Posted by DigiNomad on 9th of Mar 2023 at 04:25 pm
Chased delta all day long - meaning I added a lot of short delta
as market dropped to offset long delta positions that were
ballooning. Trying to maintain a very smooth equity curve. Still
managed to close the day with a negative P/L (due to spiking VIX),
but I'm not to worried about the chasing I did considering I
accomplished it by selling upside calls (all at above 4200 expiring
in April)
Posted by DigiNomad on 9th of Mar 2023 at 04:36 pm
typically just bear call spreads when moving lower - although,
by the end of the day today I effectively ended up with an
iron condor type thing for tomorrows expiry (most of my trades are
farther out....between 50 and 20 days). I don't get as
worried about being out of balance with short calls in this
environment because I feel like there is a very solid cap on the
upside (for now). Bull put spreads, on the other hand, freak me out
because we all know that the market gaps down big every once in
a while...and we are due.
This is my income machine for the next month or so.
Looks like spaghetti (spreads that really add up to condors),
but with BPT's help, I managed to put most on at very opportune
points. IMO, Timing is huge with this strategy. TA helps immensely
(the guys at TastyTrade would most disagree about TA being helpful,
they prefer to buy and sell IV leves, but TA works very well for
me).
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Chased delta all day long
Posted by DigiNomad on 9th of Mar 2023 at 04:25 pm
Chased delta all day long - meaning I added a lot of short delta as market dropped to offset long delta positions that were ballooning. Trying to maintain a very smooth equity curve. Still managed to close the day with a negative P/L (due to spiking VIX), but I'm not to worried about the chasing I did considering I accomplished it by selling upside calls (all at above 4200 expiring in April)
DigiNomad, are you selling butterfly
Posted by junkie on 9th of Mar 2023 at 04:31 pm
DigiNomad, are you selling butterfly spreads, bear call spreads, or just calls as part of your process as the price moves lower?
typically just bear call spreads
Posted by DigiNomad on 9th of Mar 2023 at 04:36 pm
typically just bear call spreads when moving lower - although, by the end of the day today I effectively ended up with an iron condor type thing for tomorrows expiry (most of my trades are farther out....between 50 and 20 days). I don't get as worried about being out of balance with short calls in this environment because I feel like there is a very solid cap on the upside (for now). Bull put spreads, on the other hand, freak me out because we all know that the market gaps down big every once in a while...and we are due.
This is my income machine for the next month or so. Looks like spaghetti (spreads that really add up to condors), but with BPT's help, I managed to put most on at very opportune points. IMO, Timing is huge with this strategy. TA helps immensely (the guys at TastyTrade would most disagree about TA being helpful, they prefer to buy and sell IV leves, but TA works very well for me).