tag:blogger.com,1999:blog-39891848826672535912024-03-19T06:23:30.655+01:00Victor Ferrer´s Java and SW blogSharing what I learn on Software Engineering. Also used to write about Stock Options trading.Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.comBlogger93125tag:blogger.com,1999:blog-3989184882667253591.post-91738514288577120172020-04-20T15:32:00.000+02:002020-04-20T15:32:41.048+02:00Systematic Put Write - April 2020<b>Summary</b><br />
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Last Friday was Option Expiration day and it is time to review the movements done following our strategy.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglKt3mcNgC8GH5lJuwjRe7-yamrIRzm_Dxykriji5XSG0bZEIInB-LuwdAla4nGqJKfToN5UXaI_IgGTxaHRFmrJpACxqubUoI9WxjmrupfLSsOiIS6WQo0SMiLRrDK6VTsLpxZ5khKy_y/s1600/Ibex+on+April+20th+2020.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="317" data-original-width="626" height="324" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglKt3mcNgC8GH5lJuwjRe7-yamrIRzm_Dxykriji5XSG0bZEIInB-LuwdAla4nGqJKfToN5UXaI_IgGTxaHRFmrJpACxqubUoI9WxjmrupfLSsOiIS6WQo0SMiLRrDK6VTsLpxZ5khKy_y/s640/Ibex+on+April+20th+2020.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on April 17th 2020. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
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After last month´s crash, the IBEX 35 bounced back, although not as much as the markets in the USA, for instance. The index closed at 6875 points, gaining<b><span style="color: red;"> </span><span style="color: #38761d;">335</span><span style="color: red;"> </span></b>points (or <b><span style="color: #38761d;">+6,70%</span></b>).<br />
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As I commented last month, the opening of new short positions was forbidden (and it keeps that way) by the CNMV (Spanish market regulator) so I could not perform the usual PUT selling. Instead, in order to keep the same exposure level, I bought a contract of the IBEX 35 future (which is the underlying asset of the PUT option) at 6110 points and sold it last Friday at 6940 points, booking a gain of <b><span style="color: #6aa84f;">822,8€</span></b>.<br />
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However, I don´t think that is fair to record this gain, since the strategy only involves selling ATM PUT options. Instead, I will record the theoretical gains that I would have obtained by selling the corresponding April 2020 6400 PUT: <b><span style="color: #38761d;">+437,50€</span></b> (or <b><span style="color: #6aa84f;">+6,42%</span></b>).<br />
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Considering all this, since its inception, the strategy is at <b><span style="color: #cc0000;">-24%</span></b>. During the same period, the IBEX 35 lost <b><span style="color: #cc0000;">-27,9%</span></b>.<br />
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<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on. These are the last twelve months (complete records can be found <a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">here</a>).<br />
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<google-sheets-html-origin></google-sheets-html-origin><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial, sans, sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="161"></col><col width="100"></col><col width="100"></col><col width="100"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":" "}" style="border: 1px solid rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43573}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-value="{"1":3,"3":109.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-value="{"1":3,"3":-135.75}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-135,75€</td><td data-sheets-value="{"1":3,"3":9256}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43602}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/05/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jun 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jun 2019 Put</td><td data-sheets-value="{"1":3,"3":9256}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td><td data-sheets-value="{"1":3,"3":187.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">187,35€</td><td data-sheets-value="{"1":3,"3":127.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">127,35€</td><td data-sheets-value="{"1":3,"3":9227}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43637}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/06/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jul 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jul 2019 Put</td><td data-sheets-value="{"1":3,"3":9227}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td><td data-sheets-value="{"1":3,"3":164.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-value="{"1":3,"3":164.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-value="{"1":3,"3":9170}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43665}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/07/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9200 Aug 2019 Put"}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9200 Aug 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-value="{"1":3,"3":144.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">144,35€</td><td data-sheets-value="{"1":3,"3":-390.65}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-390,65€</td><td data-sheets-value="{"1":3,"3":8635}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8635</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43728}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/09/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Sept 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Sept 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-value="{"1":3,"3":202.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-value="{"1":3,"3":202.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-value="{"1":3,"3":9178}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43756}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/10/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Oct 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Oct 2019 Put</td><td data-sheets-value="{"1":3,"3":9178}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td><td data-sheets-value="{"1":3,"3":125.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-value="{"1":3,"3":125.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-value="{"1":3,"3":9345}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43784}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/11/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Nov 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Nov 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-value="{"1":3,"3":136.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-value="{"1":3,"3":97.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">97,35€</td><td data-sheets-value="{"1":3,"3":9261}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9261</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43819}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/12/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Dec 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Dec 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-value="{"1":3,"3":161.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,35€</td><td data-sheets-value="{"1":3,"3":161.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: normal; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,35€</td><td data-sheets-value="{"1":3,"3":9617}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9617</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43847}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/01/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9600 Jan 2020 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9600 Jan 2020 Put</td><td data-sheets-value="{"1":3,"3":9617}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9617</td><td data-sheets-value="{"1":3,"3":103.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">103,35€</td><td data-sheets-value="{"1":3,"3":103.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">103,35€</td><td data-sheets-value="{"1":3,"3":9680}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9680</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43882}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/02/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9600 Feb 2020 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9600 Feb 2020 Put</td><td data-sheets-value="{"1":3,"3":9680}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9680</td><td data-sheets-value="{"1":3,"3":136.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-value="{"1":3,"3":136.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-value="{"1":3,"3":9932}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9932</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43910}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/03/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9900 Mar 2020 Put"}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9900 Mar 2020 Put</td><td data-sheets-value="{"1":3,"3":9932}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9932</td><td data-sheets-value="{"1":3,"3":143.5}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">143,50€</td><td data-sheets-value="{"1":3,"3":-3300.3}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-3.300,30€</td><td data-sheets-value="{"1":3,"3":6443}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">6443</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":43938}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/04/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 6400 Apr 2020 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 6400 Apr 2020 Put</td><td data-sheets-value="{"1":3,"3":6443}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">6443</td><td data-sheets-value="{"1":3,"3":437.5}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">437,50€</td><td data-sheets-value="{"1":3,"3":437.5}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">437,50€</td><td data-sheets-value="{"1":3,"3":6875}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">6875</td></tr>
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So, considering this twentieth month, this is the comparison between the strategy and the IBEX 35 index:<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh00ht8u4j16bH9xxZUfpyvWt0xptNSKLIDxPWOv0y56Tue5NbzdVjoup1Ql7eTphJn3Ph1KjFYEgsGqCSasbB1d9BREJTutJJWlqy_sjwtcOLe66QQejYh_H8vc4T4RNF1Gbwe6AgEFLCd/s1600/ibex+vs+putwrite.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="493" data-original-width="772" height="408" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh00ht8u4j16bH9xxZUfpyvWt0xptNSKLIDxPWOv0y56Tue5NbzdVjoup1Ql7eTphJn3Ph1KjFYEgsGqCSasbB1d9BREJTutJJWlqy_sjwtcOLe66QQejYh_H8vc4T4RNF1Gbwe6AgEFLCd/s640/ibex+vs+putwrite.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 Index vs Put Write Strategy</td></tr>
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Regarding <b>May</b>, as mentioned above, the theoretical price of the ATM PUT option would have been 253,50€.<br />
<br />
<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com1tag:blogger.com,1999:blog-3989184882667253591.post-68103633816420400652020-03-22T12:14:00.001+01:002020-03-22T12:15:53.211+01:00Systematic Put Write - March 2020<b>Summary</b><br />
<br />
Last Friday was Option Expiration day and it is time to review the movements done following our strategy.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2Hb9RpGhTRaQsKRq18mo5e64Q3NcwOuxmBne4hJkByX_47RuNYcihONCeNanMvKi_yDeWh6kzLy50fCjsWtHd6mIX8D9g5I6WA0kEb92FPENNR33Ob-TzKB7SGtpgQGNioYF-mb_Kb5jJ/s1600/Ibex+on+Mar+20th+2020.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="297" data-original-width="628" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2Hb9RpGhTRaQsKRq18mo5e64Q3NcwOuxmBne4hJkByX_47RuNYcihONCeNanMvKi_yDeWh6kzLy50fCjsWtHd6mIX8D9g5I6WA0kEb92FPENNR33Ob-TzKB7SGtpgQGNioYF-mb_Kb5jJ/s640/Ibex+on+Mar+20th+2020.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on March 20th 2020. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
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Total meltdown, panic on the markets due to the COVID-19 and its effects on the health and the economy. The IBEX 35 index closed at 6443 points, losing <b><span style="color: red;">3489 </span></b>points (or a whooping <b><span style="color: red;">-</span></b><span style="color: red; font-weight: bold;">34,83%</span>).<br />
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As I had sold a 9900 PUT for <b style="color: #6aa84f;">136,35€</b>, I have to book a loss of <b style="color: red;">-3300,30€ </b>(also a painful <span style="color: red;"><b>-32,24%</b></span>).<br />
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Considering this, since its inception, the Put Write Strategy is at <b><span style="color: red;">-28,6%</span></b><b>. </b>During the same period, IBEX 35 lost <b><span style="color: red;">-32,5%</span>.</b><br />
<span style="color: #38761d;"><b><br /></b></span>
<span style="color: #38761d;">This strategy delivers what it promises: "Equity-like performance with less volatility", so when the underlying equity crashes, we crash too, although less hard</span><span style="color: #38761d;">.</span><br />
