Trade Update - GLD Delta Adjustment
Hi Steemians,
the sell off in gold continues.
Today the downside break even in my GLD September 116 straddle got breached, so I had to roll down my short call and go inverted in order to defend my position.
Rolling down the call and going inverted in GLD
I collected $3.56 for this September 116 short straddle.
Today my downside break even (112.44) got breached so I rolled down my call in order reduce my long deltas and collect more credit.
Now I have the September 116/112 inverted strangle on for which I collected and overall credit of $3.56 + $1.29 = $4.85
At the moment this position is down $1.12 ($112 per one lot)
It's a tough market at the moment.
Good luck trading,
Stephan Haller
Legal disclaimer: These are not trade recommendations. Options involve risk and are not suitable for all investors. The trades shown above are for educational purpose only.