04/23 NDX Iron Butterfly – MAY/10

NDX moved higher Today, the vols didn’t drop by much and until they do I feel the trade will take some heat. Have my game plan updated, may need to cut and roll or add extra butterfly sooner than originally planned. Would be in worse shape if it didn’t have the extra long MAY call that I added Yesterday.

04/22 Daily Summary

What a wild day!! NDX was trading at 2001 some point intra-day, and rallied all the way to 2047! This is not captured on the daily chart, but it happened nevertheless. One thing I’m now doing since I started to focus on one trade a month is to really document my next steps, what are my expectations of P/L and my game plan. See the detailed chart on the NDX trade.

04/22 NDX Iron Butterfly – MAY/10

What a wild day!! NDX was trading at 2001 some point intra-day, and rallied all the way to 2047! Needless to say, market makers made their spreads really wide to compensate for such a sharp movement. The P/L got affected by that, and since it hit my contingent order in the last few minutes of trading, I ended up buying some of that as well. The position is down 5% due to these two factors. I’ve posted my game plan as of Today, notice that based on my estimations I would be down about 1% if this was a normal move to 2047.. It pays to keep things in perspective, bottom line I’m still looking to make 10% on the trade.

04/21 Daily Summary

Started the MAY journey with the NDX Iron butterfly.

04/21 NDX Iron Butterfly – MAY/10

Started the May trade this morning, as the market was trading higher but seemed to be looking to pull back. Turns out it did pull back a little. I have contingent orders to soften the deltas by adding the long MAY call if needed at 2047, otherwise will ride it without the extra call.

04/19 Daily Summary

If you just look from close to close, there has been little difference, however, if you look at Today’s intra-day action, you’ll notice we were trading quite lower mid-day and rejected those levels pretty fast. The 5-day profile chart has yet to violate the up-swing. Today’s low in my opinion is an important level to watch moving forward.

04/16 Daily Summary

Two back to back 2+ standard deviation days, is volatility coming back? Don’t have any position right now, likely to enter on Monday.