NaughtyPines

OPENING: VXX FEBRUARY 21ST 15/16 SHORT CALL VERTICAL

Corto
NaughtyPines Actualizado   
AMEX:VXX   iPath Series B S&P 500 VIX Short-Term Futures ETN
... for a .33/contract credit.

Notes: My 2020 short volatility starter position, collecting one-third the width of the spread. The natural alternative is to go with the 14/17, which also pays one-third, but I'm not picking a hugely fabulous spot to start this with VIX at 13.85, so going the narrow route and small with the number of contracts.

Will manage this organically: (a) rolling down/down and out as a unit to at-the-money on approaching worthless; (b) rolling out and widening if necessary to force a credit on a pop; and (c) narrowing the spread post-widening when that becomes opportune.
Operación activa:
Rolling the 15 short call down to the 14 for a .49 ($49)/contract profit and a .35/contract credit. Scratch at .68; BE at 14.68. Widening the spread increases risk, but I'm collecting one-third the width of the widening, so I'm fine with that given the number of contracts in my position.
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