Friday, 3/12/2021 (9:19 am, PT)
buy +1 March 12, 2021 3980 call at $0.12 (prob ITM 1.55%)
sell -1 March 12, 2021 3950 call at $1.42 (prob ITM 15.42%)
net credit: $1.30 x 1 x 100 = $130 (max profit)
margin: $2867
Friday, 3/12/2021 (12:54 pm, PT)
buy back 3950 short call at $0.05
NET PROFIT: $122.11 (in 4 hours)
ROC: 1554% (annualized)
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Friday, 2/26/2021 (11:45 am, PT) <--- Expiration Day
buy +1 Feb 26, 2021 3895 call at $0.17 (prob ITM 1.78%)
sell -1 Feb 26, 2021 3855 call at $2.37 (prob ITM 17.61%)
net credit: $2.20 x 1 x 100 = $220 (max profit)
margin: $3767
Friday, 2/26/2021 (12:54 pm, PT) <--- 70 minutes later
buy back 3855 call at $0.10
let long call expire "worthless"
Note: SPX closed at 3811.15 at 1 pm, PT (settlement)
NET PROFIT: $206.46 (in 70 minutes)
ROC: 5.48% (1 hour) = 2000% (annualized)
Monday, 4/12/2021
sell -1 April 14, 2021 4055 put at $1.95 (prob ITM 8.55%)
buy +1 April 14, 2021 4010 put at $0.75 (prob ITM 3%)
net credit: $1.20 x 1 x 100 = $120
margin: $4500
2 DTE
Wednesday, 4/14/2021 (EXPIRATION)
buy back short put (4055 strike) at $0.05 to remove the risk of assignment
NET PROFIT: $112.11 (2 days)
Return on capital: 454% (annualized)
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Tuesday, 3/2/2021
sell -1 March 3, 2021 3805 put at $2.55 (prob ITM 8.63%)
buy +1 March 3, 2021 3770 put at $1.20 (prob ITM 4.18%)
net credit: $1.35 x 1 x 100 = $135
margin: $3372
SPX at 3890.37
Wednesday, 3/3/2021 (Expiration)
buy back 3805 short put at $0.05
let long put expire "worthless"
NET PROFIT: $127.03 (1 day)
ROC: 3.77% (1 day) = 1375% (annualized)
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Monday, 3/8/2021
sell -1 March 10, 2021 3665 put at $2.29 (5.31% prob ITM)
buy +1 March 10, 2021 3620 put at $1.09 (2.63% prob ITM)
net credit: $1.20
margin: $4371
Tuesday, 3/9/2021 (SPX up 80)
buy back short put (3665 strike) at $0.20
Tuesday, 3/9/2021 (8 minutes later)
sell -1 March 10, 2021 3790 put at $1.20 (4.78% prob ITM)
new margin: $16,887
Wednesday, 3/10/2021 (Expiration)
SPX closed at 3898.81
Let entire put spread expire "worthless"
NET PROFIT: $215.13 (in 2 days)
Return on capital: 232% (annualized)
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Wednesday, 3/31/2021
sell -1 April 1, 2021 3940 put at $2.50 (prob ITM 12.22%)
buy +1 April 1, 2021 3910 put at $0.95 (prob ITM 5%)
net credit: $1.55 x 1 x 100 = $155
margin: $2850
1 DTE
SPX = 3987.44
Thursday, 4/1/2021 (EXPIRATION)
buy back short put (3940 strike) at $0.05 to remove the risk of assignment
let long put expire "worthless"
SPX closed at 4019.87
NET PROFIT: $147.11 (1 day)
Return on capital: 1884% (annualized)
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Fri. 3/26/2021
sell -1 March 26, 2021 3915 put at $1.52 (prob ITM 15%)
buy +1 March 26, 2021 3850 put at $0.12 (prob ITM 1%)
net credit: $1.40 x 1 x 100 = $140
margin: $6494
SPX at 3934
Fri. 3/26/2021 (EXPIRATION)
buy back short put at $0.05 to remove the risk of assignment
let the long put expire
NET PROFIT: $132.11 (2 hours)
Return on capital: 742% (annualized)
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Fri. 3/5/2021
buy +1 March 8, 2021 3975 call at $0.07 (prob ITM 0.30%)
sell -1 March 8, 2021 3915 call at $1.42 (prob ITM 6%)
net credit: $1.35 x 1 x 100 = $135
margin: $5861
2 DTE
SPX at 3828.60
Mon. 3/8/2021 (EXPIRATION)
buy back short call at $0.10 to remove the risk of assignment
NET PROFIT: $121.46 (2 days)
Return on capital: 378% (annualized)
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Thu. 12/3/2020
sell -1 March 19, 2021 $280 put at $2.05 (prob ITM: 9.26%)
buy +1 March 19, 2021 $248 put at $0.99 (prob ITM: 4.79%)
Thu. 2/4/2021
buy back the entire spread for $0.20
NET PROFIT: $81.02
return on capital: 19.62% (in 2 months) = 119% (annualized)
Learn to trade options.
