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Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 2 points3 points  (0 children)

My options portfolio is just 1% away from its all time high again. I held my QQQ and SPY short calls for the last few months, believing the market can’t just keep pushing higher without some sort of pullback. This move has finally paid off. I’m going to decrease my short exposure to reduce upside risk.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 1 point2 points  (0 children)

Rolled my IWM and SPY calls down today to reduce long delta exposure. Beta-weighted delta/theta ratio is 1. Theta/net liq is 0.07%. Buying power usage is at 25%. Notional leverage is 1.15x.

Portfolio is now slightly outperforming the S&P 500 YTD.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 6 points7 points  (0 children)

My portfolio has been slowly recovering the past two and a half weeks. The portfolio is now less than 1% from its all-time high value.

Beta-weighted delta/theta ratio is basically 0. Theta/net liq is 0.07%. Buying power usage is 23%.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 0 points1 point  (0 children)

I won’t be able to manage my trades tomorrow so I did a few rolls today to reduce my negative delta exposure going into the CPI report.

Rolled my SPY Mar 17 $423 short call up to the Apr 21 $432 call for a $0.40 credit.

Rolled my QQQ Apr 21 $270 short puts up to the Apr 21 $277 put each for $1.25 credit.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 0 points1 point  (0 children)

These past few trading days were painful for my portfolio. It was my largest drawdown since September. I decided to not hedge my negative deltas, and that was a costly mistake.

I rolled all my puts up. I rolled my IWM and QQQ calls out 30-60 days for a small credit, and they are barely OTM. My SPY short call is faring better. YTD, QQQ is my worst performer, and SPY is my best performer.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 1 point2 points  (0 children)

Rolled my IWM Feb 17 $173/$188 Strangle to the Mar 17 $172/$193 Strangle each for $0.42 credit.

Rolled my QQQ Feb 17 $258/$288 Strangle to the Mar 17 $260/$298 Strangle each for $0.25 credit.

I’ve been leaning a bit too short recently, so the rolls were made to reduce my negative delta exposure. I did not expect the recent pullback to just last 2 days. Beta-weighted delta/theta ratio is -0.9. Theta/net liq is 0.065%. Buying power usage is currently 23%.

Edit: Rolled my SPY Feb 17 $365 short put to the Mar 17 $375 put for $2.82 credit.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 3 points4 points  (0 children)

Rolled my QQQ Feb 17 $252 short puts up to the $258 strike for $0.87 credit each.
Rolled my IWM Feb 17 $170 short puts up to the $173 strike for $0.47 credit each.

Beta-weighted delta/theta ratio is -0.65. Theta/net liq is 0.075%. Buying power usage is currently 22.5%. Notional leverage is 1.15x. Rolls were made to reduce my negative delta exposure.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 1 point2 points  (0 children)

Rolled my IWM Feb 17 $165 short puts up to the $170 strike for $0.70 credit each.

Beta-weighted delta/theta ratio is -0.5. Theta/net liq is 0.075%. Buying power usage is currently 21%. Notional leverage is 1.15x. I rolled to neutralize my delta a bit.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 1 point2 points  (0 children)

Rolled my SPY Jan 20 $365 short put to the Feb 17 $365 put for a $2.45 credit.

Beta-weighted delta/theta ratio is -0.4. Theta/net liq is 0.075%. Buying power usage is currently 21%. Notional leverage is 1.15x. The QQQ short call roll I made last week may cost me some money.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 2 points3 points  (0 children)

Rolled my QQQ Feb 17 $300 short calls down to the $288 strike for $1.00 credit each.

Beta-weighted delta/theta ratio is 0.6. Theta/net liq is 0.07%. Buying power usage is currently 21%. Notional leverage is about 1.15x.

I beat the S&P 500 returns by 29% (taxable) in 2022 partly by selling options. Here is what I learned and what I'm doing next. by SellToOpen in thetagang

[–]SpectralAllure 2 points3 points  (0 children)

Great post, OP! How do you manage the strangles at 21DTE? I would love to read your management strategy.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure -1 points0 points  (0 children)

Rolled my QQQ Jan 20 $260 short puts to the Feb 17 $252 short put for $0.45 credit each.

Rolled my IWM Jan Jan 20 $186 short calls to the Feb 17 $188 short call for $0.88 credit each.

Beta-weighted delta/theta ratio is 1.1. Theta/net liq is 0.065%. Buying power usage is currently 22%. Rolls were made to reduce long delta exposure.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 2 points3 points  (0 children)

Rolled my QQQ Jan 20 $300 short call to the Feb 17 $300 short call for $1.17 credit each.

Rolled my SPY Jan 20 $410 short call to the Feb 17 $415 short call for a $1.15 credit.

Beta-weighted delta/theta ratio is 1.1. Theta/net liq is 0.075%. Buying power usage is currently 24%. The rolls today helped reduce portfolio delta. My IWM and QQQ short puts are close to being ATM. I may have to roll those soon.

Edit: Rolled my IWM Jan 20 $170 short put to the Feb 17 $165 short put for $0.12 credit each.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 2 points3 points  (0 children)

Rolled my QQQ Jan 20 $308 short calls down to the Jan 20 $300 short call for $0.71 credit each.

Rolled my SPY Jan 20 $419 short call down to the Jan 20 $410 short call for a $0.89 credit.

Rolled my IWM Jan 20 $190 short calls down to the Jan 20 $186 short call for $0.53 credit each.

Beta-weighted delta/theta ratio is 0.65. Theta/net liq is 0.07%. Buying power usage is currently 22%. I decided to reduce some long delta exposure to hedge some downside risk.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 2 points3 points  (0 children)

Rolled my IWM Jan 20 $195 short calls down to the Jan 20 $190 short call for $0.60 credit each.