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To make matters worse, the CNMV (the Spanish market regulator)<a href="http://cnmv.es/portal/verDoc.axd?t=%7Bec400229-cbc3-4ac7-a4b4-e7d18c5cdec2%7D" target="_blank"> forbid short operations</a> (spanish) on Indexes and derivatives and, although PUT selling is a bullish/neutral strategy, we will not be able to sell a PUT option for April.<br />
<span style="color: #38761d;"><br /></span>
Instead, I will have to buy next Monday the underlying future contract to keep the same exposure level during the month of April. For the tracking purposes, I will note the theoretical value of the PUT option, which would be been the biggest one in our history series due to the huge current volatility.<br />
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<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on. These are the last twelve months (complete records can be found <a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">here</a>).<br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial, sans, sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="161"></col><col width="100"></col><col width="100"></col><col width="100"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":" "}" style="border: 1px solid rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-color: rgb(0, 0, 0) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43539}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Apr 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9330}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-value="{"1":3,"3":9581}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43573}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":109.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-135.75}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-135,75€</td><td data-sheets-value="{"1":3,"3":9256}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43602}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/05/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jun 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jun 2019 Put</td><td data-sheets-value="{"1":3,"3":9256}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":187.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">187,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":127.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">127,35€</td><td data-sheets-value="{"1":3,"3":9227}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43637}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/06/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jul 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jul 2019 Put</td><td data-sheets-value="{"1":3,"3":9227}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-value="{"1":3,"3":9170}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43665}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/07/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9200 Aug 2019 Put"}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9200 Aug 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":144.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">144,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-390.65}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-390,65€</td><td data-sheets-value="{"1":3,"3":8635}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8635</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43728}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/09/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Sept 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Sept 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-value="{"1":3,"3":9178}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43756}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/10/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Oct 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Oct 2019 Put</td><td data-sheets-value="{"1":3,"3":9178}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-value="{"1":3,"3":9345}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43784}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/11/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Nov 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Nov 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":136.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":97.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">97,35€</td><td data-sheets-value="{"1":3,"3":9261}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9261</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43819}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/12/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Dec 2019 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Dec 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":161.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":161.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,35€</td><td data-sheets-value="{"1":3,"3":9617}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9617</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43847}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/01/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9600 Jan 2020 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9600 Jan 2020 Put</td><td data-sheets-value="{"1":3,"3":9617}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9617</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":103.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">103,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":103.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">103,35€</td><td data-sheets-value="{"1":3,"3":9680}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9680</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43882}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/02/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9600 Feb 2020 Put"}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9600 Feb 2020 Put</td><td data-sheets-value="{"1":3,"3":9680}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9680</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":136.35}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":136.35}" style="background-color: #d9ead3; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-value="{"1":3,"3":9932}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9932</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43910}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/03/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9900 Mar 2020 Put"}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9900 Mar 2020 Put</td><td data-sheets-value="{"1":3,"3":9932}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9932</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":143.5}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">143,50€</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":-3300.3}" style="background-color: #f4cccc; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-3.300,30€</td><td data-sheets-value="{"1":3,"3":6443}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">6443</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43938}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/04/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 6400 Apr 2020 Put"}" style="background-color: #c9daf8; border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 6400 Apr 2020 Put</td><td data-sheets-value="{"1":3,"3":6443}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">6443</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":437.5}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">437,50€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":2,"2":"???"}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-color: rgb(204, 204, 204) rgb(0, 0, 0) rgb(0, 0, 0) rgb(204, 204, 204); border-image: initial; border-style: solid; border-width: 1px; overflow: hidden; padding: 2px 3px; vertical-align: bottom;">???</td></tr>
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So, considering this nineteenth month, this is the comparison between the strategy and the IBEX 35 index:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFAsNaNy1rhqyHKxvdGV2L2XljsktwcZISiI3a2nvj_6IsZ-0gP2d0z5ApxoNFI3jGIg87m9tb217qtCZVoN_nGJwM7_akGwVU_4UNBejL33moVTYN4S4V2YQBPxb7ZU27BTx3ZqO78pll/s1600/putwrite+vs+ibex.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="474" data-original-width="768" height="394" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFAsNaNy1rhqyHKxvdGV2L2XljsktwcZISiI3a2nvj_6IsZ-0gP2d0z5ApxoNFI3jGIg87m9tb217qtCZVoN_nGJwM7_akGwVU_4UNBejL33moVTYN4S4V2YQBPxb7ZU27BTx3ZqO78pll/s640/putwrite+vs+ibex.PNG" width="640" /></a></div>
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Regarding <b>April</b>, as mentioned above, the theoretical price of the ATM April option would have been 437,50€.<br />
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<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-88829191795190519862020-02-23T18:08:00.000+01:002020-02-23T18:10:24.743+01:00Systematic Put Write - February 2020<b>Summary</b><br />
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Last Friday was Option Expiration day and it is time to review the movements done following our strategy.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikRkABxFT9mEH6llNpDHL0aDB-6w7DV1utIy_Ms5rFxM1gxLrP9Q5p_OL4Af36wKA-62QsramZ3NGHY1ZPrM1a53k-PqtxEqwwHza18SZW4T6zthXLpFi5uRbhVzK4bD8SRX77fNvMbwCg/s1600/Ibex+on+Feb+21st+2019.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="312" data-original-width="629" height="316" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikRkABxFT9mEH6llNpDHL0aDB-6w7DV1utIy_Ms5rFxM1gxLrP9Q5p_OL4Af36wKA-62QsramZ3NGHY1ZPrM1a53k-PqtxEqwwHza18SZW4T6zthXLpFi5uRbhVzK4bD8SRX77fNvMbwCg/s640/Ibex+on+Feb+21st+2019.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 Index on February 21st 2020. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
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Very strong gains during the first four weeks of the monthly cycle that faded a bit during the last two-three trading sessions. Very good scenario for our strategy since we keep all the premium obtained selling the February PUT option and we get better volatility for March.<br />
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IBEX closed at 9886 points, gaining <span style="color: #38761d;"><b>206</b> </span>points or <b><span style="color: #38761d;">2,1%. </span></b>As I had sold a February 9600 PUT, for <b style="color: #38761d;">136,35€</b>, I keep all premium and book a gain of <b style="color: #38761d;">1,36%</b>.<br />
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Considering this, since its inception, the Put Write Strategy is at <b><span style="color: #38761d;">+6.0%</span></b><b>. </b>During the same period, IBEX 35 gained <span style="color: #38761d;"><b>+3,6%.</b></span><br />
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<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on. These are the last twelve months (complete records can be found <a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">here</a>).<br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="161"></col><col width="100"></col><col width="100"></col><col width="100"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":" "}" style="border-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43511}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/02/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Mar 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43539}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Apr 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43573}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":109.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-135.75}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-135,75€</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43602}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/05/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jun 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jun 2019 Put</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":187.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">187,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":127.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">127,35€</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43637}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/06/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jul 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jul 2019 Put</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43665}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/07/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9200 Aug 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9200 Aug 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":144.