I was not expecting the big rally today but the beauty of trading options is that we can easily benefit from movement in both directions.
Today we are 21 days to the July expirations so it was time to roll my positions, which is always exciting as it gives us the opportunity to recentre positions.
So what's my trade for today?
#WFC (#WellsFargoBank). Earnings is coming up so the IVR is quite high enabling us to sell a very wide strangle and still collect a decent premium for very little capital allocation.

The stats
Trade Type: Short Strangle
Strike: $32.5 / 47.5
Expiry: 19 Aug
Delta: -3
IV Rank: 44.2
Premium: $0.78
Cap Req: $408
Annualised Prof at Expiry: 125%
IMPORTANT: Studying previous trades provide the opportunity to everyone to learn a great deal so I encourage you to click on the links below and digest the info.
https://www.tycoonitos.com/community/market-comments/market-comments-20220504
https://www.tycoonitos.com/community/market-comments/market-comments-20220225
https://www.tycoonitos.com/community/market-comments/market-comments-20220419
https://www.tycoonitos.com/community/market-comments/market-comments-20220330
https://www.tycoonitos.com/community/market-comments/market-comments-20220615
https://www.tycoonitos.com/community/market-comments/market-comments-20220613
https://www.tycoonitos.com/community/market-comments/market-comments-20220524
https://www.tycoonitos.com/community/market-comments/market-comments-20220421
A nice little winner!
Closed at $0.58 for an annualised profit of 138%.