Weekly Pin Butterfly Strategy

caroy said:
Week 21 - Update and Exits

DKNG 10:20:10 52-55-58 call bot @ $1.47 sold @ $2.00 +$530
ETSY 5 Iron Flies 160-165-170 sold @ $2.78 bot @ $2.55 +$115
FSLY 10:20:10 52-55-58 call bot @ $1.35 sold @ $1.68 +$330
FUBO 12-24-12 27-30-33 call bot @ $1.03 sold @ $1.50 +$516
GME 8:16:8 240-250-260 call bot @ $1.50 sold @ $0.75 - $600
NNOX 9:18:9 27-30-33 call bot @ $1.26 sold @ $1.90 +$576
NVDA 4:8:4 690-700-710 call bot @ $3.16 sold @ $1.95 -$484
QQQ 6-12-6 332-337-342 put bot @ $1.82 sold @ $1.25 -$342
ROKU 12-24-12 345-350-355 call bot @ $1.05 sold @ $1.75 +$840
SQ 4-8-4 212.5-220-227.5 call bot @ $2.88 sold @ $4.65 +$720
TTD 3-6-3 570-580-590 call bot @ $2.88 sold @ $0.05 -$849

P/L +$1458 Commissions -266 Net P/L +$1192

Winning Trades: 8/12 YTD Winning Trades

Average weekly winner: Average weekly loser

Overall Performance YTD (start May 1, 2021): Up 2.2%

Thoughts
  • Overall happy to be back in the positive for the week.
  • Overall highwater point back in reach.
  • Happy with trade selections and better job of narrowing total losses on losing positions except for that bitch TTD
  • Exited most of these by 9:30 due to other work commitments re: golf outing in the humidity for work but I'll take the wins. Feel some would have played out to be bigger winners but that's the joy you just never know.
  • Might stay away from these less liquid stocks going forward as the fills in TTD are rather awful similar to my experience in MSTR.
  • Happy with the short Iron Fly in Etsy. I like these set ups when I see them to take a small clip out and move on.
  • Happy my IRA is holding AMC but my short call on a covered call position will be called away.
Probably won't be active next week. Headed to Playa Hermosa Costa Rica with the gal pal and her daughter and her daughter's friend for some surfing an bumming around the beach. Don't want to be antisocial and sit on my computer during a vacation. I've been down there a few times and am looking forward to drinking some cold Imperial beer and watching some sun sets. Pura Vida!

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Congrats on a good trading week! Enjoy Costa Rica and your "gal pal". Sunsets on the beach with a cold drink sounds better than mosquitoes and a dump pit like last weekend.
 
caroy said:
@IlliniTrader agreed I'm still finding ticks on my sweet Butters. Should have got that tick collar. Live and learn.
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What breed is Butters? We are dog-sitting for my son's black lab this week and are having a ball with him. Too old for a new dog myself but I am getting my "dog-fix" this week. It is kinda like the grandkids. Love to have em over but nice to send them home too.
 
Butters is a german shepherd / golden retriever mix. I adopted her from the shelter about two years ago. She's around five years old they think. She was there for a year and a couple people had brought her back. Not sure why. She's pretty friendly and all. A little neurotic when left at home alone she chews things so I leave her in the basement or the porch depending on weather.
 
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Week 22 - Update

Intraday Trades
FB sold 7 Iron Flies 340-345-350 @ $2.93 bot @ $2.81 +$84
RIOT 5:10:5 30-35-39 calls bot @ $2.90 sold @ $3.20 +$150

Hold to Friday Expiration
DASH 3:6:3 170-180-190 calls bot @ $4.96
FUBO 5:10:5 30-35-40 calls bot @ $2.46
PTON 10:20:10 115-120-125 puts bot @ $1.63
PYPL 10:20:10 285-29-295 puts bot @ $1.60
RBLX 6:12:6 83-90-97 calls bot @ $2.55
SPY 20:40:20 419-422-425 puts bot @ $0.54
SQ 8 IF 240-245-250 sold @ $3.25
TSLA 4:8:4 685-700-715 calls bot @ $3.50
UPST 10:20:10 125-130-135 calls bot @ $1.25
/ZW 1:2:1 650-670-690 calls bot $0.05

Thoughts:
No trading last week enjoyed the trip to Costa Rica with the girlfriend. Her daughter and her friend (16) voiced the usual teenage complaints. The water was too wet, the sun too bright, and hot springs too hot, and a lack of chicken fingers on local menus. Surfing in Tamarindo was good and the hot springs in Arenal very relaxing. Picked up a couple of butterfly mugs for good luck. The wood one leaks like crazy. Guess it's only decorative. See if they bring some luck tomorrow.

