Sep 30 – October M3 Trade Update

What a difference a day makes. This “up” day has seen a decrease in volatility that has brought the trade values up quite a bit. Maybe 1% off of our trade highs. I have to do a bit of upside adjustments to get the T+0 line flatter on the upside but it won’t affect theta and will only modestly affect downside risks but it’s something we have to do in case the market runs off into the 1100s again. I also started closing down some Bearish butterflies for 15% profit given we’re 15 days to expiry. I’ll slowly be taking risk off here. I’ll probably roll up some of the 3rd standard deviation puts to take risk off on the downside. (If you can roll a put that’s 60c to $1 and it takes off 5-10k of risk, do it). If you’re worried about the costs, sell one or two butterflies to make up for it.

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