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2019 Trades

XOP: 08.01.19 – 09.09.19

ETF | Oil and gas | Status: Closed

Adjustment #3

View original trade
08.08.19
Nice little
in oil today which has reduced my
a little more than I'd like. If oil continues to go up, I want to make back as much as possible. For this reason, I've decided to
my
to increase my delta a tad. This will also ease my overall portfolio delta which is getting pretty short with the giant rally we're having today. As far as my downside
I'm basically right back where I started except now I have $1.93 in
and a little upside risk... When I first established this position I was afraid of a massive oil rally because it is at such an extreme low, but after getting whooped the past few days I no longer have as much of that fear. In fact, I need oil to keep rallying so I can have a chance to
this poor sucker, or at least get out at a minimal loss.

Risk Profile:

(Not to scale)
Figure 4

Strategy: Roll Up Put

btc 1 sep 20 23 put
sto 1 sep 20 24 put
Fill Price: $0.62 credit

Position Analysis

U/L Price: $22.32
IV: 44.3%
IVR: 59.4
Liquidity: 4/4
Position: Short 24 Straddle
POP: 36%
Cost Basis: $1.93
Risk: Undefined
BPR: $530
Max Profit: $1.93
Max Loss: Unlimited
Target P/L: Scratch
Break Even(s): $22.07, $25.93
Extrinsic Value: $102.00
Net Delta: 38.17
Net Theta: 2.290

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2019 Trades
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