Trade Alert: Portfolio 2 — a Jade Lizard That's Synthetically a Short 705 Put
Sticking with the same disciplined game plan on market pullbacks.
TonyB Commentary
Sticking with the same disciplined game plan on market pullbacks.
Today I rolled up my 697 short puts to the 705 strike, representing a small but intentional positive delta adjustment of roughly +5 deltas. As we’ve discussed repeatedly, in strong trending markets I prefer to gradually improve positioning during weakness rather than aggressively chasing upside strength after rallies.
In addition, I initiated a long delta Jade Lizard structure — similar to the one we discussed on our podcast last week. This position enters with approximately +12 long deltas, an 85% probability of profit, and a breakeven below the 700 strike.
What makes this trade particularly interesting is that it is synthetically short the 705 put.
