ROLLING: XOP MARCH 20TH 21/31P TO JUNE 19TH

... for a .48 credit and selling the June 19th 23 call against for .32. Scratch at 9.20; delta/theta 146.51/.93.

Notes: Was hoping to get a bounce such that the 21P was out of the money, but am going to roll out here and then continue to reduce net delta/cost basis over time ... .

Trade active:

Selling a June 19th 22 short call for a .32 credit; scratch at 9.52. Delta/theta 138.61/1.16.

Comment:

Rolling the 21 short put down a strike to the 20 and financing it with a 15/21 short strangle; paying a .01 net debit to do this. The resulting setup is the June 17th 15P/20P/31P/21C/22C/23C with a scratch point of 9.51. Delta/theta of 140.49/2.10.

Trade active:

Pulled off the 22 and 23 as a pair on approaching worthless for .07. Scratch at 9.45, with the resulting setup being the June 15P/20P/31P/21C.

Trade active:

Pulled off the 21C for .02; scratch at 9.43 with the resulting setup being the June 15/20/31P.

Trade active:

Checked on what could be done with this setup: My per share cost basis if I do nothing here is (15 + 20 + 31 - 9.43)/3 or 18.86. Unfortunately, selling calls at or above my cost basis (basically, the 19 strike) isn't paying at the moment. Although I generally don't like to add long delta to a long delta setup, sometimes you just have to. Here, sold the 6's in May for .55, with the resulting setup being the May 6/June 15/20/31 with a scratch point at 9.98. Will just keep whittling away on the put side small as I wait for a bounce.

Trade active:

Clearly I wasn't paying attention, so got caught in the reverse split. This is fine, but makes for some additional math in calculating my cost basis. The easiest way to look at it is that I am likely to be assigned 25 at 60 (4 times the 15 strike), 25 at 80 (4 times the 20), and 25 shares at 124 (4 times the 31) for a total of $6600 against which I've collected $998 in credits. $6600 - $998 = $5602 and $5602/75 shares = 74.70/share. (Ugh). This is naturally assuming that I don't get assigned via what was the 6 put (now a nonstandard 24 short put).

Trade closed manually:

Closing this here for a loss, as opposed to attempting to work a goofy setup post reverse split. IV/IVR is still high here, so may look to put on something fresh that has fewer warts on it.