U.S. Options [Entry - Reason for Entry; Exit - Reason for Exit]

[hhse]

I'm still relatively new to trading options, however, I believe that I've learned a lot in the last few months. I believe that being able to articulate what you are doing, and why you are doing it, forms an integral part of learning.

Anyway, these are a couple of positions I've opened on 25/4/14:

Sold naked put on RSX Jun 21 '14 $21 Put for $0.90
Reason:
* High implied volatility rank of 63 (the higher the IV rank, the higher the premium)
* Neutral/Bullish on RSX - last time RSX was below ~$21 was > 4 years ago (my view/bias)
* Down day for RSX (usually I sell puts on down days, and calls on up days)
* Probability of profit: 65%

Sold iron condor on XLK Jun 21 '14 $34/$33 Put and $37/$38 Call for $0.31
Reason:
* High implied volatility rank of 58
* POP: 69%
* Neutral on XLK (my view/bias)

Hopefully, I am able to close out on my positions before Jun 21. I'd be aiming to take profits between 25% - 50%. I would be more aggressive in managing RSX as it locks up a lot more capital than the iron condor.

 

[hhse]

Close naked put on RSX Jun 21 '14 $21 Put for $0.65
Reason:
* Hit required 25% of Max Profit.

 

[hhse]

Sold Strangle on YHOO Jun 21 '14 $31 Put and $39 Call for $1.11
Reason:
* High implied volatility rank of 57
* POP: 72%
* Neutral on YHOO (my view/bias)

Bought Calendar on SNDK May 17 '14 $82.50 Put and Jun 21 '14 $82.50 Put for $1.33
Reason:
* Low implied volatility rank of 23
* Bearish on SNDK (my view/bias)

 

[hhse]

Sold credit spread on DIA Jun 21 '14 $178/180 Call for $0.61
Reason:
* POP: 70%
* Bearish on DIA
* Close to All Time Highs
* Minimise directional risk on portfolio (I have a few bullish positions, therefore adding in some bearish).

 

[hhse]

Closed Strangle on YHOO Jun 21 '14 $31 Put and $39 Call for $0.64
Reason (closed yesterday):
* 42% of max profit (I close between 25% - 50% profit if possible).

Closed credit spread on DIA Jun 21 '14 $178/180 Call for $0.36
Reason:
* 40% of max profit (I close between 25% - 50% profit if possible).

Sold iron condor on $SPX May '17 $1850/$1855 Put and $1885/$1890 Call for $0.50
* Expires on market open tomorrow
* One of my monthly go to trades
* Taken from https://www.tastytrade.com/tt/shows/game-changers/episodes/7576

Sold Strangle on P Jun 21 '14 $21 Put and $28 Call for $1.05 (Yesterday)
* High implied volatility rank of 53
* POP: 68%

Sold iron condor on LVS Jun 21 '14 $65/$67.50 Put and $80/$82.5 Call for $0.70
* POP: 72%
* High implied volatility rank of 56

 

[hhse]

Trade history. Variance between post and attached document is due to commissions. Account size is small about ~$9,000.

 

[minwa]

Well done, you look like you are disciplined in following your plan.

What broker are you on ? Looks like you are paying around 3 bucks per contract, a little high for active credit spreading.

 

[hhse]

Well done, you look like you are disciplined in following your plan.

What broker are you on ? Looks like you are paying around 3 bucks per contract, a little high for active credit spreading.

Yeah the commissions suck, I'm with Etrade. $8 + 0.75 per contract. I couldn't find cheaper besides IB - but I can't get margin with IB, unless I set up a company. Know any good brokers that offer good rates - for 1-4 contract sizes?

 

[minwa]

Yeah the commissions suck, I'm with Etrade. $8 + 0.75 per contract. I couldn't find cheaper besides IB - but I can't get margin with IB, unless I set up a company. Know any good brokers that offer good rates - for 1-4 contract sizes?

Ouch that commission hurts..Yes you probably can't find any cheaper with IB Australia not issuing margin and TOS closing their Australian operations. Gotta love ASIC or whoevers giving brokers a hard time..

Good thing existing accounts didn't get their margin cancelled but it seems like they are trying to shut down Portfolio Margining.