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Week 22 - Results

Intraday Trades
FB sold 7 Iron Flies 340-345-350 @ $2.93 bot @ $2.81 +$84
RIOT 5:10:5 30-35-39 calls bot @ $2.90 sold @ $3.20 +$150

Hold to Friday Expiration
DASH 3:6:3 170-180-190 calls bot @ $4.96 sold @ $5.00 +$12
FUBO 5:10:5 30-35-40 calls bot @ $2.46 sold @ $2.65 +$95
PTON 10:20:10 115-120-125 puts bot @ $1.63 sold @ $2.50 +$870
PYPL 10:20:10 285-29-295 puts bot @ $1.60 sold @ $1.80 +$200
RBLX 6:12:6 83-90-97 calls bot @ $2.55 sold @ $4.21 +$996
SPY 20:40:20 419-422-425 puts bot @ $0.54 sold @ $0.15 -$390
SQ 8 IF 240-245-250 sold @ $3.25 bot @ $3.10 +$120
TSLA 4:8:4 685-700-715 calls bot @ $3.50 sold @ $1.43 -$828
UPST 10:20:10 125-130-135 calls bot @ $1.25 sold @ $0.32 -$930
/ZW 1:2:1 650-670-690 calls bot $0.05 sold $ 0.0675 +$87.50

Intraday Friday Trades
ABNB 5:10:5 150-155-160 call bot @ $2.00 sold @ $2.25 +$125
GME 10:20:10 195-200-205 put bot @ $1.05 exp $0.00 -$1050
PENN 10:20:10 73-75-77 put bot @ $0.84 sold @ $1.10 +$260
RIOT 10:20:10 31-33.5-36 call bot @ 1.67 sold @ $1.75 +$80
SPCE 8:16:8 40-45-50 put bot @ $1.84 sold @ $0.40 -1152
TTD 10:20:10 71-75-79 put bot @ $1.04 mark @ $1.53 +490 unrealized

P/L -$780.50 Commissions $528 Net P/L -$1308.50

average winner: $237.11 average loser: -$870

winning trades 13/18 winning trades ytd 89/131

performance YTD +$3,300 Up +1.3%

Thoughts
  • Overall not very happy with the performance and a down week. There was no need to enter more intraday trades but I was happy with the balance being strongly up early and wanted to add some more winners.
  • Pigs get slaughtered and going for the extra trades turned a winning day into a losing day.
  • The GME trade while costly provided a good piece of learning I probably needed. One of those experiences that makes you question just how much of an amateur at trading one really is. I entered this fly later in the day on expiration day on the theory that the highest OI was at the $200 strike. And it performed. I entered it at $1.05 and around 2:45 pm it was trading at over $3.00 as the price went to and hung around 200 for most of the afternoon. But what I learned as I kept lowering my offer ridiculously above mid point is that the MMs at least for flies seem to be nowhere to be found. In retrospect I probably could have legged out and saved this for a winner and a positive P/L for the day but didn't think of it. Selling the bids and buying the offers would have been a winner instead of trying to exit repeatedly the whole order as a fly. Instead it expired worthless for a total loss and then I had to sit around watching the after hours to see the final closing price to look if my long 205 puts would be auto exercised leaving me short 1,000 shares of GME going into Monday exposing me to large potential losses or large windfall profits come Monday and a weekend of worry to go with it. Stress I didn't need. I suppose I could have called TW and ordered them abandoned.
  • No need to really add these intraday trades. Perhaps from time to time when the set up is perfect but why fuck around with a WSB shit in GME and end up turning a nice green day into a bloody red day in the final ten minutes of trading. I could have been out of all positions by 11:00 AM and in the hammock reading sleeping with a summer shandy in hand.
  • Remember all of the above going into next week.
  • Had one losing IF while in costa rica but didn't feel like looking it up.
  • Like the commodity flies Wheat a small winner by exiting in the pre-market as it has hammered along with the whole grain complex on Friday
  • net liq 9.JPG
 
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