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">144,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-390.65}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-390,65€</td><td data-sheets-value="{"1":3,"3":8635}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8635</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43728}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/09/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Sept 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Sept 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-value="{"1":3,"3":9178}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43756}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/10/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Oct 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Oct 2019 Put</td><td data-sheets-value="{"1":3,"3":9178}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43784}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/11/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Nov 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Nov 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":136.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":97.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">97,35€</td><td data-sheets-value="{"1":3,"3":9261}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9261</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43819}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/12/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Dec 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Dec 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":161.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":161.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,35€</td><td data-sheets-value="{"1":3,"3":9617}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9617</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43847}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/01/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9600 Jan 2020 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9600 Jan 2020 Put</td><td data-sheets-value="{"1":3,"3":9617}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9617</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":103.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">103,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":103.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">103,35€</td><td data-sheets-value="{"1":3,"3":9680}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9680</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43882}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/02/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9600 Feb 2020 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9600 Feb 2020 Put</td><td data-sheets-value="{"1":3,"3":9680}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9680</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":136.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":136.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-value="{"1":3,"3":9932}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9932</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43882}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/03/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9900 Feb 2020 Put"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9900 Mar 2020 Put</td><td data-sheets-value="{"1":3,"3":9932}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9886</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":143.5}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">143,50€</td><td data-sheets-value="{"1":2,"2":"???"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">???</td></tr>
</tbody></table>
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So, considering this eighteenth month, this is the comparison between the strategy and the IBEX 35 index:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2h3-sQrcMg5WxpCSULCnjYLsaQgmMUalUkB8PUqK-mIYmIh73pOuxT1h6K1__qm5OEUo53IYhnfGdR9rMjBlNfCwmluS-hiQFJikN8yuzEXTyCMF1L9plqr6zccl6cvgJGiJe9a9Wb5MV/s1600/ibex+vs+putwrite.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="341" data-original-width="642" height="338" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg2h3-sQrcMg5WxpCSULCnjYLsaQgmMUalUkB8PUqK-mIYmIh73pOuxT1h6K1__qm5OEUo53IYhnfGdR9rMjBlNfCwmluS-hiQFJikN8yuzEXTyCMF1L9plqr6zccl6cvgJGiJe9a9Wb5MV/s640/ibex+vs+putwrite.PNG" width="640" /></a></div>
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<br />
Regarding <b>March</b>, I sold a 9900 PUT for <span style="color: #38761d;"><b>143,50€</b></span><br />
<br />
<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-79333834486577748512020-01-21T21:22:00.000+01:002020-01-21T21:22:01.336+01:00Systematic Put Write - January 2020<b>Summary</b><br />
<br />
Last Friday was January Option Expiration day and it is time to review the movements done following our strategy.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiz8HTUbF6YfYVevkr9ijuv1JTwjamgaOKf6RzCxIEM4AZS0CLgRRgmcKtlJZNd-iC3ZMaI6JyqQoFIXWfkZbrNrs0cHWO184hxVQ6V5rCMcPjc8oX5fMHlofl-F5LF0W2bLCJlT0tdCzlB/s1600/Ibex+on+Jan+17th+2020.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="300" data-original-width="628" height="304" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiz8HTUbF6YfYVevkr9ijuv1JTwjamgaOKf6RzCxIEM4AZS0CLgRRgmcKtlJZNd-iC3ZMaI6JyqQoFIXWfkZbrNrs0cHWO184hxVQ6V5rCMcPjc8oX5fMHlofl-F5LF0W2bLCJlT0tdCzlB/s640/Ibex+on+Jan+17th+2020.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on January 17th 2020. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
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<br />
Sideways month for the IBEX 35 index, which ended pretty much where it started. The index gained 5 points this month (or around <span style="color: #38761d;"><b>0,05%</b></span>).<br />
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As I had sold a January 9600 PUT, for <b style="color: #38761d;">103,35€</b>, I keep all premium and book a gain of <b style="color: #38761d;">1,07%</b>.<br />
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Considering this, since its inception, the Put Write Strategy is at <b><span style="color: #38761d;">+4,6%</span></b><b>. </b>During the same period, IBEX 35 gained <span style="color: #38761d;"><b>+1.5%.</b></span><br />
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<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on. These are the last twelve months (complete records can be found <a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">here</a>).<br />
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<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":" "}" style="border-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"> </td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43483}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9000 Feb 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43511}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/02/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Mar 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43539}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Apr 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43573}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":109.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-135.75}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-135,75€</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43602}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/05/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jun 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jun 2019 Put</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":187.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">187,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":127.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">127,35€</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43637}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/06/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jul 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jul 2019 Put</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43665}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/07/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9200 Aug 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9200 Aug 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":144.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">144,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-390.65}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-390,65€</td><td data-sheets-value="{"1":3,"3":8635}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8635</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43728}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/09/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Sept 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Sept 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-value="{"1":3,"3":9178}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43756}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/10/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Oct 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Oct 2019 Put</td><td data-sheets-value="{"1":3,"3":9178}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43784}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/11/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Nov 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Nov 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":136.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":97.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">97,35€</td><td data-sheets-value="{"1":3,"3":9261}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9261</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43819}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/12/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Dec 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Dec 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":161.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":161.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,35€</td><td data-sheets-value="{"1":3,"3":9617}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9617</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43847}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/01/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9600 Jan 2020 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9600 Jan 2020 Put</td><td data-sheets-value="{"1":3,"3":9617}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9617</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":103.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">103,35€</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":103.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">103,35€</td><td data-sheets-value="{"1":3,"3":9680}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9680</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43882}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/02/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9600 Feb 2020 Put"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9600 Feb 2020 Put</td><td data-sheets-value="{"1":3,"3":9680}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9680</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":136.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-value="{"1":2,"2":"???"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">???</td></tr>
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So, considering this seventeenth month, this is the comparison between the strategy and the IBEX 35 index:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFpdsD51IQorRFQIr0nbBwI4iEfbsQhq__DveJhvGWC829pgiVnX0pPMEbO0TKbWF0_kIq8uquiGz155JZ7mjY-C5lFGDC_lDd5uqpj-HB7jjIuZHDjToJrRwdR1k_tDosXAEumJbgQxcf/s1600/ibex+vs+putwrite.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="349" data-original-width="640" height="348" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFpdsD51IQorRFQIr0nbBwI4iEfbsQhq__DveJhvGWC829pgiVnX0pPMEbO0TKbWF0_kIq8uquiGz155JZ7mjY-C5lFGDC_lDd5uqpj-HB7jjIuZHDjToJrRwdR1k_tDosXAEumJbgQxcf/s640/ibex+vs+putwrite.PNG" width="640" /></a></div>
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Regarding <b>February</b>, I sold a 9600 PUT for <span style="color: #38761d;"><b>136,35€</b></span>,<br />
<br />
<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-70746833913971279582019-12-22T17:33:00.002+01:002019-12-24T09:49:27.838+01:00Systematic Put Write - December 2019<b>Summary</b><br />
<br />
Last Friday was December Option Expiration day and it is time to review the movements done following our strategy.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAuPJNHOv3noca_fL7rOnpbIKXbieBSUM4b5lVpglpDLXhUtgztFeoGF7YDDWjJQWgX9vi6vH5Ku_JJUcpCurDpP-L_hAN8v02hKVTJIBTTKtXiiH0Zr3NWHfwe7WS0a407U7cddAPp2o5/s1600/Ibex+on+Dec+21st+2019.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="290" data-original-width="630" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAuPJNHOv3noca_fL7rOnpbIKXbieBSUM4b5lVpglpDLXhUtgztFeoGF7YDDWjJQWgX9vi6vH5Ku_JJUcpCurDpP-L_hAN8v02hKVTJIBTTKtXiiH0Zr3NWHfwe7WS0a407U7cddAPp2o5/s640/Ibex+on+Dec+21st+2019.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on December 21st 2019. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
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Nice gains this month in the IBEX 35 index, which increases its value in <b style="color: #6aa84f;">414 points </b>(or +<b style="color: #6aa84f;"> 4,47%</b>). This is the first time since August 2018 that the index closes over 9500 points.<br />
<br />
For December I had sold a 9300 PUT, for <b><span style="color: #38761d;">161,35€</span></b>. Since the underlying closed above this level, I get to keep all the premium, which represent and increase of <b><span style="color: #38761d;">+1.66%</span></b>.<br />
