Tag Archives: /CL (Light Sweet Crude Oil Futures)

/CL, /ZB Trades

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  • Sold July 48 put in /CL on May 15.  Closed the trade on May 29 for a profit of $72.58. Click on the image below to view trade details.
    CL_2_5_15_2015
  • Sold an Aug 46/73.5 strangle in crude oil on June 1.  Close the trade on June 8 for a profit of $155.16. Click on the image below to view trade details.
    CL_6_1_2015
  • Sold 2 x July 148/175 strangle in 30-year US treasuries on April 27.  Adjusted the trade by selling 2 x July 163 calls on May 19 after being tested on the downside.  Sold another 2x July 160 calls as a second adjustment on June 3 as a second adjustment.  Closed all 4 legs on June 16 for a profit of $232.10. Click on the image below to view trade details.
    ZB_4_27_2015
  • Sold an Aug 48/69 strangle in crude oil on June 15.  Close the trade on June 22 for a profit of $115.16. Click on the image below to view trade details.
    CL_6_15_2015
  • Sold 2 x Aug 140/164 strangle in crude oil on June 1.  Close the trade on June 22 for a profit of $37.94.  Wanted to see how the markets were going to react in relation to the Greek debt crisis. Click on the image below to view trade details.
    ZB_6_16_2015

    YTD P&L

/CL trades

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Original June short strangle (30.5 put, 62 call) opened on March 23.

– Adjusted by selling another put (43 strike) on April 16 during the large rally.
– Closed the 62 call for a loss on May 7 after that side was being tested.  In hind sight if left alone would have expired worthless … of course hind sight being 20/20
–  Both the puts (30.5, 43) expired worthless

Opened a short July 72 call on May 8 & closed it on May 15.

Trade details can be viewed by clicking the image below

CL_5_15_2015

YTD P&L

/GC BWB, /CL & /ZB Short Strangles, /6E remaining call vertical, /ZS IC closing trades, New /CL, /ZB Short Strangles

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/GC Opening trade setup

Closed the trade on Mar 23.
Loss (after commissions) = $329.68

/CL Open trade setup

Closed the trade on Mar 23.
Profit (after commissions) = $195.16

/ZB Opening trade setup

Closed the trade on Mar 31.
Profit (after commissions) = $319.20

/6E Partially closed trade setup

Closed the remaining trade on April 2
Profit (after commissions) = $67.28

/ZS Opening Trade setup

All legs expired worthless on March 27
Profit (after commissions) = $153.82

Opened Short Strangle in /CL on Mar 16. Opened Short Strangle in /ZB on Mar 19

SOLD -1 STRANGLE /CLM5 1/1000 JUN 15 /LOM5 62/30.5 CALL/PUT @.35
SOLD -2 STRANGLE /ZBM5 1/1000 JUN 15/JUN 15 /OZBM5 178/151 CALL/PUT @0”21

YTD P&L

/6E Iron Condor partially closed, /ES Broken Wing Butterfly closing trade, new /CL & /ZB Short Strangles

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/6E Opening trade setup

Bought back the PUT spread tested side on Mar 17.
Loss (after commissions) = $252.94

 

/ES Opening trade setup

Closed the trade on Mar 19.
Loss (after commissions) = $669.96

Opened Short Strangle in /CL on Mar 16. Opened Short Strangle in /ZB on Mar 19.

SOLD -1 STRANGLE /CLM5 1/1000 JUN 15 /LOM5 64.5/27.5 CALL/PUT @.42
SOLD -2 STRANGLE /ZBM5 1/1000 JUN 15 /OZBM5 181/149 CALL/PUT @0”23

YTD P&L

 

/ZN Iron Condor & /CL Short Strangle Closing Trades

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/ZN Opening setup/trade (Feb 11, 2015)
Scroll to the bottom of the post

Closed the trade for 0”03 debit
Closing trade

P&L Table
Profit = $44.64

/CL Opening setup/trade (Mar 05, 2015)
Scroll to the bottom of the post

Closed the trade for 0.20 debit
Closing trade

P&L Table
Profit = $195.16

YTD P&L

 

/CL (Light Sweet Crude Oil Futures) Short Strangle: 2/24/2015 Closing Trade + New /CL (Light Sweet Crude Oil Futures) Short Strangle: 3/5/2015

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/CL Opening setup/trade (Feb 25, 2015)
Scroll to the bottom of the post
SOLD -1 STRANGLE /CLK5 1/1000 MAY 15 /LOK5 67/30 CALL/PUT @.43

