So at the current levels, the position is now profitable. By how much exactly, I haven't estimated yet, 2-300+ perhaps. Nothing to brag about after 12 trading days, lol. But the swing from loss to gain over the past couple of days has been decent. My goal now is to clean up the position and move ahead with more size. Friday isn't the best day for that so I should work early. I've been tempted to post at CL Redux for a long time now. Some good traders there. But I can see that my trades are difficult to follow. Often, with complex formations, I compartmentalize the components or match them up for easy analysis. Often, you don't need to do any calcs to see where you are and where you want to go - if you understand option behavior and are familiar with the option market (chains) that you're trading. For example, my SPY component is interesting and easy to see because the options expire tomorrow. +200s, -2 200P, -2 200.5C. So at least theoretically, as we approach EOD the position will start behaving like +400s below 200, + 200s between 200-200.5,and flat above 200.5. You can extrapolate from there for the early part of the day. You'd want to expand those parameters below 200 and above 200.5. Just a rough estimate, but good enough for that position. In reality, near the strikes, the options may retain time value at EOD. But I don't want to mess around with it too much and should close all or part of it out. That leaves the ES ratio spread to deal with, as well. I want to clean that up and perhaps establish an ES put spread - if the market cooperates.
Geez, busy, busy. What I meant is that the value of the SPY formation can fluctuate between 0-400s tomorrow.
Wow, I look back and it's in the .50s. I'm sure it's believable now. I don't know how to post a blotter - and really don't care to.
Got to go out this afternoon before EOD. Nap time. I'll take whatever I can get when I get back to this. I just don't trust Fridays.