VXX ended good considering the sell-off toward market close. Market down but VXX not up. Account some plus.
Sold OTM calls two weeks out, and sold next week ITM calls.
Sold Sep OTM puts.
28 VXX calls expired worthless. Closed 36 VXX $20.50 strike calls at $0.14 when VXX was defending 20.46 for about an hour. Of course a couple of minutes after I closed those, VXX went down but not by much. I waited one hour and then finally I close the calls and VXX goes down in a couple of minutes.
Then went to a walk and wanted to roll 20 VXX ITM calls 10 minutes before market close but couldn't make up my mind to which expiration/strike, and then market closed while trying to roll. So 20 ITM calls assigned.
Contango is good. It seems VIX futures margin increase has not much of impact today. Relieved that I got rid of excessive VXX calls today. Still holding more than I should be. Some more weakness in VXX next week would be nice so I can trim some more VXX short position. GLD flew away today, just couldn't catch it.
calcsmart, I did some strangles/straddles in the past (but never with VXX). However, I concluded that I cannot win in the long run. Occasionally I got big profit but that's rare, and once it moves to one direction, even before the trade shows meaningful profit, it becomes almost the same as long put or long call, and any reversal will quickly turn the trade into loss. I don't do straddle or strangle anymore. I try to stay away from option long due to my trading habit.
You may want to run paper trading to see how strangles work out for VXX before doing actual strangles.
No, not anywhere near Wes. I cannot even short meaningful shares of AAPL with my budget.
Just trying hard to augment my income with trading and prepare for retirement better.
I was aggressive with VXX short as I had some protection from market shorts.