Added Verticals to November Position

       On Monday, I had to adjust my position because of too much negative Delta. I put on two verticals at 1120 (buy) and 1130 (sell) and was able to increase the Delta value to above -50, following the rules of the M3. As of today, I am at a profit of $1,061 and my Greeks are: Delta is -24.37, Gamma is only -0.24, Theta is 148.2 and Vega is -318. The position is 30 days until expiration so I am in no hurry to take the position out, especially since my t + 0 line have a nice, flat line.

This is what the position looked like after the verticals were added:

This is the risk profile of the graph today:

November Position Update

     Late last week, I moved my butterflies from 1,070 up to 1,110 where the position was originally initiated. This is because of the rapid move back up from 1070's to where it is now, at 1,164. Also, my Greeks were a bit off, meaning my Vega had gone positive at about 164. My Theta was also at the edge of going negative at only 4. Overall, it was a risky position. As of today, my Greeks are all within their limits and the position if up $476. The current risk profile graph looks like this:

Starting and Adjusting of the November Position

       The past few days have been extremely busy for me so I apologize for not updating. Last Friday, I put on my November position. The butterflies were placed at 1,110, about 30 points below the market position of 1138 at that time, like I normally do. The one thing I had to do differently while putting on the position was buying 16 butterflies instead of 10. I was forced to do this because if I had just put on the 10 butterflies like usual, the call I would have had to buy in order to offset the Delta would have been closer to the money than I would have been comfortable with.

       On Monday, since the market dropped so substantially, I had to move my butterflies back. The overall value of the Delta was 55 and since the rule is to sustain it under 50 I had to adjust it. The position as of Monday night after the adjustment is at 7.34 Delta, 96 Theta (slight decrease in the Theta after adjusting) and -356 Vega which became largely more positive. This is not something I am worried about since it will become more negative as time progresses. The risk profile graph looks like this:

         I did not adjust the position the rest of the week since there were no there drastic changes. The positions current Greeks are: -7 Delta, 123 Theta and -391 Vega. Currently, I am only down about $70 as opposed to being down about $700 on Tuesday after the market was down again. What is interesting is that if I hadn't adjusted my position at all on Monday, I would have been up over a thousand dollars. Of course this is unrealistic since I will always adjust my position based on the given rules. The position as of today looks like this: