08/24 MNX Iron Butterfly

MNX took a break over the weekend, the position is now back in the black. Notice the Delta is under control and we got an increase in Theta. The goal for the trade is to keep theta running with at least 1% per day, so every quiet day books money in the bank.

Previous Post:

08/21 MNX Iron Butterfly

08/21 Daily Summary

Today's price action brought my positions down a bit, total portfolio value is down -5%, not a big deal, considering I still have money to deploy next week (IBM Calendar). For now, I plan on enjoying the weekend, getting some rest and coming back ready next week!

Position's Details:
08/21 RUT Iron Butterfly
08/21 MNX Iron Butterfly

Cheers!
Gustavo

08/21 RUT Iron Butterfly

RUT made its trip to the edge of the expiration graph. I decided not to jump the gun and open a new butterfly just yet. My plan is to do so if we continue moving up and get to 490 next week.

See Yesterday's:
08/20 RUT Iron Butterfly

08/21 MNX Iron Butterfly

The good news is, we're back in the center. The bad news? Over-adjusting on the down-side cost me some money fixing things up. On the bright side, I had the foresight to start leveling things up since Yesterday, otherwise we'd be down twice as much Today. The trade only need a few quiet days to recover, let's see what next week brings.

See Yesterday's:
08/20 MNX Iron Butterfly

08/20 Daily Summary

Made few adjustments on MNX, didn't toucht the RUT position. Looking forward to the weekend. MNX AUG trade going through expiration without major risk.

Position's Details:
08/20 RUT Iron Butterfly
08/20 MNX Iron Butterfly

08/20 RUT Iron Butterfly

RUT edged higher Today, I have contingent orders to cut delta in 1/2 if we move up to 675 Tomorrow. Nothing alarming Today..

Position's History:

08/19 RUT Iron Butterfly

08/18 RUT Iron Butterfly

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08/20 MNX Iron Butterfly

Today MNX basically got back to where it was when I entered the trade. I realized I had sold the SEP extra call too soon, and ended up buying another SEP call Today. The main reason for buying this call was to controll the Gamma exposure. The trade was already building up gamma, and the OCT contracts usually have lower gammas.

It is back to B/E, once again, I went overboard when I adjusted to the down-side, I flattened the deltas too hard, next time will do it gradually, cut in 1/2 first and then go from there. Because of its high gamma, the MNX tends to flip back and forth on the deltas, and if you flatten it out, you may find yourself in my position, going back to where it was, but without any profits to show for.

Position's History:
08/19 MNX Iron Butterfly - SEP
08/18 MNX Iron Butterfly - SEP
08/17 MNX Iron Butterfly - SEP
08/14 MNX Iron Butterfly - SEP
08/15 MNX Price & Volatility Study
08/13 MNX Iron Butterfly - SEP *New*

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