Opening (IRA): SPXL March 21st 154 Covered Call

7 Feb

... for a 151.04 debit.

Comments: Selling the -84 call against shares to emulate the delta metrics of a 16 delta short put, but with the built-in defense of the short call. (In all honesty, this is just an attempt to keep my theta/net liquidity ratio above .05, which is kind of the minimum of where I like to have it).

Metrics:

Buying Power Effect/Break Even: 151.04/share
Max Profit: 3.96
ROC at Max: 1.96%
50% Max: 1.98
ROC at 50% Max: .98

24 Feb

Nota

Rolled the in-profit short call down and out to the April 17th 148 for a 7.35 credit (i.e., a credit that exceeds the amount of strike destruction); 143.69 break even with a 4.31 max; 3.00% ROC at max.

10 Mac

Nota

Might get worse before it gets better ... . Rolled the April 17th 148 down to the July 18th 134 for a 14.95 credit; 128.74 break even.

1 Apr

Nota

Reducing long delta by rolling the in-profit -134C down to the -129C for a 2.93 credit; 125.80 break even.

4 Apr

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It works ... until it doesn't. Throwing in the towel until this market sorts itself out. Closed for a 101.84 credit. 23.96 loser.