OPENING: XOP DEC 21ST 28/31/38/41 IRON CONDOR
... for an .83/contract credit.
Metrics:
Max Profit: .83 ($83)/contract
Max Loss/Buying Power Effect: 2.17 ($217)/contract
Break Evens: 30.17/38.83
Delta: -.55
Theta: 1.73
Notes: An adjustment trade, primarily to add some additional extrinsic value to my XOP core position with XOP rank/implied still being high (100/42), as well as some short delta (it was shorter when I put it on, but price has continued to erode). I didn't quite collect one-third the width, primarily because I have to "squeeze" it in amongst the various spreads I already have on in the December expiry. As with my SPY core position, I'll look to mix and match profitable short put side with profitable short call side as we run into expiry and/or take the entirety of the position off in profit.
Metrics:
Max Profit: .83 ($83)/contract
Max Loss/Buying Power Effect: 2.17 ($217)/contract
Break Evens: 30.17/38.83
Delta: -.55
Theta: 1.73
Notes: An adjustment trade, primarily to add some additional extrinsic value to my XOP core position with XOP rank/implied still being high (100/42), as well as some short delta (it was shorter when I put it on, but price has continued to erode). I didn't quite collect one-third the width, primarily because I have to "squeeze" it in amongst the various spreads I already have on in the December expiry. As with my SPY core position, I'll look to mix and match profitable short put side with profitable short call side as we run into expiry and/or take the entirety of the position off in profit.