35 DTE). Metrics: Buying Power Effect/Break Even: 215.96/share Max Profit: 4.04 ROC at Max: 1.87% 50% Max: 2.02 ROC at 50% Max: .94 Will generally look to take profit at 50% max, roll out short call if my take profit is not hit.Rolling the in-profit 220 short call out to the April 17th 210 in this vol expansion for a 12.25 credit (i.e., a credit that exceeds the amount of strike destruction). 203.71 break even with a 6.29 max.Rolling the in-profit 210 short call down and out to the May 16th 200 for a 12.05 credit. 191.66 break even.It's a roll down and out market ... . Rolling the May 16th 200 down to the June 20th 195 for a 7.04 credit. 184.62 break even.Down and out at near 50% max ... . To the August 15th 185 for an 11.35 credit. 173.27 break even.Reducing long delta in advance of "Liberation Day." Rolled the August 15th 185 down to the 175 for a 4.00 credit; 169.27 break even.Throwing in the towel ... . Closed for 133.38. 35.89 loss.

... for a 7.00 credit. Comments: IV remains high here at 112.4%. Going "double double" (put spread half the width of the call spread, but 2 x the number of contracts) to accommodate skew. Earnings are on 2/4, so will probably want to get out before then. Metrics: Max Profit: 7.00 Buying Power Effect: 23.00 ROC at Max: 30.43% 50% Max: 3.50 ROC at 50% Max: 15.22% Will generally look to take profit at 50% max, roll in untested side on side test to about half the delta of the tested side. Given earnings on the horizon, will naturally just money/take/run for less if presented with the opportunity.Money, take, runnnnnnn. Closing here for a 6.50 debit; .50 ($50) profit.

... for a 2.67 credit. Comments: High IVR/IV at 74.1/91.5. Going low delta with the short option legs and narrower than usual with the wings. Metrics: Max Profit: 2.67 Buying Power Effect: 7.33 ROC at Max: 36.4% 50% Max: 1.34 ROC at 50% Max: 18.2% Will generally look to take profit at 50% max; roll in untested side on side test.Closed for a 1.68 debit; .99 ($99) profit.

... for a 421.94 debit. Comments: As with my IWM covered call, re-upping in QQQ at a strike higher than the one I just took off in an attempt to capture the next increment of the up move that I missed out on. I'm not expecting a ton out of this (the max is 3.06), but that's okay, since I'm not yet ready to go all the way out to January yet anyhow.Hit 50% max today, closing for a 423.48 credit. 1.54 ($154) profit.

... for a 6.03 credit. Comments: High IV at 95.8%. Here, going delta neutral, 1/10th the price of the underlying for my wing width, and setting up my short option strikes at the 16 delta on both sides. Metrics: Max Profit: 6.03 Buying Power Effect: 23.97 ROC at Max: 25.16% 50% Max: 3.02 ROC at 50% Max: 12.58% Will generally look to take profit at 50% max; roll in untested side on side test.Rolled the in profit -210P/440C to the -220P/450C for a 2.48 credit on BPE of 7.52, resulting in a 180/220/410/450 iron condor on which 8.51 total credits have been collected. I was originally looking to make 3.02 on the trade, so am revising my GTC order to take profit at 8.51 - 3.02 or 5.49.Rolled the 180/220 up to the 300/340 for a 12.25 credit; 20.76 total credits collected.Ay caramba. We've got ourselves a mover. Rolled the -340P/450C to the -420P/530C for a 61.18 credit (yes, you read that right). 81.94 credits collected on a ten-wide inversion, with the resulting setup being the 300/410C/420P/530C.Rolled the 300/420 short put vertical to the 370/490 short put vertical for a 14.33 credit. Total credits collected of 96.27. Will look to un-invert the short strangle aspect of the setup (-410C/-490P) on Friday.Uninverting the -410C/-490P to the -410P/-490C for an 80.28 debit. 15.99 net credits collected.With 24 DTE, closing the -490C/530C for a 6.97, rolling the 370P/-410P to the January 17th 330/380 for 4.75 credit; and sold an oppositional side against at the -870C/920C for a 1.70 credit. 15.47 net credits collected. The resulting setup: Jan 17th 330/380/870/920 iron condor.Rolled the 870/920 short call vertical down to the 660/710 short call vertical for a 1.62 credit. 17.09 net credits collected, resulting in a 330/380/660/710 iron condor.Delta adjustment: With the short put at the 48 delta, rolling the 660/710 short call vertical aspect down such that the 660 is at the -24 delta strike. 2.09 credit; net credits received: 19.18.Delta adjustment: Rolling the 550/610 down to the 500/460 for a 1.43 credit. 20.61 net credits collected. If the short put aspect is ITM at 21 DTE, will look to roll to ATM, sell oppositional call side against.Thursday: Delta adjustment -- rolled the 500/560 short call vertical down to the 420/470 for a 2.69 credit, 23.30 net credits collected. Friday: Rolled the -420C/330P down to the ATM -320C/230P for a 60.75 credit, resulting in a 60-wide inversion. 84.05 net credits collected. The resulting setup is a 230P/-320C/-380P/470C. Will look to uninvert on Monday.Going ahead and uninverting the -320C/-380P here to the -325P/-380C for a 60.05 debit. Net credits collected of 24.00 even. Delta/theta now 3.03/42.99.Rolling and recentering at 21 DTE to the February 21st 200/290/460/450 for a 2.11 credit; 26.11 net credits collected. (In practice, you can't roll out a four-legged setup in one piece. You have to either (a) close the whole thing, then re-establish in the new expiry; or (b) close out one side, roll the other, then open a new oppositional side). Earnings are on 2/4, so I'll probably want to be out of the trade by then.Delta adjustment: rolling the 460/550 down to the 430/520 for a 1.94 credit. 28.05 in credits collected.Closed for a 25.75 debit; 2.30 ($230) profit.

