Here are the markets as of 12:30 pm EST. Based on this, I did my trades.
Oct 5 Options Trades
Some of these trades are part of my 2023 Social Media Options Portfolio, where I post my transactions within the same day. Today, I posted my trades within the hour.
Oct 5 Options Trades (Details)
5 SPY Jan 19 Iron Condor - Roll Call Down (adding risk). I would rather have more risk on the CALL SIDE than PUT side right now.
4 SPY Dec 29 Iron Condor - Roll call down (adding risk).
4 SPY Dec 29 Iron Condor - Closed puts legs. Converting the Iron Condor back into just a Call Credit spread by closing the PUT SIDE (tested side of the Iron Condor). Why? SPY has been downtrending for five weeks, and further RED markets will increase IV on the PUT side, removing the likelihood of a profitable trade. Here is where picking up PENNIES and NICKELS will cause a significant loss if MARKETS drop another 1K or 2K points in the SP500 (currently at 4247).
1 RIOT covered call - Roll up Strike price and add one week in time.
1 BAC covered call - Roll up strike price and add two weeks in time.
Adjusting risk on longer-dated options.
If you are trading 0-5 DTE or weekly, the risk is big moves can make or break your trades. The GAMMA risk can turn a profitable position into a loss in minutes.
When I trade 7-21 DTE options, I monitor these trades for the risk. However, today, I have DEC 29 options (with over 86 days before expiration). I opened the position about 30 days ago, but I noticed that the last three weeks, have shifted the risk from the CALL LEGS --> to the --> PUT LEGS.
Because of this, I decided to break the original Iron Condor, close the PUT legs and keep the CALL LEGS open. I am willing to add more risk on the CALL side, but not on the put side.
How are you doing with your Options Trades recently?
Have a profitable day,
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