Monday, 2/8/2021
sell -2 March 12, 2021 $240 puts at $2.13 (prob ITM 17%)
buy +2 March 12, 2021 $210 puts at $0.37 (prob ITM 4%)
net credit: $1.76 x 2 x 100 = $352 (max profit at expiration)
margin: $2318
31 DTE
FB at $266.38
Monday, 3/1/2021
buy back entire spread for $0.64
NET PROFIT: $218.67
ROC: 164% (annualized)
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Monday, 2/22/2021
sell -1 March 26, 2021 $115 put at $1.33
prob ITM: 20.39%
32 DTE
Friday, 3/26/2021 (EXPIRATION)
Apple closed at $121.21
I let my short put expire "worthless"
NET PROFIT: $132.34
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Wednesday, 3/3/2021
sell -1 March 19, 2021 $22 put @ $0.30
probability ITM: 55.49% (this is high)
16 DTE
Friday, 3/19/2021 (EXPIRATION)
QYLD closed at $22.45
I let my short put option expire "worthless"
NET PROFIT: $29.34
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Thu. 2/18/2021
sell -2 March 19, 2021 $140 put at $1.44 (prob ITM 17.21%)
buy +2 March 19, 2021 $125 put at $0.35 (prob ITM 5.43%)
net credit: $1.09 x 2 x 100 = $218
margin: $3,000
Fri. 3/12/2021
buy back the entire spread at $1.09
NET LOSS: $5.34 (trading fees)
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Thursday, 2/18/2021
sell -2 March 19, 2021 $465 puts at $2.14 (prob ITM 4.34%)
buy +2 March 19, 2021 $396 puts at $1.02 (prob ITM 2.38%)
net credit: $1.12 x 2 x 100 = $224 (max profit)
margin: $2275
Tuesday, 3/2/2021
buy back entire spread for $1.06 (debit)
NET PROFIT: $6.66
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Monday, 2/8/2021
sell -2 March 12, 2021 $240 puts at $2.13 (prob ITM 16.93%)
buy +2 March 12, 2021 $210 puts at $0.37 (prob ITM 3.66%)
net credit: $1.76 x 2 x 100 = $352 (max profit)
margin: $2318
FB @ $266.38
Monday, 3/1/2021
buy back the entire spread for $0.64 (debit)
NET PROFIT: $218.67 (in 21 days)
ROC: 9.43% (21 days) = 164% (annualized)
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Friday, 1/15/2021
sell (to open) -1 March 19, 2021 $30 call at $0.24 (probability ITM 7.56%)
buy (to open) +1 March 19, 2021 $25 call at $0.95 (probability ITM 26.54%)
Net debit: $71
$71 = max loss if JETS closes below $25 at expiration
$429 = max profit if JETS closes above $30 at expiration (but the probability of this happening is less than 8%)
Tuesday, 2/9/2021
sell (to close) the entire call spread for a credit of $0.60
NET LOSS: $13.64 😔
I decided to close my trade early and take a small loss. After nearly 30 days, this trade never showed a profit. I wasn't in the mood to keep holding and hoping.
Learn to trade options for FREE!
If you've ever looked closely at a SPY options chain, you probably noticed that there are LOTS of expiration dates. Some options expire within just a few days while other options expire several weeks or several months later.
Some SPY options even have expiration dates that are over one year away. These options are called LEAPS.
Many options traders have asked me if it's "better" to trade options that have near-term expirations or options that have far-term expirations (LEAPS).
In this 4-part series, I compared the performance of a near-term short put versus a LEAPS short put.
CLICK HERE to watch all four videos.