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

/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

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/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

/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

/ZS (Soybean Futures) Iron Condor: 1/13/2015 Update & New /ZS (Soybean Futures) Iron Condor: 2/17/2015

/ZS  Opening setup/trade (Jan 13, 2015)

All 4 legs expired worthless.

Profit = $131.25 (credit collected from opening trade)
Total commissions (opening & closing) = $16.84
Profit incl. commissions = 131.25  – 16.84 = $114.41


SOLD -2 IRON CONDOR /ZSK5 1/50 APR 15 /OZSJ5 1050/1060/930/920 CALL/PUT @1.875
Neutral bias
Order

Note: Commissions not included
Max. Profit = $187.50
Max Loss = $812.50
DTE = 39
BE = 928.125 & 1051.50
POP =~ 63%
Max ROC  = 187.50/812.50 =~ 23%
Will probably leave this one on till expiration

P&L diagram
Chart

/6E (Euro FX Futures) & /ZN (10 Year US Treasury Note Futures) Iron Condors: 2/11/2015

SOLD -1 IRON CONDOR /6EM5 1/125000 APR 15 /6EJ5 1.185/1.19/1.065/1.06 CALL/PUT @.001
Neutral bias
Order

Note: Commissions not included
Max. Profit = $125.00
Max Loss = $500.00
DTE = 47
BE = 1.064 & 1.186
POP =~ 71%
Max ROC  = 125.00/500.00 =~ 25%
Tgt. ROC (@ 50% of max. profit) = 62.5/500 =~ 12.5%
Depending on how the trade plays out, might adjust this or let it run.

P&L diagram
Chart


 

SOLD -2 IRON CONDOR /ZNM5 1/1000 APR 15 /OZNJ5 131/131.5/124.5/124 CALL/PUT @0”06
Neutral bias
Order

Note: Commissions not included
Max. Profit = $187.50
Max Loss = $812.50
DTE = 41
BE = 124’130 & 131’030
POP =~ 74.5%
Max ROC  = 187.50/812.50 =~ 23%
Tgt. ROC (@ 50% of max. profit) = 93.75/812.50 =~ 11.5%
Depending on how the trade plays out, might adjust this or let it run.

P&L diagram
Chart

/ZS (Soybean Futures) Iron Condor: 1/13/2015

SOLD -1 IRON CONDOR /ZSH5 1/50 MAR 15 /OZSH5 1100/1110/950/940 CALL/PUT @2.625
Neutral bias
Order

Note: Commissions not included
Max. Profit = $131.25
Max Loss = $368.75
DTE = 37
BE = 947.50 & 1102.50
POP =~ 64%
Max ROC  = 131.25/368.75 =~ 35.6%
Tgt. ROC = 131.25/368.75 =~ 35.6% (will probably leave this one on till expiration)

P&L diagram
Chart

/ZB (30 Year US Treasury Bond Futures) Iron Condor: 1/5/2015

SOLD -1 IRON CONDOR /ZBH5 1/1000 MAR 15 /OZBH5 151/152/142/141 CALL/PUT @0”16
Neutral bias
Order

Note: Commissions not included
Max. Profit = $250.00
Max Loss = $750.00
DTE = 46
BE = 141’24 & 151’08
POP =~ 64%
Max ROC  = 250.00/750.00 =~ 33%
Tgt. ROC (@ 50% of max. profit) = 125/750 =~ 17%

Chart