... for a 5.43 credit. Comments: High IVR/IV at 61.1/113.9. Doing something a little different here, selling the 10 delta short put and buying a put that cuts BPE in about half over doing a naked. Going low delta because, well, the underlying kind of scares the poo out of me. Metrics: Buying Power Effect: 74.57 Max Profit: 5.43 ROC at Max: 7.28% 50% Max: 2.72 ROC at 50% Max: 3.64 Compare: Dec 20th 155 Short Put (Cash Secured) BPE: 148.30 Max Profit: 6.65 ROC at Max: 4.48% Will generally look to take profit at 50% max.Another quickee dirtee ... . Closed at the open for a 4.43 debit. 1.00 ($100) profit. Waiting would've netted me quite a bit more. It ended the day at bid 2.63/mid 2.98/ask 3.33.

... for a 415.50 debit. Comments: After taking off my Nov 415 covered call in profit (See Post Below), re-upping here, but at a slightly higher strike (there are only five-wides available). The 420 is at the -87 delta, so this is less aggressive than I usually do (-75 delta call). However, I've already booked profit in the November cycle, so am fine with getting what is kind of a weak sauce ROC here with plenty of "room to be wrong," particularly with the elections coming up. Metrics: Buying Power Effect/Break Even: 415.50/share Max Profit: 4.50 ($450) ROC at Max: 1.08% 50% Max: 2.25 ($225) ROC at 50% Max: .54% Will generally look to take profit at 50% max, roll out the short call on side test/IV expansion.On a side note, my IWM and SPY positions aren't quite yet profitable to the extent I would like, so just leaving them alone for now ... .With my short call in profit, rolling the Nov 15th 420C out to the Dec 20th 420 for a 3.78 credit. 411.72 break even; 8.28 max; 2.01% ROC at max. As with my IWM position, just looking to milk a little more out of the position running into elections/year end, after which I will probably "resume regularly scheduled programming."Out ... for a 416.97 credit. 5.25 ($525) profit.

... for a 135.40 debit. Comments: High IV (67.3%). Selling the -75 delta call against long stock to emulate the delta metrics of a 25 delta short put, but with built-in short call defense. Earnings are slated to be announced on 11/7, so will look to be out of the trade by then. Metrics: Buying Power Effect/Break Even: 135.40 Max Profit: 9.60 ($960) ROC at Max: 7.09% 50% Max: 4.80 ROC at 50% Max: 3.55% Will generally look to take profit at 50% max; roll out short call on side test.Closed for a 138.43 credit. 3.03 ($303) profit; 2.24% ROC for 6 days' "work."

... for a 111.20 debit. Comments: High IV (88.8%). Selling the -75 delta call against stock to emulate the delta metrics of a 25 delta short put with the built-in defense of the short call. Back into MSTR after taking off my previous November setup in profit. (See Post Below). This has earnings on 11/6, so I'll be looking to take it off before then ... . Metrics: Buying Power Effect/Break Even: 111.20 Max Profit: 9.80 ROC at Max: 8.81% 50% Max: 4.90 ROC at 50% Max: 4.41%Money, take, run ... . Closed here for a 115.20 credit; 4.00 ($400) profit.