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Considering this, since its inception, the Put Write Strategy is at <b><span style="color: #38761d;">+3.5%</span></b><b>. </b>During the same period, IBEX 35 gained <span style="color: #38761d;"><b>+1.4%.</b></span><br />
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<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on. These are the last twelve months (complete records can be found <a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">here</a>).<br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="161"></col><col width="100"></col><col width="100"></col><col width="100"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":" "}" style="border-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43455}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/12/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Jan 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Jan 2019 Put</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43483}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9000 Feb 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43511}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/02/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Mar 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43539}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Apr 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43573}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":109.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-135.75}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-135,75€</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43602}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/05/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jun 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jun 2019 Put</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":187.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">187,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":127.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">127,35€</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43637}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/06/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jul 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jul 2019 Put</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43665}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/07/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9200 Aug 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9200 Aug 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":144.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">144,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-390.65}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-390,65€</td><td data-sheets-value="{"1":3,"3":8635}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8635</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43728}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/09/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Sept 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Sept 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-value="{"1":3,"3":9178}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43756}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/10/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Oct 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Oct 2019 Put</td><td data-sheets-value="{"1":3,"3":9178}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43784}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/11/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Nov 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Nov 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":136.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":97.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">97,35€</td><td data-sheets-value="{"1":3,"3":9261}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9261</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43819}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/12/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Dec 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Dec 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":161.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":161.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,35€</td><td data-sheets-value="{"1":3,"3":9617}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9675</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43847}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/01/2020</td><td data-sheets-value="{"1":2,"2":"Ibex 9600 Jan 2020 Put"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9600 Jan 2020 Put</td><td data-sheets-value="{"1":3,"3":9617}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9675</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">103,35€</td><td data-sheets-value="{"1":2,"2":"???"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">???</td></tr>
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So, considering this sixteen month, this is the comparison between the strategy and the IBEX 35 index:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBiR3BBvCTlKm7lt0gKA0dBiqGbWO5Bj9kEHujxggMhYebP_DZeIP3ftWJpPmmH59V2K8TJT5IT1Y1MMkZalqhXzff8HohyphenhyphenmV3kinNFVbMWspvCScDb6xaOmW18ky7sCXURlJJjmRYXovr/s1600/putwrite+vs+ibex.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="349" data-original-width="608" height="366" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBiR3BBvCTlKm7lt0gKA0dBiqGbWO5Bj9kEHujxggMhYebP_DZeIP3ftWJpPmmH59V2K8TJT5IT1Y1MMkZalqhXzff8HohyphenhyphenmV3kinNFVbMWspvCScDb6xaOmW18ky7sCXURlJJjmRYXovr/s640/putwrite+vs+ibex.PNG" width="640" /></a></div>
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Regarding <b>January</b>, I could not get a fill on my sell order of a 9600 January Put. I will try again tomorrow and update the details here.<br />
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<b>Update: </b>Finally I sold a 9600 January PUT option for 103,35€. Very low volatility after some weeks of continous gains in the IBEX 35 index, not a very good setup for our strategy.<br />
<b><br /></b>
<b>Portfolio</b><br />
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No other position is open right now.<br />
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<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-54220104143788751262019-11-15T19:17:00.000+01:002019-11-15T19:18:45.317+01:00Systematic Put Write - November 2019<b>Summary</b><br />
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Today is November Option Expiration day and it is time to review the movements done following our strategy.<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgngdTzyuC4A0Ng6NadxzA6HXP1YnCGFgm5J4bR8YaudzWa8IrGWPOcCvzTk4PDiVASlNctD8i8dkG7DkaaNkWt75YAh-3JzXVokdcFfozsbBc1swkQL6IdHTS8Me9Mf_F3gyd4x3nValiQ/s1600/Ibex+on+Nov+15th+2019.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="301" data-original-width="632" height="304" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgngdTzyuC4A0Ng6NadxzA6HXP1YnCGFgm5J4bR8YaudzWa8IrGWPOcCvzTk4PDiVASlNctD8i8dkG7DkaaNkWt75YAh-3JzXVokdcFfozsbBc1swkQL6IdHTS8Me9Mf_F3gyd4x3nValiQ/s640/Ibex+on+Nov+15th+2019.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on November 15th 2019. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
</tbody></table>
<br />
Sideways month for the IBEX 35 which ends with a little decline of <b><span style="color: red;">68</span></b> points (or <b><span style="color: red;">-0,71%</span></b>).<br />
<br />
For November I had sold a 9300 PUT, for <b><span style="color: #38761d;">136,35€</span></b>. After buying it back, a profit of <span style="color: #38761d; font-weight: bold;">97,35€ </span>remains<span style="font-weight: bold;"> </span><span style="color: #38761d; font-weight: bold;">(</span>or <span style="color: #38761d; font-weight: bold;">+ 1.01%).</span><br />
<br />
Considering this, since its inception, the Put Write Strategy is at <b><span style="color: #38761d;">+1.8%</span></b><b>.</b><br />
<br />
<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on. These are the last twelve months (complete records can be found <a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">here</a>).<br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="161"></col><col width="100"></col><col width="100"></col><col width="100"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":" "}" style="border-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":182.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-366.85}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-366,85€</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43455}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/12/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Jan 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Jan 2019 Put</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43483}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9000 Feb 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43511}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/02/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Mar 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43539}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Apr 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43573}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":109.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-135.75}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-135,75€</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43602}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/05/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jun 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jun 2019 Put</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":187.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">187,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":127.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">127,35€</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43637}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/06/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jul 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jul 2019 Put</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43665}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/07/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9200 Aug 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9200 Aug 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":144.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">144,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-390.65}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-390,65€</td><td data-sheets-value="{"1":3,"3":8635}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8635</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43728}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/09/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Sept 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Sept 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-value="{"1":3,"3":9178}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43756}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/10/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Oct 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Oct 2019 Put</td><td data-sheets-value="{"1":3,"3":9178}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43784}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/11/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Nov 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Nov 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":136.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":97.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">97,35€</td><td data-sheets-value="{"1":3,"3":9261}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9261</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43819}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/12/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Dec 2019 Put"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Dec 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9345</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":161.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":2,"2":"??"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">??</td><td data-sheets-value="{"1":2,"2":"??"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">??</td></tr>
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So, considering this sixteen month, this is the comparison between the strategy and the IBEX 35 index:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqIPDFkzPLw9wu5FToA6PbzQFVyhCMfo6raRGDSJMjEDlxWdzICJ-_DAIG94hCM5SigrXT8zPzr3u7KWNilgUBPMtpWjrx66cIR4TgxOmvQPmUin3UYWmG7r_OxYeykPq5oB69qsBRCqHP/s1600/ibex+vs+putwrite.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="338" data-original-width="640" height="338" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqIPDFkzPLw9wu5FToA6PbzQFVyhCMfo6raRGDSJMjEDlxWdzICJ-_DAIG94hCM5SigrXT8zPzr3u7KWNilgUBPMtpWjrx66cIR4TgxOmvQPmUin3UYWmG7r_OxYeykPq5oB69qsBRCqHP/s640/ibex+vs+putwrite.PNG" width="640" /></a></div>
