Yesterday, I put on my May position at 57 days to expiration. The market was at 1079 from Thursday since the markets were closed on Friday. I put on my butterfly at 1050, about 30 points below the current market position. I was debating putting it at 1060 but I would not have the correct amount of negative Delta from that butterfly causing me to buy a closer to the money call, a position that would most likely have negative repercussions as the trade continues. The butterfly gave me about -90 of Delta which caused me to buy a call that was at 85 Delta at 990. The current position (not including the market movement of today) has a Delta value of -5.08, a Theta value of 53.96 and a Vega value of -260.9.
My April position still looks good. It is up about $200 currently which is not that significant because it is only 22 days until expiration. The minimal gain shows how volatile the market was over the span of the trade and how many times I had to adjust it, never giving the t + 0 line a chance to build up. I will keep posting as both trades continue!
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