09/28 Daily Summary

I must add the following check-list to use for end-of-day adjustment AND contingent order placement:
a) Check for long PUT or CALL that can be sold to cut deltas
b) Check for any delta hogs that need to be rolled to cut deltas
c) Add long PUT or CALL to cut delta

Last week, when I created my contingent orders, I didn't add an order to sell the long Nov PUT for the RUT position, this was a mistake on my part that I only caught up with Today while documenting the position. Add that to the MNX oversigh, thats two strikes on the same topic. Hence the need for the checklist.

Position's Details:
09/28 RUT Iron Butterfly
09/28 MNX Iron Butterfly

09/28 RUT Iron Butterfly

Today's price action was strong to the up-side, the position maintained its current P&L. I didn't realize this last Friday, but on my inventory I had a long Nov PUT that I needed to get rid of if we moved higher, we did Today and instead of dumping that PUT I ended up buying calls, the effects on the delta is the same, however, by selling the PUT I'd be getting some extra theta and also keeping some of the PUT's value in the trade.

By looking at the volatility chart, one can realize the market is starting to get "agitated" with bigger days showing up.

09/28 MNX Iron Butterfly

With Today's strong up-side swing I was glad my order to sell the Nov 185 Call was based on price trading bellow 169, as the market moved higher the contingent orders triggered and kept the position under control.