This is a direction-neutral strategy. I used it previously too. ( see in related idea )
Here I am buying,
95 PE - 3.5
105 CE - 3.5
Why ? Because it has moved a lot and I am expecting it to move further.
Caution : Experts do due diligence. New traders can look into this and paper-trade.
Vega drop overpowering delta gain.
Need to see some more delta. If it rebounds, an exit is planned.
12.4 Rs down from a week ago.
95 PE - 7.6
105 CE - 0.05
Total selling price - 7.65
Total buying price - 7.00
Net - 0.65 * 7000 = 4500 on 49000 capital.
around 10 % in a week.
actually there were more adjustments to be made as the stock moved, to manage the greeks. which will be done next time.
This was a risky trade. Was in negative for a fair amount of time.
The stock can go down more, but I want to exit this position and create better ones.