We are opening a new SPX put spread this morning:
Order Summary
Sell to Open 1 SPX 02/06/2026 Put 6730
Buy to Open 1 SPX 02/06/2026 Put 6715
Limit GTC @ 0.80 Credit
With the latest selling, I added a call spread to this trade on Tuesday. That converted the trade into an Iron Condor:
We collected additional 0.50 ($50) premium to the original 0.80 ($80) premium we collected on our put spread. Now, our total collected premium is 1.30 ($130).
But today (Thursday, February 5th, 2026) we rolled the call spread down to collect even more premium. The reason is to lower a potential loss should the selling continue and challenge our put spread:
We collected additional 1.80 ($180) premium to the original 1.30 ($130) premium we collected on our put spread. Now, our total collected premium is 3.10 ($310). Ideally, we would like to see a bounce or just a mild selling tomorrow. In that case the trade would expire worthless. But is heavy selling resumes, we may do a few adjustments – close the call spread and reverse the put spread into a call spread, lower the call spread down converting the trade to a box, close the call spread and roll put spread down and away in time. We will decide the direction tomorrow based on the market’s move.
02/06/2026 Adjustment
So the market rallied hard, like “what the heck” hard today and our calls were obliterated. So we rolled calls into puts:
This is how crazy today was:
And here is the roll:
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