BOT DBL DIAG AAPL 100 OCT 08/SEP 08 190/160/185/165 CALL/PUT/CALL/PUT @ $3.36 debit
Today, my analyze graph below showed that it has shifted downward on my profit scale and my delta exposure is high:
BOT AAPL 100 SEP 08 165 PUT @ $4.95 debit
SOLD AAPL 100 SEP 08 160 PUT @ $3.05 credit
SOLD DIAGONAL AAPL 100 OCT 08/SEP 08 190/185 CALL @ $1.66 credit
Therefore I "calendarized" 10 contracts of my 160 Sep puts by selling 10 of 165 puts and buying 10 of 160 Sep puts & lowered my upper call diagonal down to 180/185 Sep Oct diagonal. This also lowers delta from 970 to 685 and decreases margin by $1500. This also lowers my breakeven a bit to give me some cushion on the downside.
Here's what it looked like after the adjustments:
Today, I also added the following to center/balance the mark between my breakevens:
BOT +52 DIAGONAL AAPL 100 OCT 08/SEP 08 185/180 CALL @ $1.88 debit
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