Friday, 6 April 2018

Closed: ODAX May 2018 Put Spread

Summary

Yesterday was the unusual case when, right after opening a position, the market makes a sharp movement in my favor. So sharp that I was able to collect 60% of the maximum profit in just one day. Therefore, it did not make sense risking the exposure for one month and a half, only to get the 40% remaining.

DAX 30 on April 6th 2018. Source Investing
Trade Status

After closing the spread, I booked a gain of 81€. With that, the current gain since the beginning of the year is 0,49%. DAX 30 index is down 4,9% in the same period of time.

TypeNameOpen DateDTEP/L
Put SpreadODAX May 2018 10700/103004/4/201844    81,00€


All the trade details can be found here.

Portfolio

No open position in the portfolio right now. I might reopen the Put Spread if we test again the lows made last week.

See also

Wednesday, 4 April 2018

New position: ODAX May 2018 Put Spread

Summary

This morning, with the DAX 30 hitting 11800, I opened a 10700/10300 Put Spread aiming for the May expiration cycle (44 days until expiration).

DAX 30 on April 4th 2018. Source Investing
It does not have much time value compared with other trades and the short delta was smaller than usual (closer to 10 than to the usual 16), but the German index has been breaking some supports and we might be entering a bear market. I did not go for a full Iron Condor as I fear the index tendency for bouncing upwards.

Wednesday, 28 March 2018

Closed: ODAX April 2018 Iron Condor

Summary

Last Friday, I closed the remaining Put Spread at a small loss after seeing the DAX index breaking supports and making new year lows. As the time of this writing, five days later, I am still not sure whether that decision was precipitated.

DAX 30 on March 28. Source Investing
Too bad I did not close the spread when I was winning 70% of the premium received. Anyway, I wanted to close the spread as I do not plan to pay attention to the stock market during this Easter week.

Friday, 16 March 2018

Closed: ODAX March 2018 Put Spread

Summary

Today expires at max profit the Put Spread I opened after rolling the failed February 12100-11700 Put Spread.

DAX 30 on March 16th 2018. Source Investing

Given the very high IV when I opened it, and the sideways market since then, this was an easy ride and I chose to get all the premium for it. Moreover, this spread was only half the usual width, so the money at risk was half as well.

ODAX April 2018 Iron Condor: Closed Call Spread

Summary

Last Wednesday, after almost 30 days, no movement in the DAX index and a nice volatility contraction, I was able to close the Call side of the Iron Condor locking around 77% of the premium initially received.

DAX 30 on March 16th. Source Investing

There were still more than 5 weeks to go, so I preferred to take the money from the table, giving the index tendency for rallying (although it is taking a more bearish profile lately).

Wednesday, 14 February 2018

New position: ODAX April 2018 Iron Condor

Summary

After deploying the small Put Spread in March, I finally decided to go for an April 13100/13500 - 11100/10700 Iron Condor.
DAX 30 on February 14th 2018. Source Investing
This time I´m betting on a sideways market for some time after the recent selloff. With the relatively high IV I got some good distance for the short options, especially in the short Put. In the Call side is tighter but I hope that a further IV drop will make any adjustment cheaper.

Sunday, 11 February 2018

Closed: February 2018 Put Spread - Rolled to March

Summary

Big drop this week and bad timing anticipating a bounce upwards. I tried to close the trade on Thursday but the spreads were crazy wide, luckily on Friday morning a little bounce in the opening allowed me to close the spread at 35 delta.
DAX 30 on Feb 9th, at close. Source Investing
After that, I deployed another Put Spread in March, another 1000 points down (11.100-10.900) with only half the width (200 as opposed to 400 points).