Bought the following today:
155C/135P double calendar spread for $TSLA Wed, Jan 25 earnings for $3.75
146C/136P double calendar spread for $IBM Wed, Jan 25 earnings for $1.05:
31C/29P double calendar spread for $INTC Thu, Jan 26 earnings for $0.28:
CSX and CMCSA did not fill =/
Bought the following today:
230C/220P double calendar spread for V for $2.07. Earnings today AH.
160C/150P double calendar spread for AXP for $1.60. Earnings tomorrow PM.
192.5C/182.5P double calendar spread for CVX for $1.88. Earnings tomorrow PM.
Holding the ones I got yesterday overnight - all are just around buy price, so will risk theta doing its thing for one more day and see if I can scrape some green out of them.
Bought just the following today:
Many L’s were taken this week on calendar spreads. Half because of markets, half because of bad decision making.
Closed the deep ITM call leg for $1.70 (-55%). Leaving the put leg dangling in case there is a sufficient traceback; its pretty worthless right now. Should have gotten out yesterday > $4, but felt TSLA was overextended. Had forgotten “overextended” is not in TSLA’s dictionary.
Closed ITM put leg for $1.06 - a scratch. Leaving OTM call leg hanging into next week.
INTC fell violently, crashing through the put leg. Closed ITM put leg for $0.20 (-29%).
V went through the call leg; closed that for $$1.95 (-6%). Put leg remains hanging.
AXP rocketed right through the $160 call leg and way beyond, ending at $172. Very little by way of extrinsic remained; closed ITM call leg for $0.35 (-79%).
Another one where price went through put leg; closed that out for $1.65 (-13%). Call leg remains into next week.
Only green of the lot - something I took about a week ago. Sold for $0.49 (+14%).
Need to replay these plays and see how to do the wings better, which dates to choose, etc. And on top of everything, every single one of these plays except AXP was green or break even at some point, and I let it go red. Bad.
Closed this out for a scratch - $0.16. Price moved 16%, right through the call wing.
Double calendar spreads bought today:
This time, all long legs are two weeks away - these are all 2/3 short, 2/17 long legs.
Closed GM for 0.62 (+11%)
Closed XOM for $1.56 (+3%) - basically a scratch
Closed PFE for 0.50 (+25%)
Setting the ones up for tomm now.
$1.25 buy orders hit today. Currently 197 DTE.
Have additional buy orders set for $1.00. This hideously low VIX is such a gift.
Took the following for FOMC at 1:56pm for $1.35:
This was annoying… got called away at work and came back just now, liquidated for about -50%. Uggh. Looks like there was a window into 3pm where this would have worked ok, and after that the play ran away.
Double calendar spreads bought today, for tickers whose earnings are overnight:
Closed:
Closed the first three by 9.35am and left a fair bit of value on the table. Will see if it would have made sense to wait longer.
Got this 3/17 288P/298P/318C/328C QQQ “inverse iron condor” for $5.20, which basically bets that 6 weeks from now, QQQ will be more than 6% away from where it is now.
Given that the wings are $10 apart, max possible profit is $10.
Ended up taking some more calendars, for the sake of science. Wanted to check how IV moves between 1-week and 2-week out legs. Interestingly, the premium is less than the previous setups.
More discussion about this in the strategy thread for double calendars.
Somehow ended up with 5 more calendar spreads today:
The PEP one is 0wk/1wk; all the others are 0wk/2wk legs.
All the ones from Monday are still in play. Checking how they evolve as they were 1wk/2wk ones.
Closed this for 1.30 (+13%) because the call wing strikes were breached. All the others ride for now.
I backtested about a month’s worth of intraday calendars and found that you can save a lot of money by cutting once your wings get breached. FYI.
Thank you @notmisa that confirms the spot tests of always bailing when wings are breached. Ofc, when I did that with ABBV, it came back at the end of the day, and would have been a 30%+ day instead of 13%. Needless to say, would have changed nothing about the decision no retrospect, but still amusing.
Took only one trade today:
Did not get acceptable fills on EXPE and LYFT. IV was really wonky today.
Closed these:
UBER, PM and PYPL are still open around b/e or just below. The short legs are being an issue because of low liquidity, so will close on Mon. All short legs will have expired OTM. BP is the one which is in a fair bit of a whole.
Lessons from this week:
Took the following:
