Hi Everyone!
I apologize for the late postings, it has been a very busy week.
The Bearish Butterfly. On Wednesday, we exceeded the roll back point of 780 and rolled the position back to ATM or 780. The position is down about $1000 or 2%.
The M3 got a very gradual series of adjustments as the market was coming down. On Nov 12, I rolled 1 790 butterfly to 770.
On Nov 14th, I added 5 770 butterflies and sold 5 790 butterflies.
Today, Nov 15, I added 8 – 750 butterflies, sold the remaining 2 790 butterflies, sold 7 770 butterflies and bought 1 720/760 RUT call vertical which essentially sold the 760 call and rolled it back to 720 to help with up side Delta.
The position is currently up about $1400 and is comprised of 8 750 butterflies, 2 770 butterflies, 1 720 RUT call and 10 76 IWM calls.
I will show the positions and and changes tomorrow on the weekly update.
The weekly update may not be posted till Monday as I will be away late Sunday night.
That is all for now, have a great weekend!
John
Hi John,
You kept saying Dec for the adjustments but it’s still Nov 🙂
How much capital do you have allocated for the M3 trade for that $1400 profit?
Karl
Option Elements
That’s what happens when I do trade updates when I should be sleeping!
I set aside $50,000 for the trade but have only $23035 invested.Position is up over $2500 today 🙂 I am 2/3 to target. Will be nice if the market settles next week so I can take it and move on!
Thanks for letting me know Karl.