Opening (IRA): USO December 20th 68 Covered Call
... for a 66.48 debit.
Comments: Back into the slippery stuff with /CL trading at 70.48. Selling the -75 delta call against stock to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
My basic approach here is to dink and donk on the underlying when /CL is at 70/bbl. or below.
Metrics:
Break Even/Buying Power Effect: 66.48
Max Profit: 1.52
ROC at Max: 2.29%
50% Max: .76
ROC at 50% Max: 1.15%
Will generally look to take profit at 50% max; roll out short call on take profit test. I'll also look to add "rungs" should I be able to do so at strikes/break evens better than what I currently have on.
Comments: Back into the slippery stuff with /CL trading at 70.48. Selling the -75 delta call against stock to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
My basic approach here is to dink and donk on the underlying when /CL is at 70/bbl. or below.
Metrics:
Break Even/Buying Power Effect: 66.48
Max Profit: 1.52
ROC at Max: 2.29%
50% Max: .76
ROC at 50% Max: 1.15%
Will generally look to take profit at 50% max; roll out short call on take profit test. I'll also look to add "rungs" should I be able to do so at strikes/break evens better than what I currently have on.
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