Rolled (Margin): XOP September 16th 135/145 Short Strangle
... to the September 16th 142/159 short strangle for a 4.94 debit.
Comments: Up to this point, I had collected a total of 9.35 in credits. Instead of rolling out a month, I opted to pay a debit to recenter risk here intraexpiry (basically to an expected move setup) in order to give it a chance to work out this cycle (while temporarily reducing assignment risk, since I moved the short call from in-the-money to out-of-the-money).
Total credits collected now 9.35 minus 4.94 or 4.41 relative to a current value for the 142/159 of 7.15 at the mid price . -1.03/25.55 delta/theta.
Comments: Up to this point, I had collected a total of 9.35 in credits. Instead of rolling out a month, I opted to pay a debit to recenter risk here intraexpiry (basically to an expected move setup) in order to give it a chance to work out this cycle (while temporarily reducing assignment risk, since I moved the short call from in-the-money to out-of-the-money).
Total credits collected now 9.35 minus 4.94 or 4.41 relative to a current value for the 142/159 of 7.15 at the mid price . -1.03/25.55 delta/theta.