Symbols traded: SPY short Iron Fly (1DTE)

With the week’s economic reports out out of the way and the implied volatility rank having fallen to just above 20, I resumed my very short-term trades — in one day before expiration, out on expiration day.

The short call, with a $513 strike, was assigned. This revision covers to options portion of the trade. I’ll add a section on the stock portion.

SPY short Iron Fly

LOT:	11	ENTRY DATE:	3/14/2024
		MANAGEMENT:	3/15/2024	EXPIRATION:	3/15/2024
		DAYS HELD:	1

Entry and Exit

METRIC	ENTRY	EXIT	CHANGE	CHANGE %	ANNUALIZED CHANGE %
Options premium	$ 2.75	$ 0.26	$ 3.01	109.5%	39732%
Stock price	$ 513.44	$ 511.24	$ (2.20)	-0.4%	-156%
Impllied Volatility Rate	20.7	20.4	-0.3
Days to expiration	1	0

The structure of the position

STRUCTURE	STRIKE	ODDS EXPIRE OTM	DELTA	IN PRICE	OUT PRICE	NET PRICE
Calls
Long	516.00	84.0%	17	$ (0.30)	$ 0.02	$ (0.28)
Break-even	515.75	63.5%	37.5
Short	513.00	43.0%	58	$ 1.49	$ –	$ 1.49
Puts
Short	513.00	53.0%	46	$ 2.38	$ (2.92)	$ (0.54)
Break-even	510.75	65.0%	34.5
Long	508.00	77.0%	23	$ (0.82)	$ 0.41	$ (0.41)
						======
				`	NET TOTAL:	$ 0.26

Risk and Reward

Per contract:
Reward	275.00
Risk	125.00
R/R Ratio (n:1)	0.5

By Tim Bovee, Portland, Oregon, March 14-15, 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.