OPENING: XOP MARCH 20TH 28 SHORT CALL
... for a .58/contract credit.
Notes: One of my troubled setups that I seem to have been working forever (See Post Below) and probably could've gotten out of sooner if I'd been a touch more aggressive on the call side as the underlying descended to long-term lows. Rather than inverting the short strangle further, I'm leaving the setup in place and adding a delta cutter.
Scratch at 7.36, delta/theta 40.7/1.38.
Notes: One of my troubled setups that I seem to have been working forever (See Post Below) and probably could've gotten out of sooner if I'd been a touch more aggressive on the call side as the underlying descended to long-term lows. Rather than inverting the short strangle further, I'm leaving the setup in place and adding a delta cutter.
Scratch at 7.36, delta/theta 40.7/1.38.
Trade active:
Adding some March 20th 25 short call for .35 to flatten delta further. Scratch at 7.71, delta/theta 61.38/1.07.
Trade active:
Rolling the approaching worthless 28 down to the 24 strike for a .28/contract credit. Scratch at 7.99; delta/theta 57.24/1.24.
Trade active:
I'm thinking this move in oil may be overdone: under hedging/flattening delta by selling the 27 for .29. Scratch at 8.28; delta/theta 4.18/2.18, extrinsic of 2.12.
