Symbols traded today: SPY (1DTE), USO (39DTE)
I entered a short Iron Fly position on SPY and exited the next day athte market open for a 12.2% profit/.
I also entered a longer-term short Iron Condor position on USO with a 50% profit target. The position expires on February 16, and I’ll manage as needed 21 days before expiration, on January 26.
2/1/2024: The USO position was unprofitable when management day arrived. I continued to hold the position hoping to, at the least, break even, and that’s in fact where the price stood when I exited on February 1 for a cost equal to what I had earned at entry.
SPY short Iron Fly
| LOT: | 1 | ENTRY DATE: | 1/8/2024 |
| EXIT DATE: | 1/9/2024 | ||
| DAYS HELD: | 1 |
Entry and Exit
| METRIC | CREDIT | DEBIT | CHANGE | CHANGE % | ANNUALIZED CHANGE % |
| Options premium | $ 1.93 | $ 1.72 | $ 0.21 | 12.2% | 4432% |
| METRIC | ENTRY | EXIT | CHANGE | CHANGE % | ANNUALIZED CHANGE % |
| Stock price | $ 471.54 | $ 471.97 | $ (0.43) | 0.09% | 33% |
| Impllied Volatility Rate | 10.0 | 10.7 | 0.7 | ||
| Days to expiration | 1 | 0 |
The structure of the position
| STRUCTURE | STRIKE | ODDS EXPIRE OTM | DELTA | IN PRICE | OUT PRICE | NET PRICE |
| Calls | ||||||
| Long | 474.00 | 80.0% | 20 | $ (0.35) | $ 0.24 | $ (0.11) |
| Break-even | 472.93 | 62.0% | 37.5 | |||
| Short | 471.00 | 44.0% | 55 | $ 1.56 | $ (1.46) | $ 0.10 |
| Puts | ||||||
| Short | 471.00 | 56.0% | 44 | $ 0.98 | $ (0.58) | $ 0.40 |
| Break-even | 469.93 | 70.5% | 29.5 | |||
| Long | 468.00 | 85.0% | 15 | $ (0.26) | $ 0.08 | $ (0.18) |
| ====== | ||||||
| ` | NET TOTAL: | $ 0.21 |
Risk and Reward
| Per contract: | |
| Reward | 193.00 |
| Risk | 107.00 |
| R/R Ratio (n:1) | 0.6 |
USO short Iron Condor
| LOT: | 1 | ENTRY DATE: | 1/8/2024 |
| EXIT DATE: | 2/1/2024 | ||
| DAYS HELD: | 24 |
Entry and Exit
| METRIC | CREDIT | DEBIT | CHANGE | CHANGE % | ANNUALIZED CHANGE % |
| Options premium | $ 0.68 | $ 0.68 | $ – | 0.0% | 0% |
| METRIC | ENTRY | EXIT | CHANGE | CHANGE % | ANNUALIZED CHANGE % |
| Stock price | $ 65.91 | $ 69.42 | $ (3.51) | 5.33% | 81% |
| Impllied Volatility Rate | 47.7 | 41.0 | -6.7 | ||
| Days to expiration | 39 | 15 |
The structure of the position
| STRUCTURE | STRIKE | ODDS EXPIRE OTM | DELTA | IN PRICE | OUT PRICE | NET PRICE |
| Calls | ||||||
| Long | 73.00 | 82.0% | 20 | $ (0.78) | $ 0.68 | $ (0.10) |
| Break-even | 71.68 | 78.5% | 23.5 | |||
| Short | 71.00 | 75.0% | 27 | $ 1.17 | $ (1.29) | $ (0.12) |
| Puts | ||||||
| Short | 60.00 | 78.0% | 20 | $ 0.91 | $ (0.17) | $ 0.74 |
| Break-even | 58.68 | 81.0% | 17 | |||
| Long | 58.00 | 84.0% | 14 | $ (0.62) | $ 0.10 | $ (0.52) |
| ====== | ||||||
| ` | NET TOTAL: | $ (0.00) |
Risk and Reward
| Per contract: | |
| Reward | 68.00 |
| Risk | 132.00 |
| R/R Ratio (n:1) | 1.9 |
By Tim Bovee, Portland, Oregon, January 8-9, February 1, 2024
Disclaimer
Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.
License
All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Based on a work at www.timbovee.com.
Tim Bovee, Private Trader 
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