Managing My Options Trades During Market Turmoil

Today I tried to manage my options trades in GDXJ, NFLX, SBUX, TLT, SPY, and CMG which are all iron condors except for GDXJ, which is a strangle. All of them are neutral non directional trades, but today’s huge drop didn’t help and there wasn’t much I could do other than roll down the “untested” side.   Below in GDXJ (which rallied today), I kept the same expiration date, but rolled up the 34 put to 37 for a $0.44 credit so I hopefully “lose less”. I also reduced my max profit from 50% to 25%. tomorrow if it gets worse, I’ll probably settle for breaking even. In Netfilx, I was going for a 75$ profit, however at this point I’ve changed my thinking to a break even. rolled down the call side down from 360/365 to 350/355 for a $0.21 credit. I may become more aggressive again if things change, but for now I’d be happy get out safely. Starbucks is pretty close to breaching the lower bounds of the iron condor. All I could do was roll down the call side from 105/110 to 100/105 for a $0.47 credit. I reduced my max profit to 25% of the trade instead of 50%. In SPY, I lowered my call side from 306/309 to 302/305 for a $0.18 credit. I lowered my max profit to a bit less than 50%. TLT rallied today since people move to bonds from equities during market selloffs. My iron condor was converted into an iron fly and I collected $0.14 doing that. As you can see, it’s completely breached upper bounds, so I’m just hoping things calm down and TLT goes down about 2 dollars/share. In CMG, I couldn’t do anything, because there weren’t calls at the strike prices I wanted so I left it alone, but also lowered my max profit to about 25%.   Money Vikings use tastyworks to trade options. If you decide to check it out, please use our referral link!

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