Today’s deltas were all very positive, however positive gamma mvc was only a few points away. Since it was such a high gamma level I had a theory that it wouldn’t go past 20 points from MVC. I set a stop loss for 6620. I sold call credit spreads for $0.75 each for strikes 6645/6650 Calls. Looking to close these for $0.05 if price goes below VWAP. If it stays and howevers, ill look to close at 50% in the next hour. If price hits my cut loss ill close all my positions except one. I definitely shouldn’t be doing this as i’m going against the current trend however the data points that we wont go any higher at the moment.
Update: 10:37 AM PST. I was able to close all my positions at $0.05. Price never went past 6615.