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Regarding <b>December</b>, I have sold a<b> 9300 PUT</b> for <span style="color: #274e13;"><b>161,35€</b></span><span style="font-weight: bold;">. </span><br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="100"></col><col width="128"></col><col width="117"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Break-even</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">9710</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">320€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">8920</td></tr>
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<br />
<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-35787505799190975812019-10-18T17:45:00.000+02:002019-10-18T17:45:13.416+02:00Systematic Put Write - October 2019<b>Summary</b><br />
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Today is October Option Expiration day and it is time to review the movements done following our strategy. I would also like to review last month movements since I was not able to do it on time.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBeDlVvnr2GZ8nqg2Nzdt9nppw-0_LVjd2wXLowi0nTl3ouUukPRrJ9VijL9PW1Mza3qrBBmRgXwbvEcCdKNWqe_1M3PPQEVDVv3_c2xJZEZszRaV347WY4oydPhnvMdBK4A6AV82jNxgf/s1600/ibex+on+oct+18th.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="299" data-original-width="623" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBeDlVvnr2GZ8nqg2Nzdt9nppw-0_LVjd2wXLowi0nTl3ouUukPRrJ9VijL9PW1Mza3qrBBmRgXwbvEcCdKNWqe_1M3PPQEVDVv3_c2xJZEZszRaV347WY4oydPhnvMdBK4A6AV82jNxgf/s640/ibex+on+oct+18th.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on October 18th 2019. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
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<br />Both September and October have been profitable for the strategy although the underlying IBEX 35 has outperformed us during this time.<br />
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For September I had sold a 8600 PUT, for <span style="color: #38761d; font-weight: bold;">202,35€ </span>and for October I sold a 9100 PUT for <span style="color: #38761d; font-weight: bold;">125,35€</span><span style="font-weight: bold;">. </span>Both options expired worthless, which represent a profit of <span style="color: #38761d; font-weight: bold;">327,70€ (</span>or <span style="color: #38761d; font-weight: bold;">+ 3,50%).</span><br />
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Considering this, since its inception, the Put Write Strategy is at <b><span style="color: #38761d;">+0,8%</span></b><b>.</b><br />
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<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on.<br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="77"></col><col width="169"></col><col width="63"></col><col width="76"></col><col width="94"></col><col width="93"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":" "}" style="border-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"></td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22/08/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Sept 2018 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9540</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">129,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">85,70€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43362}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/09/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Oct 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Oct 2018 Put</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":150.23}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">150,23€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-447.67}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-447,67€</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43392}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/10/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8800 Nov 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8800 Nov 2018 Put</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":182.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-366.85}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-366,85€</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43455}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/12/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Jan 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Jan 2019 Put</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43483}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9000 Feb 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43511}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/02/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Mar 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43539}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Apr 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43573}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":109.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-135.75}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-135,75€</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43602}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/05/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jun 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jun 2019 Put</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":187.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">187,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":127.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">127,35€</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43637}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/06/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jul 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jul 2019 Put</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43665}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/07/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9200 Aug 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9200 Aug 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":144.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">144,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-390.65}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-390,65€</td><td data-sheets-value="{"1":3,"3":8635}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8635</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43728}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">20/09/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Sept 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Sept 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-value="{"1":3,"3":9178}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43756}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/10/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Oct 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Oct 2019 Put</td><td data-sheets-value="{"1":3,"3":9178}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9178</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":125.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">125,35€</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9327</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43784}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/11/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Nov 2019 Put"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Nov 2019 Put</td><td data-sheets-value="{"1":3,"3":9345}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9327</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":135.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">136,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":2,"2":"??"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">??</td><td data-sheets-value="{"1":2,"2":"??"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">??</td></tr>
</tbody></table>
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So, considering this fifteenth month, this is the comparison between the strategy and the IBEX 35 index:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8BiZxRgGjhBhhRMk8GBkrt1SHPKmawVVYKhyphenhyphenDxxsbFQJ60yr80NLw9J1z9m-rZORm2DLgcJ6OFA_9X1adDmSdJFJu8fVCM1kHd9i3cju0vMfz1XZSMpoPhciBQoq8tDi7vck-UhCdsQQm/s1600/putwrite+vs+ibex.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="344" data-original-width="641" height="342" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8BiZxRgGjhBhhRMk8GBkrt1SHPKmawVVYKhyphenhyphenDxxsbFQJ60yr80NLw9J1z9m-rZORm2DLgcJ6OFA_9X1adDmSdJFJu8fVCM1kHd9i3cju0vMfz1XZSMpoPhciBQoq8tDi7vck-UhCdsQQm/s640/putwrite+vs+ibex.PNG" width="640" /></a></div>
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<br />
Regarding <b>November</b>, I have sold a<b> 9300 PUT</b> for <span style="color: #274e13;"><b>136.35€</b></span><span style="font-weight: bold;">. </span><br />
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<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Break-even</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">9645</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">241€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9061</td></tr>
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<br />
<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-51945889374426694832019-08-19T01:35:00.001+02:002019-08-19T01:40:03.106+02:00Systematic Put Write - August 2019 <b>Summary</b><br />
<br />
Last Friday was August Option Expiration day and it is time to review the movements done following our strategy.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBeofBiivsQk1QQFt1yhyQTr7bUM7Rt1WUcKjMdvozb4X_noNOwCMP5AQ95SqeJwWJVQBzCMRpn3Smv15nMkA900P0wgjW_PL9Jc9iB2Gc4cYXyvKQ5VOaeq4aGZ1wFw1n2rmuJt_swrV0/s1600/Ibex+on+Aug+16th+2019.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="286" data-original-width="625" height="292" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBeofBiivsQk1QQFt1yhyQTr7bUM7Rt1WUcKjMdvozb4X_noNOwCMP5AQ95SqeJwWJVQBzCMRpn3Smv15nMkA900P0wgjW_PL9Jc9iB2Gc4cYXyvKQ5VOaeq4aGZ1wFw1n2rmuJt_swrV0/s640/Ibex+on+Aug+16th+2019.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on August 16th 2019. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
</tbody></table>
After a sizable drop, the IBEX 35 index closed at 8635 points, losing <span style="color: red; font-weight: bold;">535 </span>points (or<span style="color: red;"> <b>-5,83%</b></span>).<br />
<br />
For this month I had sold a 9200 PUT, so the final result after re-buying the sold option is a loss of <b><span style="color: red;">390,65€</span></b><b style="color: red;"> </b>(or <span style="background-color: white;"><b><span style="color: red;">-4,34%</span></b></span>).<br />
<br />
Considering this, since its inception one year ago, the Put Write Strategy is at <b><span style="color: red;">-2,7%</span></b><b>.</b><br />
<br />
Ugly end for my first year following this strategy. However, I am quite satisfied with it and plan to continue it for another year, profiting from higher volatility levels caused by these drops (second biggest premium has been received for the September Put option). If we keep these levels by the end of the month, we will be close to break-even while the IBEX stands close to losing 10% from the initial levels.<br />
<br />
Let´s take a look to the last month movement and then review the most important parameters of the strategy after this first year.<b></b><br />
<br />
<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on.<br />
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<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Date"}" style="border-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Date</td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22/08/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Sept 2018 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9540</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">129,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">85,70€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43362}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/09/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Oct 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Oct 2018 Put</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":150.23}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">150,23€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-447.67}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-447,67€</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43392}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/10/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8800 Nov 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8800 Nov 2018 Put</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":182.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-366.85}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-366,85€</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43455}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/12/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Jan 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Jan 2019 Put</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43483}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9000 Feb 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43511}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/02/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Mar 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43539}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Apr 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43573}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":109.