Dawajmeister

I was out at 1.60. 22% loss

I also will not be entering the position this Friday because I expect a slow week next week with the holiday

I'm doing this as a test an learn so I will be in the position till end of day tomorrow

In the nov4 179.5 straddle for 2.08

I'm leaning towards entering at the end of the day if it's close to a strike

I might enter at the end of the day if there is a big move.

Out of the first week trade at 2.20. 14% gain

I was looking at it also and I think I might have to readjust rolling unless the credit is significant enough. Rolling for an .11 cent credit seems 1) commissions intensive 2) could possibly kill the trade

Did you look at rolling at the end of everyday if the underlying had moved sufficiently for a decent credit or just the price movement of the entry position between Friday and Wednesday ?

FYI you could've closed for 2.80-2.85 on Friday

Yes I am always going to be using the next week weeklies, the Nov 15 for this week.

I am probably going to roll to the Nov 176.50 soon for about a .50 credit, I don't want a pullback the last couple of hours and lose the gains from today. Rolled for .49, net effective of 1.86 now.

The ATM straddle was at 2.50 EOD yesterday, you would've started the day down .15.

It was higher than I expected this morning, but I'm in at Nov 2.35 underlying at 175

Correct

If it's a big enough of a jump I'll close. I'm talking if the underlying moves by a $1 or more by end of day I'll possibly roll to the new strike if the credit is high enough

Also I'll probably enter first thing fri morning and if there is a big movement Friday I will use one of my day trades to adjust at the end of the day

I'm planning to do it as an ATM straddle. That's the other nice thing with spy is that it's in .5 increments

If the stock didn't move at all for the week it'd be worth around .7 to .8 at the beginning of Friday due to remaining time... So worst case scensrio if you actually held to Friday and there was no movement at all throughout the week

No there is definitely decay

Yes exit the straddle no later than close on Friday or now probably Wednesday so as to avoid theta loss for thur or fri. Entry this past Friday was 2.02 so it would've been a nice gain this week

Yes I meant if the underlying moves $1 or more. Exiting by end of day Wednesday makes sense. I wasn't thinking about the last 2 days having the most theta.

Looking over the SPY charts, there is pretty substantial movement throughout the week. There are several weeks in a row where SPY has moved $3 or more through the week. Entering a SPY straddle on Friday is generally running about $2, when IV is high it is around $2,13 or so. The weeks that it hasn't moved $3 there has still been up and down movement through the week. Here it what I'm going to test Enter weekly straddle by end of day Friday To mitigate risk, if the straddle moves $1 up or down, I will roll Always maintain a sell order for $3 or $3 minus credits received from rolling. I am aiming to see how often this can generate a 50% gain or close to it. Exit no later than the following Friday morning. I will post my weekly results on here, along with any adjustments made. I plan on entering my first straddle, tomorrow. Week 1 - Entered 2.35, rolled for .49 credit, out for 2.20.. 14.5% gain (could have sold on entry day for 2.85)

Just saw your post Kim, what I was figuring.. a sharp drop in price would kill my trade right now.

Okay I'm wondering if I should take my profit and exit, or try to ride it out a big longer for the IV increase. I was in the original July/Aug 450 Call calendar. I bought back the short side on 06/28 for .37.. leaving a profit of 17.12 - .37 = $16.75 or total gain of $3345. On the long side I have averaged my cost down when AAPL dropped and am sitting on a loss of $4.55 or $2734. or a net gain of $611. I only have the long side of the calendar left. I understand that I made this a directional play, but am trying to decide if the IV increase will offset any potential drop in price.