After taking off the March and April positions, I decided to wait until May was 56 DTE before putting on another position. The May expiration options reached 56 DTE last Friday.
3/24 - I put on 15 butterflies at 1330 because having just 10 butterflies didn't generate enough negative Delta to buy a deep in the money call. I decided that this would give me more flexibility throughout the position and allowed me to buy a call at 1220. The Greeks of the positions are Delta value of -5.3, Theta value of 89, and Vega value of -548.
The risk profile graph of position can be seen below:
3/28 - Even though I was only in the position for four days, I decided to take the position off with a $1224 profit (generally, if I hit a +$1000 profit within the first week I take it off). The Greeks of the position are Delta value of -42, Theta value of 77, and Vega value of -468.
The risk profile graph of the position can be seen below:
3/29 - Since there were still 51 DTE for May, I decided to put on a new position for same expiration. I bought 12 butterflies at 1340 (again it was better to buy more than 10 to get a suitable call), a call at 1240 and a 1330/1350 vertical. The position has the following Greeks: Delta value of -4.81, Theta value of 78, and Vega value of -452.
The risk profile graph of the new position can be seen below:
Stay tuned for updates about the May position!
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