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-135.75}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-135,75€</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43602}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/05/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jun 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jun 2019 Put</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":187.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">187,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":127.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">127,35€</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43637}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/06/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jul 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jul 2019 Put</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43665}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/07/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9200 Aug 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9200 Aug 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":144.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">144,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-390.65}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-390,65€</td><td data-sheets-value="{"1":3,"3":8635}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8635</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43693}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/08/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Sept 2019 Put"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Sept 2019 Put</td><td data-sheets-value="{"1":3,"3":9170}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8635</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":202.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">202,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":2,"2":"??"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">??</td><td data-sheets-value="{"1":2,"2":"??"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">??</td></tr>
</tbody></table>
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So, considering this twelfth month, this is the comparison between the strategy and the IBEX 35 index:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDoZV3kTNRoL7TnTwy224rJ2h-nY1RscsmFka0Q_vDoIySsjem0HtnCXDrBmGzqBFhomoOpklTRP7FEGhfv7L0rteBcWNplS6hbtZkOWsLwkaCvMVh2iax7Hb_6wxthVEn94n5d3nrHu8I/s1600/Ibex+35+vs+PutWrite.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="296" data-original-width="626" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDoZV3kTNRoL7TnTwy224rJ2h-nY1RscsmFka0Q_vDoIySsjem0HtnCXDrBmGzqBFhomoOpklTRP7FEGhfv7L0rteBcWNplS6hbtZkOWsLwkaCvMVh2iax7Hb_6wxthVEn94n5d3nrHu8I/s640/Ibex+35+vs+PutWrite.PNG" width="640" /></a></div>
<br />
<br />
Regarding <b>September</b>, I have sold again a<b> 8600 PUT</b> for <span style="color: #274e13;"><b>202,35€</b></span><span style="font-weight: bold;">. </span><br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="100"></col><col width="128"></col><col width="117"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Break-even</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">9285</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">-55,77€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">N/A</td></tr>
</tbody></table>
<br />
<b>Review after one complete year selling ATM Puts</b><br />
<b><br /></b>
Let´s take a look to how the strategy performed each month compared to the underlying IBEX 35 index:<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZy3jVjAyfDWuDJcXQu6IBgNmp_-dCl9EPuN5GmuSmHZ4qJV_CE5v_yQgnI6gF-3QPikCJRBH1SIfFrnExqHMhcxvXby2oewDjOSbuL4pTOJtrIUaYiNiExWaZBwsfJu4SlfWHxZIfayOO/s1600/Premium.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="282" data-original-width="430" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZy3jVjAyfDWuDJcXQu6IBgNmp_-dCl9EPuN5GmuSmHZ4qJV_CE5v_yQgnI6gF-3QPikCJRBH1SIfFrnExqHMhcxvXby2oewDjOSbuL4pTOJtrIUaYiNiExWaZBwsfJu4SlfWHxZIfayOO/s640/Premium.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Premium received each month and PutWrite vs IBEX 35 monthly performances</td></tr>
</tbody></table>
As you can see, the strategy has outperformed the index 8 out of 12 months. This makes sense given the fact that the index has moved laterally and downwards. The worst that happened was the "V" movement given in December, January and February:<br />
<br />
<ul>
<li>December´s sell-of meant almost 4% loss for the PutWrite.</li>
<li>Although the premium received then was rich, a 6% rally followed in January and February, leaving our strategy considerably behind.</li>
</ul>
<div>
The rest of the months were either small losses or small winners for the IBEX, which yield the best results from selling ATM Puts.</div>
<div>
<br /></div>
<div>
Regarding drawdown, the maximum drawdown suffered by the strategy was around 5% while the underlying had a much more painful 10% drawdown.</div>
<div>
<br /></div>
<div>
So, having all these facts on the table and, even when the strategy was not profitable this year, I intend to repeat it for another year. It requires no extra work than rolling the options and suffers way less volatility than being invested in the underlying.</div>
<br />
<br />
<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-74843538739239693602019-07-21T12:10:00.001+02:002019-07-21T12:10:09.091+02:00Systematic Put Write - July 2019<b>Summary</b><br />
<br />
Last Friday was July Option Expiration day and it is time to review the movements done following our strategy.<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilg4fuW20DU-Lwm5XuFIsCG2KmWTbjt26ESAcm5So5dVGBCyCuMU0BGqu-1gEXRd7nFx5rKvwdUc8Ey9n_Z62jvnUoIXq9sDACJghH48rKknt6-XQ_a8qt1TjJEL2mS_K2SBPbkiFwX5-v/s1600/Ibex+on+Jul+19th+2019.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="308" data-original-width="633" height="310" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilg4fuW20DU-Lwm5XuFIsCG2KmWTbjt26ESAcm5So5dVGBCyCuMU0BGqu-1gEXRd7nFx5rKvwdUc8Ey9n_Z62jvnUoIXq9sDACJghH48rKknt6-XQ_a8qt1TjJEL2mS_K2SBPbkiFwX5-v/s640/Ibex+on+Jul+19th+2019.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on July 19th 2019. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
</tbody></table>
<br />
<br />
IBEX 35 index closed at 9170 points, losing <span style="color: red; font-weight: bold;">57 </span>points (or<span style="color: red;"> <b>-0,31%</b></span>).<br />
<br />
For this month I had sold a 9300 PUT, so the final result after re-buying the sold option is a gain of 3<b><span style="color: #38761d;">4,35€</span></b><b style="color: red;"> </b>(or<span style="background-color: white;"><span style="color: #38761d;"> <b>+ 0.35%</b></span></span>).<br />
<br />
Considering this, since its inception, the Put Write Strategy is at <span style="color: #38761d;"><b>+1.7</b></span><span style="color: #6aa84f;"><b>%</b></span><b>.</b><br />
<br />
<b></b>We are now entering the last month before completing our first year continuously selling ATM puts on the IBEX 35. Unless August finishes with a sharp drop (> 3%) we will end up with profits while beating the underlying index with considerably less volatility and using a strategy that is very little time consuming.<br />
<br />
Let´s wait another month and see how this first year ends.<br />
<br />
<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on.<br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="77"></col><col width="169"></col><col width="63"></col><col width="76"></col><col width="94"></col><col width="93"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Date"}" style="border-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Date</td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22/08/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Sept 2018 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9540</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">129,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">85,70€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43362}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/09/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Oct 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Oct 2018 Put</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":150.23}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">150,23€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-447.67}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-447,67€</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43392}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/10/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8800 Nov 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8800 Nov 2018 Put</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":182.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-366.85}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-366,85€</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43455}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/12/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Jan 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Jan 2019 Put</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43483}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9000 Feb 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43511}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/02/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Mar 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43539}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Apr 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43573}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":109.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-value="{"1":3,"3":-135.75}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-135,75€</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43602}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/05/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jun 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jun 2019 Put</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":187.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">187,35€</td><td data-sheets-value="{"1":3,"3":127.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">127,35€</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43637}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/06/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jul 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jul 2019 Put</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":164.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-value="{"1":3,"3":164.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">34,35€</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43665}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/07/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Aug 2019 Put"}" style="background-color: #cce6ff; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9200 Aug 2019 Put</td><td data-sheets-value="{"1":3,"3":9227}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9170</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":2,"2":"??="}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"> 149,35€</td><td data-sheets-value="{"1":2,"2":"???"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td></tr>
</tbody></table>
<br />
So, considering this eleventh month, this is the comparison between the strategy and the IBEX 35 index:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYVhHIWhRZf94u7hLtwQSdOEtO3FfQweAR0BNq8JcR8L2Nu9WaiGDMJrhNCIsS5nyuW7L8hjDR8RaCWOw_V96YJQ6CVpBebvAYnPKF8Z1IMuYQBZtUwETQ9oqyKQDHN-lHiIvvF9WWggcG/s1600/putwrite+vs+ibex.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="312" data-original-width="615" height="324" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYVhHIWhRZf94u7hLtwQSdOEtO3FfQweAR0BNq8JcR8L2Nu9WaiGDMJrhNCIsS5nyuW7L8hjDR8RaCWOw_V96YJQ6CVpBebvAYnPKF8Z1IMuYQBZtUwETQ9oqyKQDHN-lHiIvvF9WWggcG/s640/putwrite+vs+ibex.PNG" width="640" /></a></div>
<br />
<br />
Regarding <b>August</b>, I have sold again a<b> 9200 PUT</b> for <span style="color: #38761d; font-weight: bold;">144,</span><span style="color: #38761d; font-weight: bold;">35€</span><span style="font-weight: bold;">. </span><br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="100"></col><col width="128"></col><col width="117"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Break-even</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">9706</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">313€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">8887</td></tr>
</tbody></table>
<br />
<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-1034044383606201772019-06-22T16:43:00.000+02:002019-06-22T16:47:55.709+02:00Systematic Put Write - June 2019<b>Summary</b><br />
<br />
Yesterday was June Option Expiration day and it is time to review the movements done following our strategy.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGDSKjqn0tDly9qhlbARRG4tvrImHdB3_YpeCpdl0w835o1BTZbhBXKCcS4mNlu1G_aRMgq94eaC_ebdJREuLgWiFRhxGYlBAgSSjZMzo7q6iti7bMs7Dcw-9On-w0kof6kNb-1pVD0N4L/s1600/Ibex+on+Jun+21st+2019.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="307" data-original-width="620" height="316" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGDSKjqn0tDly9qhlbARRG4tvrImHdB3_YpeCpdl0w835o1BTZbhBXKCcS4mNlu1G_aRMgq94eaC_ebdJREuLgWiFRhxGYlBAgSSjZMzo7q6iti7bMs7Dcw-9On-w0kof6kNb-1pVD0N4L/s640/Ibex+on+Jun+21st+2019.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on June 21st 2019. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
