SPX Credit Spread Trader

[El OchoCinco]

No June Positions in this account, just loaded up on May



MAY POSITIONS


-500 SPX MAY 1215/1225/1370/1380 Iron Condors @ $0.60

Credit = $30,000
Risk = $470,000
Return = 6.38%

VIX CALL HEDGES

Long 100 VIX MAY 20.00 Calls @ $0.20
Cost = $2,000

Long 50 VIX MAY 15.0 Calls @ $0.62
Cost = $3,100

DIAGONAL SPREADS

Sold - 24 MAY 1345 Calls @ $1.50 ($3,600)
Bought +30 JUN 1385 Calls @ $1.05 $3,150

Net Credit = $450

 

[rbsanders]

Any thoughts on the June 1385/1400 bear call spread

 

[ryank]

Quote from rbsanders:

Any thoughts on the June 1385/1400 bear call spread

I'm sitting tight until tomorrow's Fed announcement. I do have a small 1380/1390 bear call spread (got in for .60 credit) right now but don't want to push my luck any more. The mid on the 1385/1400 is currently .65 so you are looking at maybe .55 on the fill. There continues to be an upward bias to the market but tomorrow should set the tone going forward.

 

[El OchoCinco]

Since I am loaded up with MAY I will also be waiting for tomorrow's move to see what I can do next. I defintely will be trading it intraday on the breakout and run

 

[rbsanders]

thanks for the input

 

[burrben]

I'm short the 100 x 1350/1355. I'm looking to add some hedges or lotto tickets to the positions. Coach, how would you figure out how many spy calls you would hedge with? I took in .45 for the spread.

Also, anyone buying puts/straddles/debit spreads in anticipation of tommorow?

 

[El OchoCinco]

I usually commit a portion of my credit if I am gonna add a SPY hedge. So if your credit is about $4,500 then look into about 25% or so to buy SPY hedges. It is subjective and also depends on the strike selection.

Quote from skdoyle1:

I'm short the 100 x 1350/1355. I'm looking to add some hedges or lotto tickets to the positions. Coach, how would you figure out how many spy calls you would hedge with? I took in .45 for the spread.

Also, anyone buying puts/straddles/debit spreads in anticipation of tommorow?

 

[Crucis]

Coach, I'm a newbie. I play credit spreads and ICs on OEX, SPX, and RUT. Would you explain how a SPY hedge works with SPX bear calls?

 

[rallymode]

Covered my entire -ES position at 1328. Too close for comfort. Didnt get the pullback i expected. Profit 2.5 points. Return on risk 50%.


Holding my SPX 1335/1340 credit spread through the Fed announcement. Nibbling on a small june position here, will see if i get filled.

 

[cdowis]

Moved up my credit put leg (SP)

from 1230/1260 to 1250/1280 with credit of 110. A move upward looked really ugly.

My call spread remains at 1360/1380.