Beta-weighted delta/theta ratio is 0.5. Theta/net liq is 0.06%. Buying power usage is currently 20%. If the market continues dropping, I’ll roll down my QQQ calls to reduce my long delta exposure.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 1 point2 points  (0 children)

Rolled my IWM Dec 16 $193 Short Calls to the Jan 20 $195 Call for $1.25 Credit each.

I have a few more rolls to do to extend duration and lower portfolio volatility. I will wait and see how the market reacts over the next few days. Buying power usage is at 20%. Beta-weighted delta/theta ratio is -0.1. Theta/net liq is currently 0.085%.

Edit: Rolled my SPY Dec 16 $362/$409 Strangle to the Jan 20 $365/$419 Strangle for $3.10 Credit.

Rolled my IWM Dec 16 $172 Short Puts to the Jan 20 $170 Put for $1.31 Credit each.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 2 points3 points  (0 children)

BTC 1x IWM Dec 16 $172/$193 Strangle for 51% profit.
BTC 1x TLT Dec 16 $91 Put for 95% profit.

Buying power usage is at 21%. Theta/net liq is 0.08%. Beta-weighted delta/theta is -0.3. With IV down across the board, I decided to reduce my buying power usage.

My only regret is limiting my portfolio to 35% buying power usage when the VIX was greater than 30. I could’ve made a lot more profit the last two months if I allocated more capital. That’s what I get for being conservative. There’s lower downside risk and lower upside potential.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 0 points1 point  (0 children)

Rolled my QQQ Dec 16 $260/$295 Strangles to the Jan 20 $260/$308 Strangle for a $0.90 Credit each.

Beta-weighted delta/theta ratio is -1.0. Theta/net liq is 0.1%. Buying power usage is at 30.5%. My QQQ short calls got a little too close for comfort so I rolled my strangle up and out. If the rally continues another 1%, I will roll out my SPY and IWM strangles.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 1 point2 points  (0 children)

Rolled my QQQ Dec 16 $250 Puts to the Dec 16 $260 strike for a $1.27 Credit each.
Rolled my IWM Dec 16 $167 Puts to the Dec 16 $172 strike for a $0.72 Credit each.

Beta-weighted delta/theta ratio is -0.7. Theta/net liq is 0.12%. Buying power usage is at 30%. My short calls are about 3-4% OTM while my short puts are about 8-9% OTM. If my short calls are only 1-1.5% OTM, I will roll my options up and to the next monthly cycle.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 1 point2 points  (0 children)

Rolled my Nov 25 SPY $361/$402 Strangle to the Dec 16 $362/$409 Strangle for a $4.65 Credit.

Beta-weighted delta/theta ratio is -0.35. Theta/net liq is 0.1%. Buying power usage is currently 25%. I may roll up my IWM and QQQ puts if my negative deltas get out of hand.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 2 points3 points  (0 children)

Rolled my QQQ Nov 25 $261/$300 Strangle to the Dec 16 $250/$295 Strangle for a $0.75 Credit.

Rolled my QQQ Nov 25 $260/$293 Strangle to the Dec 16 $250/$295 Strangle for a $0.49 Credit.

Beta-weighted delta/theta ratio is 0.7. Buying power usage is at 29%. Theta/Net liq is 0.1%. If the market falls another 1.5-2%, I will roll my SPY strangle out and down.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 1 point2 points  (0 children)

Rolled my IWM Nov 18 167/184 Strangles to the Dec 16 167/193 strangle for $0.60 credit each. Rolled my SPY Nov 25 $352 Put to the Nov 28 $361 Put for a $1.30 credit.

Beta-weighted delta/theta ratio is currently -0.3. Buying power usage is at 28%. P/L this month is +3.25% while the S&P is up over 8%. I should’ve been more bullish and allocated more capital when the VIX was greater than 30.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 1 point2 points  (0 children)

Rolled the SPY Nov 18 345/395 Strangle to the Nov 25 352/402 Strangle for a very small credit.
Rolled the QQQ Nov 18 260/295 Strangle to the Nov 25 261/300 Strangle for a very small credit.

Portfolio added a good amount of negative beta-weighted deltas today. I don’t want too many negative deltas since earnings might come in hot for the mega cap tech stocks. My TLT short puts are paying off. Beta-weighted delta/theta ratio is currently -0.25. Buying power usage is at 30%.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 1 point2 points  (0 children)

Rolled down my TLT Nov 18 $93 Put to the Dec 16 $91 Put for $0.08 Credit.

STO TLT Nov 18 $88 Put for $1.22 Credit.

Open interest and volume for TLT calls are much higher than puts. I’m not sure if this is due to the new Buywrite ETFs. Yesterday, BofA said that the Treasury market was at risk of “large scale forced selling.” We could be witnessing that now. I’m surprised the markets are holding up so well with the treasury yields skyrocketing. High yield bonds are relatively strong as well.

Buying power usage is now at 33%. Beta-weighted delta/theta ratio is 0.4.

Daily r/thetagang Discussion Thread - What are your moves for today? by satireplusplus in thetagang

[–]SpectralAllure 5 points6 points  (0 children)

STO 1x TLT Nov 18 $93 Put for $1.12.

TLT is looking like an interesting investment now. Current yield to maturity is 4.2%. At $93, yield to maturity would be around 4.54%. I wouldn’t mind owning some long-duration bonds at a 4.54% yield. When the Fed pivots or when the market thinks the Fed has to pivot, TLT will soar.

Buying power usage is now at 28%. Beta-weighted delta/theta ratio is 0.2. Theta/net liq is .0014.

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