SLV took another 5% dump and the position has deteriorated some more. The great news is that the losses are relatively small despite the fact that May short straddle strike is 16% away now :eek: no pretty pictures today Unrealized PL in the last several days: -5 > -70 > -54 > +23 > +45 > -52 > -136 > -39 > -106 p.s. i checked out the gamma scalping article. the approach totally fits with the type of trading i like to do. but i will still need to read some on those delta, gamma, etc before i could actually do it. for now i am stuck with selling sh*tloads of straddles (with wings) and trying to adjust positions by eye. also, for SLV i have started to experiment with calendar diagonals as somebody suggested earlier in the thread.
in the short straddle never made it - the move in SLV was too big. adjusting the sides or constructing similar positions some distance away from the original May strike would have made money. Unrealized PL in the last several days: -5 > -70 > -54 > +23 > +45 > -52 > -136 > -39 > -106 > -86 consider the position closed