Shared by
kerobo0000
Rationale:
-MMM announced acquisition of PE backed company
-expected IV to pop on news, which it did, but IV is still relatively low at 15%
-sold a 15-18 delta iron condor
IVR=15%
2019-05-13 22:11:22
-rolled call side down to the 180/185 call spread for a 0.96 credit
2019-05-20 15:21:01
-rolling call side down again as MMM continues to slide. rolling to 170/175 call spread for xx credit
-position has now become a butterfly given the adjustments
2019-06-20 18:59:48
-closed this today after a very long journey
-lesson here is that I cannot take trades this close to expiration, I had a few opps to take trade off when price was right under the tent of the butterfly
-I was forced to take it off today after giving back pretty much all of the open profit (what would've been a small loss, after good management through the trade lifecycle, is now a big loss)
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2019-05-02 11:11:55 | JUN21 19 195 CALL | sell | $1.110 | short |
| 2019-05-02 11:11:55 | JUN21 19 200 CALL | buy | $0.4800 | long |
| 2019-05-02 11:11:55 | JUN21 19 160 PUT | buy | $0.3600 | long |
| 2019-05-02 11:11:55 | JUN21 19 170 PUT | sell | $1.010 | short |
| 2019-05-13 15:35:46 | JUN21 19 180 CALL | sell | $2.250 | short |
| 2019-05-13 15:35:46 | JUN21 19 185 CALL | buy | $1.180 | long |
| 2019-05-13 15:35:46 | JUN21 19 195 CALL | buy | $0.2600 | 0 |
| 2019-05-13 15:35:46 | JUN21 19 200 CALL | sell | $0.1500 | 0 |
| 2019-05-20 15:34:32 | JUN21 19 170 CALL | sell | $2.220 | short |
| 2019-05-20 15:34:32 | JUN21 19 175 CALL | buy | $1.060 | long |
| 2019-05-20 15:34:32 | JUN21 19 180 CALL | buy | $0.4900 | 0 |
| 2019-05-20 15:34:32 | JUN21 19 185 CALL | sell | $0.2300 | 0 |
| 2019-05-24 12:45:24 | JUN21 19 167.5 CALL | sell | $3.220 | short |
| 2019-05-24 12:45:24 | JUN21 19 170 CALL | buy | $2.240 | 0 |
| 2019-05-24 12:45:24 | JUN21 19 167.5 PUT | sell | $4.500 | short |
| 2019-05-24 12:45:24 | JUN21 19 170 PUT | buy | $6.030 | 0 |
| 2019-06-20 15:23:15 | JUN21 19 167.5 CALL | buy | $6.410 | 0 |
| 2019-06-20 15:23:15 | JUN21 19 175 CALL | sell | $0.2300 | 0 |
| 2019-06-20 15:23:15 | JUN21 19 160 PUT | sell | $0.0300 | 0 |
| 2019-06-20 15:23:15 | JUN21 19 167.5 PUT | buy | $0.0500 | 0 |
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