</tbody></table>
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After some back-and-forth movements, the IBEX 35 index closed almost flat for this month, losing <span style="color: red; font-weight: bold;">29 </span>points (or<span style="color: red;"> <b>-0,3%</b></span>).<br />
<br />
For this month I had sold a 9300 PUT, so the final result after re-buying the sold option is a gain of <b><span style="color: #38761d;">127,35€</span></b><b style="color: red;"> </b>(or<span style="background-color: white;"><span style="color: #38761d;"> <b>+ 1,33%</b></span></span>).<br />
<br />
Considering this, since its inception, the Put Write Strategy is at <b><span style="color: #38761d;">+1,4</span><span style="color: #cc0000;"><span style="color: #38761d;">%</span>.</span></b><br />
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<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on.<br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="81"></col><col width="169"></col><col width="63"></col><col width="76"></col><col width="94"></col><col width="93"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Date"}" style="border-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Date</td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22/08/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Sept 2018 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9540</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">129,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">85,70€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43362}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/09/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Oct 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Oct 2018 Put</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":150.23}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">150,23€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-447.67}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-447,67€</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43392}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/10/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8800 Nov 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8800 Nov 2018 Put</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":182.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-366.85}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-366,85€</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43455}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/12/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Jan 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Jan 2019 Put</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43483}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9000 Feb 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43511}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/02/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Mar 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43539}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Apr 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43573}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":109.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-value="{"1":3,"3":-135.75}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-135,75€</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43602}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/05/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jun 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jun 2019 Put</td><td data-sheets-value="{"1":3,"3":9256}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":187.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">187,35€</td><td data-sheets-value="{"1":2,"2":"???"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">127,35€</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43637}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/06/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Jul 2019 Put"}" style="background-color: #cce6ff; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Jul 2019 Put</td><td style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9227</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":164.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">164,35€</td><td data-sheets-value="{"1":2,"2":"???"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td></tr>
</tbody></table>
<br />
So, considering this tenth month, this is the comparison between the strategy and the IBEX 35 index:<br />
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</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpjiNShdvzVxokrMQUkGUFi52HFo97qVJWx4xBMi9SqJWH7j1_A2vdS1uPttjAuK77JiQHy4smEmS06a1nAjIkV-VGC9h59DlQWflSSQxkKT8ZyuoBYmb_bBeSBpXlP_PwLKVmWyJzadcb/s1600/Ibex+35+vs+PutWrite.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="311" data-original-width="617" height="322" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpjiNShdvzVxokrMQUkGUFi52HFo97qVJWx4xBMi9SqJWH7j1_A2vdS1uPttjAuK77JiQHy4smEmS06a1nAjIkV-VGC9h59DlQWflSSQxkKT8ZyuoBYmb_bBeSBpXlP_PwLKVmWyJzadcb/s640/Ibex+35+vs+PutWrite.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 vs Put Write</td></tr>
</tbody></table>
<br />
Regarding <b>July</b>, I have sold again a<b> 9300 PUT</b> for <span style="color: #38761d; font-weight: bold;">164,</span><span style="color: #38761d; font-weight: bold;">35€</span><span style="font-weight: bold;">. </span><br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="100"></col><col width="128"></col><col width="117"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Break-even</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">9672</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">296€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9004</td></tr>
</tbody></table>
<br />
<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-41811470067712032812019-05-19T16:23:00.000+02:002019-05-19T16:23:21.003+02:00Systematic Put Write - May 2019<b>Summary</b><br />
<br />
Last Friday was May Option Expiration day and it is time to review the movements done following our strategy.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjO382GAE49qpDJn6jsXNdpLaq6FZa0PczglZZIBud8y7VkM8pPHNcV8N6HxK0tYEKDDl-uJ8Jol4-Co8u35bKeq_XG9BHBRPUOE-AHfuhp6JCTKY5Fg_1yjU_-SJtzTxbfXtGIPHiu166X/s1600/Ibex+35+on+MAy+17.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="291" data-original-width="623" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjO382GAE49qpDJn6jsXNdpLaq6FZa0PczglZZIBud8y7VkM8pPHNcV8N6HxK0tYEKDDl-uJ8Jol4-Co8u35bKeq_XG9BHBRPUOE-AHfuhp6JCTKY5Fg_1yjU_-SJtzTxbfXtGIPHiu166X/s640/Ibex+35+on+MAy+17.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on May 17th 2019. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
</tbody></table>
<br />
This month the IBEX 35 broke its winning streak and lost <span style="color: red; font-weight: bold;">324 </span>points (or<span style="color: red;"> <b>-3,38%</b></span>).<br />
<br />
For this month I had sold a 9500 PUT, so the final result is a loss of <b style="color: red;">135,75€ </b>(or <span style="color: red;">-</span><b style="color: red;">1,11%</b>)<br />
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Considering this, since its inception, the Put Write Strategy is at <b><span style="color: #38761d;">+0</span><span style="color: #cc0000;"><span style="color: #38761d;">,1%</span>.</span></b><br />
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<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on.<br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="81"></col><col width="169"></col><col width="63"></col><col width="76"></col><col width="94"></col><col width="93"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Date"}" style="border-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Date</td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22/08/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Sept 2018 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9540</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">129,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">85,70€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43362}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/09/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Oct 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Oct 2018 Put</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":150.23}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">150,23€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-447.67}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-447,67€</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43392}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/10/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8800 Nov 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8800 Nov 2018 Put</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":182.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":-366.85}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-366,85€</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43455}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/12/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Jan 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Jan 2019 Put</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":226.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43483}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9000 Feb 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":146.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43511}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/02/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Mar 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":123.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43539}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Apr 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":167.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43573}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":109.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-value="{"1":2,"2":"???"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-135,75€</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="{"1":5,"2":"dd/mm/yyyy","3":1}" data-sheets-value="{"1":3,"3":43602}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/05/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #cce6ff; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 June 2019 Put</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9256</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">187,35€</td><td data-sheets-value="{"1":2,"2":"???"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td></tr>
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So, considering this ninth month, this is the comparison between the strategy and the IBEX 35 index:<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvy5pLjZI4Y2PrTvijio6td96uVUTe5CwW04RA5-Ao1sXUZLhwQRaBSk4BtU3o4eDkxtU2Ox_WtNiZmmEYMjtYyoRO86LLy5bO8ATT-JPiUGWa3Fr7x7uLt_7AVO_okjh54torIU_Uz1a0/s1600/putwrite+vs+ibex.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="307" data-original-width="626" height="312" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvy5pLjZI4Y2PrTvijio6td96uVUTe5CwW04RA5-Ao1sXUZLhwQRaBSk4BtU3o4eDkxtU2Ox_WtNiZmmEYMjtYyoRO86LLy5bO8ATT-JPiUGWa3Fr7x7uLt_7AVO_okjh54torIU_Uz1a0/s640/putwrite+vs+ibex.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Put Write vs IBEX 35</td></tr>
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Regarding <b>June</b>, I have sold a<b> 9300 PUT</b> for <span style="color: #38761d; font-weight: bold;">187,</span><span style="color: #38761d; font-weight: bold;">35€</span><span style="font-weight: bold;">. </span>Higher premium this month due to higher volatility and the underlying being closer to our option strike.<br />
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<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Break-even</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">9545</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">193€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9117</td></tr>
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<b>Portfolio</b><br />
<br />
No other position is open right now. If DAX 30 suffers a proper decline I might sell a Credit Put Spread but I need much more fear in the market to do that.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-74066035564039450412019-04-23T09:33:00.000+02:002019-04-23T20:58:53.090+02:00Systematic Put Write - April 2019<b>Summary</b><br />
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Last Thursday was April Option Expiration day (last Friday was bank holiday in Spain) and it is time to review the movements done following our strategy.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivgn2XoykcSRhUKBlFYsWmxMFhbsNkawojHuoGdQLsL5Jo7Cpm0A8HZKjkEVDPgtyh7Shkey6fdKbdnlQXDV5tavehnktQE4P9w_vREwqR-ZR_4b7Ifpi_l9ZYfHN98JTqpRIXoA9EKJ2c/s1600/Ibex+35+on+April+19th.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="306" data-original-width="621" height="314" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivgn2XoykcSRhUKBlFYsWmxMFhbsNkawojHuoGdQLsL5Jo7Cpm0A8HZKjkEVDPgtyh7Shkey6fdKbdnlQXDV5tavehnktQE4P9w_vREwqR-ZR_4b7Ifpi_l9ZYfHN98JTqpRIXoA9EKJ2c/s640/Ibex+35+on+April+19th.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on April 19th 2019. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
