Trade Alert: Portfolio 2 — Small Roll-Up at 19 Delta

Conservative, incremental adjustment. Builds toward eventual 10-wide short put spreads if fully adjusted. Date: May 1, 2026 SPY Reference: $721.26

TonyB Commentary

“Adjustments don’t have to be all-or-nothing — scale into changes.”

Typically when I roll up short puts, I target the 20–30 delta range. In higher volatility environments or when I’m expecting a stronger directional move, I tend to lean closer to the 30 delta side to capture more premium and increase directional exposure.

Today’s adjustment was deliberately more conservative. At the time of the roll, I moved up to approximately the 19 delta strike — a more measured approach given current conditions. The market has already given us a meaningful rally (SPY now at $721.26, up from $709.94 on April 28), so I’m not chasing.

I rolled 2 out of a possible 10 contracts, which would ultimately build into 10-wide short put spreads if fully adjusted. This was intentionally a small, incremental move — improving positioning without over-committing capital or increasing risk too aggressively.

The structure transitions from a flat short-put book toward narrower short put spreads, one piece at a time. No need to force the next 8 rolls today. Let the market come to me.