We have 37 DTE and the trade is sitting way outside the main tent. I’ve built up a tent on the call side that helps but the risk vs rewards here are starting to get unattractive. I’d have a much much better T+0 in a May trade. That said, I think as the market gyrates through the next week, I’ll adjust by removing large portions of the trade and getting the risk profile more attractive to conclude the month. It may mean we won’t recover everything in April trade but we will make up for it in a solid May trade (with the capital we would have had in April).
The worst of three is posted below. I have a strong theta, but any move up will hurt and all my profit zone is 6% lower in the tent which is not likely with the fed meeting coming up (things will likely range until then). So I just can’t see much odds for a recovery in this trade vs just unwinding it to a more attractive smaller position and move those funds into a May trade.