Closed the trade for 0.22 debit
Closing trade

Profit = $430 (credit collected from opening trade) – $220 (debit for buying back the strangle) = $210
Total commissions (opening & closing) = $14.84
Profit incl. commissions = 210 – 14.84 = $195.16

SOLD -1 STRANGLE /CLK5 1/1000 MAY 15/MAY 15 /LOK5 65/35 CALL/PUT @.41
Neutral bias
Order

Note: Commissions not included
Max. Profit = $410.00
Max Loss = $Infinite
Initial buying power reduction (BPR) =~ $1,500
Note: Unlike an Iron Condor the BPR for a short strangle can change drastically if the underlying makes a significant move either way.  Options on futures require low margin to start off with (use span magin).  The wings I bought were around a 5 delta (around 2 STD out each way).  However, this trade might require active management to keep deltas in check or the losses could be significant.
DTE = 42
BE = 34.58 & 65.36
POP =~ 88%
Max ROC  = 430/1,500 =~ 29%
Would look to take this off around 30%-40% of max. profit.

P&L diagram
Chart

 

/GC (Gold Futures) Broken Wing Butterfly: 1/6/2015 & /CL (Light Sweet Crude Oil Futures) Iron Condor: 2/2/2015 Closing Trades + New /CL (Light Sweet Crude Oil Futures) Short Strangle: 2/24/2015

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/GC Opening setup/trade & adjustment (Jan 6, 2015)

/GC was trading right around the max profit level of 1200.  However, I did not want any ITM legs to get exercised and be assigned the associated short or long futures position.  As such I sold the remaining regular butterfly (1210/1200/1190).
SOLD -1 BUTTERFLY /GCJ5 1/100 MAR 15 /OGH5 1210/1200/1190 PUT @3.00
Order

Profit = $140 (credit collected from opening trade) – $30 (debit for buying back the embedded short put vertical) + $300 (credit collect from closing out the remaining butterfly) = $410
Total commissions (opening & closing) = $37.10
Profit incl. commissions = 410  – 37.10 = $372.90

/CL Opening setup/trade (Feb 2, 2015)

Closing trade
BOT +1 IRON CONDOR /CLJ5 1/1000 APR 15 /LOJ5 60/61/40/39 CALL/PUT @.12
Debit = $120

Profit = $240 (credit collected from opening trade) – $120 = $120
Total commissions (opening & closing) = $29.68
Profit incl. commissions = 120  – 29.68 = $90.32

SOLD -1 STRANGLE /CLK5 1/1000 MAY 15 /LOK5 67/30 CALL/PUT @.43
Neutral bias
Order

Note: Commissions not included
Max. Profit = $430.00
Max Loss = $Infinite
Initial buying power reduction (BPR) =~ $1,100
Note: Unlike an Iron Condor the BPR for a short strangle can change drastically if the underlying makes a significant move either way.  Options on futures require low margin to start off with (use span magin).  The wings I bought were around a 5 delta (around 2 STD out each way).  However, this trade might require active management to keep deltas in check or the losses could be significant.
DTE = 52
BE = 29.57 & 67.43
POP =~ 63%
Max ROC  = 430/1,100 =~ 39%
Would look to take this off around 30%-40% of max. profit.

P&L diagram
Chart

/CL (Light Sweet Crude Oil Futures) Iron Condor: 2/2/2015

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SOLD -1 IRON CONDOR /CLJ5 1/1000 APR 15 /LOJ5 60/61/40/39 CALL/PUT @.24
Neutral bias
Order

Note: Commissions not included
Max. Profit = $240.00
Max Loss = $760.00
DTE = 43
BE = 39.77 & 60.23
POP =~ 71%
Max ROC  = 240.00/760.00 =~ 31.5%
Tgt. ROC (@ 50% of max. profit) = 120/760 =~ 15.80%

P&L diagram
Chart

/CL (Light Sweet Crude Oil Futures) Iron Condor: 1/5/2015 – Closing Trade

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Opening setup/trade (Jan 5, 2015)

Closing trade
BOT +1 IRON CONDOR /CLH5 1/1000 MAR 15 /LOH5 61/62/42/41 CALL/PUT @.13
Debit = $130

Profit = $260 (credit collected from opening trade) – $130 = $130
Total commissions (opening & closing) = $29.68
Profit incl. commissions = 130  – 29.68 = $100.32