Opening (Margin): /MCL April 17th 76 Short Straddle

... for an 8.01 credit.

Comments: Re-establishing in the April monthly with 49 days to go. 8.01 credit on buying power effect of 8.87. 90.3% ROC as a function of buying power effect at max; 22.6% at 25% max. 67.99/84.01 break evens.

As before, will look to add until I get to the size of position I'm comfortable with, then do additive, subtractive, and rolling adjustments to keep the position from getting too directional.

Trade active:

Adding mostly to get to size ... . Sold the slightly long delta-skewed 78 short straddle for 8.01. 16.02 total credits collected with around 14.00 ($1400) of extrinsic to work with.

Comment:

Trying to be a little more "market aware" with this position ... . API showed a build; will wait for EIA to confirm (or not) before adding/making an adjustment. Barring a Monday holiday, API is usually on Tuesdays; EIA on Wednesdays. The position is virtually net delta flat anyhoo.

Trade closed manually:

Closed for a total of 15.26 debit. .76 ($76) profit. Will re-establish shortly ... .