Systematic Put Write - March 2019

Summary

Yesterday was March Option Expiration day and it is time to review the movements done following our strategy.

Ibex 35 on March 15th. Source Investing

After a very quiet month, today´s gains make the March future close at 9330 points, gaining 200 points this month (or + 2,19%).

As this value is above the strike price of the sold option (which was 9100) I get to keep all the credit initially received (+ 123,35 €).

Considering this, since its inception, the Put Write Strategy is at -0,6%.

Movements and results so far

I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at 9540. This value will be used as base value from now on.

Date	Option	Spot	Premium	Profit/Loss	Spot Closed
22/08/2018	Ibex 9500 Sept 2018 Put	9540	129,35€	85,70€	9492
19/09/2018	Ibex 9500 Oct 2018 Put	9492	150,23€	-447,67€	8904
19/10/2018	Ibex 8800 Nov 2018 Put	8904	176,35€	176,35€	9056
16/11/2018	Ibex 9100 Dec 2018 Put	9056	182,35€	-366,85€	8550
21/12/2018	Ibex 8600 Jan 2019 Put	8550	226,35€	226,35€	9078
18/01/2019	Ibex 9000 Feb 2019 Put	9078	146,35€	146,35€	9130
15/02/2019	Ibex 9100 Mar 2019 Put	9130	123,35€	123,35€	9330
15/03/2019	Ibex 9300 Apr 2019 Put	9330	167,35€	???	???

So, considering this seventh month, this is the comparison between the strategy and the Ibex 35 index:

Regarding April, I have sold a 9300 Put for 167,35€.  For the first time in some months, break-even can be achieved if the index closes above 9187 points.

Base	Put-write value	Total Premium	Break-even
9540	9486	112,83€	9187

Portfolio

No other position is open right now.

Resources

• IBEX 35 Systematic Put Write Strategy