OPENING: GDXJ AUGUST 21ST 40/41/60 REVERSE JADE LIZARD
已更新
... for a 1.06/contract credit.
Metrics:
Max Profit: 106/contract
Max Loss: Undefined
Break Even: No Put Side Risk/61.06
Delta/Theta: -14.82/2.72
Notes: High rank/implied at 41/59. I don't do these very often, but think downside risk is greater than upside, particularly due to call side skew (i.e., both shorts are set up at the 20 delta, but the put side is closer in price relative where the underlying is trading than the call side).
The basic notion behind the setup: total credit received exceeds the max loss metric of the short put vertical. Since short put vertical side is a one-wide, it has a standalone max loss metric of 1.00. The credit received exceeds that by .06, so even if GDXJ blows through 40, I'll still make money/not lose money if I do nothing, although I can certainly roll down the short call side to attempt to get something out of the play if it comes to that.
A defined risk counterpart of the same play would be something like the August 21st 41/42/55/60, put on for 1.00 or greater.
Metrics:
Max Profit: 106/contract
Max Loss: Undefined
Break Even: No Put Side Risk/61.06
Delta/Theta: -14.82/2.72
Notes: High rank/implied at 41/59. I don't do these very often, but think downside risk is greater than upside, particularly due to call side skew (i.e., both shorts are set up at the 20 delta, but the put side is closer in price relative where the underlying is trading than the call side).
The basic notion behind the setup: total credit received exceeds the max loss metric of the short put vertical. Since short put vertical side is a one-wide, it has a standalone max loss metric of 1.00. The credit received exceeds that by .06, so even if GDXJ blows through 40, I'll still make money/not lose money if I do nothing, although I can certainly roll down the short call side to attempt to get something out of the play if it comes to that.
A defined risk counterpart of the same play would be something like the August 21st 41/42/55/60, put on for 1.00 or greater.
交易开始
Pulled off the short put side for .04, scratch at 1.10. Going to let the short call ride on its own for a little bit ... .交易开始
Probably should have just rolled up the short put, but fixing that here somewhat by selling the August 21st 55 against for a 1.18 credit. Scratch at 2.24.交易手动结束
Sometimes the market gives you what you need in terms of movement. Out here for 2.32, an .08/$8 loser. I'd rather take a very small loss here/reset anew than fiddle with a now quite tight setup.
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