Opening (IRA): XOP September 15th 110 Short Put
... for a 1.11 credit.
Comments: Selling premium in one of the exchange-traded funds at the top of my IV screener with a 30-day at 32.2% -- more than twice that of the broad market. (The others are GDXJ, at 35.2%; GDX, 31.2%; and EWZ and FXI, both at 29.1%).
As with my broad market plays, targeting the <16 delta strike in the shortest duration paying around 1% of the strike price in credit.
On a side note: My goals as primarily a premium seller are really simple: put on a given amount of theta/risk premium on a weekly basis, with my preference being for selling premium in (a) broad market exchange-traded funds; (b) sector exchange-traded funds; and (c) single name, in that order. Broad market is kind of sucking a bit here with SPY at 13.6% 30-day IV, QQQ at 20.0%, and IWM at 19.9%, so just looking for a little bit of extra "sumthin' sumthin'" to keep that theta pile on and burning.
Comments: Selling premium in one of the exchange-traded funds at the top of my IV screener with a 30-day at 32.2% -- more than twice that of the broad market. (The others are GDXJ, at 35.2%; GDX, 31.2%; and EWZ and FXI, both at 29.1%).
As with my broad market plays, targeting the <16 delta strike in the shortest duration paying around 1% of the strike price in credit.
On a side note: My goals as primarily a premium seller are really simple: put on a given amount of theta/risk premium on a weekly basis, with my preference being for selling premium in (a) broad market exchange-traded funds; (b) sector exchange-traded funds; and (c) single name, in that order. Broad market is kind of sucking a bit here with SPY at 13.6% 30-day IV, QQQ at 20.0%, and IWM at 19.9%, so just looking for a little bit of extra "sumthin' sumthin'" to keep that theta pile on and burning.
Trade closed: target reached:
Hit 50% max, closing for .55. .56 ($56) profit/contract.
