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TECK strangle trade #2

UPDATE: June 28, 2017
 

We have 2 days to expiration for this trade and our put side just closed for 0.02 debit:
 

BTC 1 TECK Jun30 16.00 put
@ 0.02 debit

 

We still hold our Jun30 16.50 calls but they are now in the money. I do not expect the stock to drop from the current $17.23 a share down below 16.50 in two day although anything can happen. We will wait one or two more days to see and then eventually roll our calls higher and sell new puts.
 

UPDATE: June 15, 2017
 

As calls got closed a few days ago and puts slipped in the money (ITM) I decided to roll puts down and sell new calls against it:

 

BTC 1 TECK Jun30 16.50 put
STO 1 TECK Jun30 16.00 put
STO 1 TECK Jun30 16.50 call

@ 0.26 credit limit
 

Although now the trade has a very narrow window for both legs to expire or be bought back for nothing (and actually I do not expect it much) I am OK with this trade.

If the stock continues slipping down, the calls may get actually closed again and later on, if we see a recovery, the puts can get closed. This will not be a bad idea necessarily.

 

Show more...

 

UPDATE: June 07, 2017
 

Today, as TECK continued slipping down, our calls closed:
 

BTC 1 TECK Jun30 21.00 call

@ 0.05 debit limit
 

Remember, after I open a new trade, I immediately place a GTC buy back order for 0.05 debit. The order then hangs out there with my broker until either canceled or closed.

I still hold the put side of this trade waiting for it to either close for a 0.05 debit or, if the stock continues lower, roll it.
 

Original Trade: May 30, 2017
 

I decided to open another strangle using TECK Resources underlying.

One reason I like to trade this stock is that it is cheap (the buying power requirement was only ~$189 dollars) and it still provides a decent implied volatility for the trade.

 
Here is the trade detail:
 

STO 1 TECK Jun30 16.50 put
STO 1 TECK Jun30 21.00 call

@ 0.40 credit limit
 

TECK @ 18.76
trade IV: 43.41%
 

 
TECK strangle
 

The trade executed for 0.41 credit (or $41 dollars).
 

I plan on holding this trade until expiration and also opening new trades in a ladder style. That means that I would create a series of trades expiring every week.
 


 

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