CLOSING: GLD JULY 29TH 118.5/121.5 SHORT PUT VERT
This was my only "Bremain" bet trade, and it's taking its sweet time coming off the highs ... .
The trade started out as a directional spread -- a short call vertical, that was soon breached post-Brexit. My recollection is that I proceeded to sell a short put vert against the call side (completing an iron condor) to protect the call side from further upmove. Here, I'm closing out that protection at near worthless, rolling out the short call side from 119/122 to 120/124 for a .18 credit and then selling a short put vert against the call side for an additional .28 credit.
The resulting setup is basically an iron fly, albeit with the short put above the short call. The perfect outcome would be for the underlying to move right to 120.5 or so at expiry, which is unlikely to occur. Rather, the notion here is to lather, rinse, repeat with the net credit rolling while keeping track of my scratch point to eventually exit the position at scratch or better ... .
The trade started out as a directional spread -- a short call vertical, that was soon breached post-Brexit. My recollection is that I proceeded to sell a short put vert against the call side (completing an iron condor) to protect the call side from further upmove. Here, I'm closing out that protection at near worthless, rolling out the short call side from 119/122 to 120/124 for a .18 credit and then selling a short put vert against the call side for an additional .28 credit.
The resulting setup is basically an iron fly, albeit with the short put above the short call. The perfect outcome would be for the underlying to move right to 120.5 or so at expiry, which is unlikely to occur. Rather, the notion here is to lather, rinse, repeat with the net credit rolling while keeping track of my scratch point to eventually exit the position at scratch or better ... .
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