It's going to be an interesting and important day tomorrow so decided to roll some of my positions to October.
The great thing about rolling to another month is that we can either collect additional premium or sacrifice some of our net credit and widen our strikes.
For example, I had a $193 straddle in IWM, which is not ideal but through countless adjustments I was able to collect significant premium. This enabled me to roll to October and sacrifice some of my premium so I ended up with a fairly secure strangle and still plenty of premium.
So what's my trade for today?
Given that we have a fairly big risk in the global markets I am quite bearish on the gambling industry. #LVS has moved up today $1.20 so I took a shot at it with a Sep $42 call hoping that it will drop or remain around the current level.
Trade Type: Short Call
Expiry: 16 Sep
IV Rank: 17.4
Cap Req: $492
Annualised Prof at Expiry: 207%
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.