Option Strategies: .SPX& GOOGL
Hello everyone! Today i want to share some option strategies with you!
1.
Sold cash-secured puts on $Alphabet(GOOGL)$ ... this play for assignment of shares. Probably should have sold the gap with a 175 put strike, but went with the post-earnings bottom (so far) with a 182.5 put strike. Feb 14 expiry.
Got CPI print and Fed speakers this week, so the 175 strike might have been the safer play. Oh well.
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2.
Tried something new on 0DTE $S&P 500(.SPX)$ today. Wrote a modified Butterfly credit spread. Took the trade just after 2:30pm est.
Sold the 6060 call, bought the 6070 call, sold the 6075 call. Write-buy-write 1x2x1 ratio.
Made money ($230ish profit), but didn't hold the trade until expiration because it was the wrong set-up for today's market conditions. Should have gone with an Iron Butterfly credit spread instead as the market essentially traded flat in the 6060-6070 range for the last 1.5 hours of the trading session. Thought there was gonna be a bit more volatility into the close to push SPX either below 6060 or above 6075, but that ended up not being the case.
Profit captured would have been $1000+ for the trade had SPX closed below 6060 or above 6075, or we took the Iron Butterfly trade instead of the modified Butterfly.
Its all good. Still made money and are learning how to utilize different trade set-ups beyond the good ole' Iron Condor.
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