So IV is very low, If its under 20 I need to sell as soon as the market starts. I sold a 6880/6890 call credit spread for $0.70. The Positive MVC is pointing towards 6850 and is double than anything else. I think we at most go past 6850 by 5 points of that unless there’s news again. I set a stop loss at 6860 And will probably reposition if it goes that way. I’m looking to close at $0.10.
Update: Price never broke past the morning high and decided to reverse. I ended up selling another contract for $0.35 when it got really close to the top again. Theres 3 and half hours left as it is 9:30 AM PST. I plan to let these expire worthless unless price hits 6805. If it does then ill close my positions for $0.05 and look to sell puts.
Update: 10:00 AM PST Price dropped as low as 6810 and I was able to sell a 6760/6750 put credit spread at $0.30. Going to let this one expire worthless as price climbed back up to 6819 as of 12 PM PST.
Update: 1 PM PST – Price ended at 6817 which meant my contracts all expired worthless with a net profit of $130 before fees.