Trade Alert: Portfolio 2 — One Last Ratio, Then We Wait

Date: April 28, 2026 SPY Reference: $709.94

TonyB Commentary

“One Last Ratio, Then Let the Market Decide.”

This is likely my final put ratio spread for now, even though we are only utilizing approximately 17.5% of total buying power. At the portfolio level, we remain well within our risk limits, with a combined breakeven below 655 — giving us a meaningful cushion to the downside.

Thinking two steps ahead — planning the next moves:

If the market moves lower: I will look to peel off the long strikes from these ratio spreads. While those longs provide protection, they also consume additional buying power and introduce long delta at lower prices, which can actually increase risk in a continued decline. By removing them, I would be left with approximately 8 to 10 short naked puts, allowing me to lean into elevated volatility and collect richer premium at more attractive levels.

If the market continues higher: I plan to leave the put structures largely intact and instead add call diagonal spreads to introduce upside convexity. This allows us to participate in continued strength without disturbing the high-probability premium already in place.

The goal here is to stay flexible and adaptive, letting the market dictate how we evolve the portfolio rather than forcing a fixed outcome.