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Trade Log 2025-01-21

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First trading day after President Trump’s inauguration. Market is pretty stable but the recent rally pushed individual stocks’ vol lower, so today is a good opportunity to open a few double eagle trades.

Main takeaway from these trades: Don’t hesitate to take profit… especially with straddles.

Trade 1. NVDA Double Eagle

Exit

Total PNL (before transaction cost): +32.47%

Update 2/24: Closed the remaining half at $5.41.

Update 2/13: Closed half of the positions at $5.85.

Enter
  • Earnings release date: 2/26
  • Trade: G5.21/G5.28 130/150 STG SWAP
  • ToT stats
    • Vol: G5.21 @ 39%, G5.28 @ 49%
    • Underlying: $138.95
    • Premium: $4.25
    • DPR: 3.06%
    • SPR: 14.39%
  • Expected IV build: 24%

Trade 2. LOW Double Eagle

Exit

Total PNL (before transaction cost): -42.59%

Update 2/21: Closed the entire position at $2.13.

Enter
  • Earnings release date: 2/26
  • Trade: G5.21/G5.28 255/275 STG SWAP
  • ToT stats
    • Vol: G5.21 @ 21%, G5.28 @ 23.5%
    • Underlying: $265.67
    • Premium: $3.71
    • DPR: 1.4%
    • SPR: 7.53%
  • Expected IV build: 15%

Trade 3. HD Double Eagle

Exit

Total PNL (before transaction cost): +0.54%

Update 2/20: Since Trump’s tariff announcement, HD and LOW have been selling off… Closed the other half of the positions at $4.45.

Update 2/13: Closed half of the positions at $6.81.

Enter
  • Earnings release date: 2/25
  • Trade: G5.21/G5.28 405/435 STG SWAP
  • ToT stats
    • Vol: G5.21 @ 19%, G5.28 @ 22.5%
    • Underlying: $418.26
    • Premium: $5.60
    • DPR: 1.34%
    • SPR: 7.17%
  • Expected IV build: 10%

Trade 4. EOG Straddle

Exit

Total PNL (before transaction cost): -23.35%

Update 2/26: Closed the entire position at $6.40.

Enter
  • Earnings release date: 2/28
  • Trade: G5.28 135 STD
  • ToT stats
    • Vol: G5.28 @ 23.5%
    • Underlying: $135.39
    • Premium: $8.35
  • Expected IV build: 8%

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