Here's an example of a 2nd IWM straddle I placed yesterday, actually a strangle. I bought:
IWM 58 Calls for $1.45
IWM 53 puts for $1.34
Total: $2.79
At 3PM, these options were worth:
IWM 58 Calls: 0.47
IWM 53 puts for $2.92
Total: $3.39
Profit: 21%, in 1 day.
At 3:30PM they were worth:
IWM 58 Calls: $0.49
IWM 53 puts for $3.22
Total: $3.71
Profit: 33%
Final update at 4PM (with markets closed):
IWM 58 Calls: 0.25
IWM 53 puts for $5.00
Total: $5.25
Profit: 88% (in 1 day)
A side note on last week's straddle. Had I not sold it, today it would be worth:
68 Calls: $0.02
67 Puts: $16
Total: $16.02
Since the cost was about $4, the profit would have been 4X (300%).
Thursday, October 9, 2008
Another IWM Straddle
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