$USO high P/L strangle +50% TP with options #oil #usoil

9 paź 2023

I'm trading the pullback of course with neutral strangle.
Divergence on RSI, high IVR, optimal for neutral quick trade on micro oil futures.


Sold 1 /MCLZ3 MCOZ3 11/15/23 Call 95.00 @ 1.17 (delta21)
Sold 1 /MCLZ3 MCOZ3 11/15/23 Put 75.00 @ 1.06 (delta17)

This is an OIL 37DTE Strangle for 2.23cr (bit bullish delta overall)

37DTE Strangle for 2.23cr

1. Max Profit: $223
   
2. Req. BP: $600
   
3. PoP: 74%
   
4. IVR: 49 (very high, optimal for credit strategy)
   

My target is ~$100 on this trade in the next 2 weeks.

19 paź 2023

Uwaga

didn't move anywhere but IVR rised from 49 to 62, so I'm still at the starting point not winner, not loser yet :D :D
considering to close, but I'll manage at 21DTE anyway because of gamma risk.

20 paź 2023

Uwaga

Managed after 11days :
rolled up the put leg to normalize delta from $80 to strike $95.
Higher IVR (72) so no problem.

Opened for: 2.23cr
Rolled now for additional +0.5cr
SUM credit collected: 2.73

20 paź 2023

Uwaga

24 paź 2023

Transakcja zamknięta: osiągnięto wyznaczony cel

22DTE I'm closing for 2cr. $73 profit colledted. Almost the $100 target I've got. Never let to grow your gamma risk! Secure your profit.