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Another month in positive for the IBEX 35 index, gaining <span style="color: #38761d;"><b>251 </b></span>points this month (or <b><span style="color: #38761d;">+ 2,69%</span></b>).<br />
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As the future closed at 9581 points, value that is above the strike price of the sold option (which was 9300), I get to keep all the credit initially received (<b><span style="color: #38761d;">+ 167,35 €</span></b>).<br />
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Considering this, since its inception, the Put Write Strategy is at <b><span style="color: #38761d;">+1</span><span style="color: #cc0000;"><span style="color: #38761d;">,2%</span><span style="color: #cc0000;">.</span></span></b><br />
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<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on.<br />
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<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Date"}" style="border-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Date</td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-family: arial; font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="{"1":5,"2":"dd/mm/yyyy","3":1}" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22/08/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Sept 2018 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9540</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">129,35€</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">85,70€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="{"1":5,"2":"dd/mm/yyyy","3":1}" data-sheets-value="{"1":3,"3":43362}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/09/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Oct 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Oct 2018 Put</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":150.23}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">150,23€</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":-447.67}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-447,67€</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="{"1":5,"2":"d/m/yyyy","3":1}" data-sheets-value="{"1":3,"3":43392}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/10/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8800 Nov 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8800 Nov 2018 Put</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":176.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":176.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="{"1":5,"2":"d/m/yyyy","3":1}" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":3,"3":9056}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":182.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":-366.85}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-366,85€</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="{"1":5,"2":"d/m/yyyy","3":1}" data-sheets-value="{"1":3,"3":43455}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/12/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8600 Jan 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Jan 2019 Put</td><td data-sheets-value="{"1":3,"3":8550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":226.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":226.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="{"1":5,"2":"dd/mm/yyyy","3":1}" data-sheets-value="{"1":3,"3":43483}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9000 Feb 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9078}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":146.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":146.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="{"1":5,"2":"dd/mm/yyyy","3":1}" data-sheets-value="{"1":3,"3":43511}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/02/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Mar 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9130}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":123.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":123.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="{"1":5,"2":"dd/mm/yyyy","3":1}" data-sheets-value="{"1":3,"3":43539}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9300 Apr 2019 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9330}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":167.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":167.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="{"1":5,"2":"dd/mm/yyyy","3":1}" data-sheets-value="{"1":3,"3":43483}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/04/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 May 2019 Put"}" style="background-color: #cce6ff; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 May 2019 Put</td><td data-sheets-value="{"1":3,"3":9581}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9581</td><td data-sheets-numberformat="{"1":4,"2":"#,##0.00\"€\"","3":1}" data-sheets-value="{"1":3,"3":109.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">109,35€</td><td data-sheets-value="{"1":2,"2":"???"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td><td data-sheets-value="{"1":2,"2":"???"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-family: arial; overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td></tr>
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So, considering this eight month, this is the comparison between the strategy and the IBEX 35 index:<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUbs8K6Dq5KElE-1o2NIsQn-KKVgIJR3kMDfgUWNoOfdo-Q7QVTdHywc2IsnkT3H8Aw3X_0c4gaGImbG7GhtARLXVAxJqSy1vLOJn40jIjZsVBQK9CM4UCysX3rQLxaI5eVwS4EqRSQy0n/s1600/PutWrite+vs+Ibex.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="295" data-original-width="634" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUbs8K6Dq5KElE-1o2NIsQn-KKVgIJR3kMDfgUWNoOfdo-Q7QVTdHywc2IsnkT3H8Aw3X_0c4gaGImbG7GhtARLXVAxJqSy1vLOJn40jIjZsVBQK9CM4UCysX3rQLxaI5eVwS4EqRSQy0n/s640/PutWrite+vs+Ibex.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Put Write Strategy vs IBEX 35</td></tr>
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Regarding <b>May</b>, I have sold a<b> 9500 PUT</b> for <span style="color: #38761d; font-weight: bold;">109,</span><span style="color: #38761d; font-weight: bold;">35€. </span>Very low volatility and fewer days until expiration.<span style="color: #38761d; font-weight: bold;"> </span>Break-even can be achieved if the index closes above 9277 points<span style="color: #38761d; font-weight: bold;">.</span><br />
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<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Break-even</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">9653,35</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">222,35€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9277,65</td></tr>
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<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com5tag:blogger.com,1999:blog-3989184882667253591.post-78206101742991181232019-03-16T21:56:00.002+01:002019-03-16T21:56:33.423+01:00Systematic Put Write - March 2019<b>Summary</b><br />
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Yesterday was March Option Expiration day and it is time to review the movements done following our strategy.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR76JBUvTqUThU_6eZ5s-xzqwUewtDCBHo5VwPTS6LT8bbV1brYsppVjM_b_T7ubzo7VhD2nyGJFc_zcmwH_6tN0X0uFxRPBRTKJuC0cpmdilSd0JL50BPOiBgsXavFrdQGOS1jOmtNVSm/s1600/Ibex+35+on+March+15th.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="288" data-original-width="628" height="292" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR76JBUvTqUThU_6eZ5s-xzqwUewtDCBHo5VwPTS6LT8bbV1brYsppVjM_b_T7ubzo7VhD2nyGJFc_zcmwH_6tN0X0uFxRPBRTKJuC0cpmdilSd0JL50BPOiBgsXavFrdQGOS1jOmtNVSm/s640/Ibex+35+on+March+15th.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ibex 35 on March 15th. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
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After a very quiet month, today´s gains make the March future close at 9330 points, gaining 200 points this month (or <b><span style="color: #38761d;">+ 2,19%</span></b>).<br />
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As this value is above the strike price of the sold option (which was 9100) I get to keep all the credit initially received (<b><span style="color: #38761d;">+ 123,35 €</span></b>).<br />
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Considering this, since its inception, the Put Write Strategy is at <b><span style="color: #cc0000;">-0,6%.</span></b><br />
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<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on.<br />
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<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Date"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Date</td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-numberformat="[null,4,"#,##0\"€\"",1]" data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22/08/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Sept 2018 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9540</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">129,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">85,70€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43362}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/09/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Oct 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Oct 2018 Put</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":150.23}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">150,23€</td><td data-sheets-value="{"1":3,"3":-447.67}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-447,67€</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43392}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/10/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8800 Nov 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8800 Nov 2018 Put</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":3,"3":165.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"><div style="text-align: right;">
<span style="font-size: 10pt;">9056</span></div>
</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":165.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-value="{"1":2,"2":"?"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"><div style="text-align: right;">
-366,85€</div>
</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/12/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Jan 2019 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/02/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-value="{"1":3,"3":9492}" style="background-color: border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">15/03/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #cce6ff; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9300 Apr 2019 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9330</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">167,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #cce6ff; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td><td data-sheets-value="{"1":3,"3":9492}" style="background-color: border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td></tr>
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So, considering this seventh month, this is the comparison between the strategy and the Ibex 35 index:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK8G51HbmGOSC4mCdiNOd0xog9uZmsvdEg96BWh9C29StE9A8LEea_VqkuAY2ti4A0IBMJ03eCv2ZEKnxDjLN2fR9XRh2XD1xkDTnb6jbotW2EbDDmpMc-RrrFI1R9oSuKNhAP_ULEGue7/s1600/PutWrite+vs+Ibex.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="289" data-original-width="621" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK8G51HbmGOSC4mCdiNOd0xog9uZmsvdEg96BWh9C29StE9A8LEea_VqkuAY2ti4A0IBMJ03eCv2ZEKnxDjLN2fR9XRh2XD1xkDTnb6jbotW2EbDDmpMc-RrrFI1R9oSuKNhAP_ULEGue7/s640/PutWrite+vs+Ibex.PNG" width="640" /></a></div>
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Regarding April, I have sold a 9300 Put for <span style="color: #38761d; font-weight: bold;">167,</span><span style="color: #38761d; font-weight: bold;">35€. </span>For the first time in some months, break-even can be achieved if the index closes above 9187 points<span style="color: #38761d; font-weight: bold;">.</span><br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="100"></col><col width="128"></col><col width="117"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Break-even</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">9486</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">112,83€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9187</td></tr>
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<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-4949261109105259952019-02-15T17:38:00.000+01:002019-02-15T17:38:23.705+01:00Systematic Put Write - February 2019<b>Summary</b><br />
<br />
Today is February Option Expiration day and it is time to review the movements done following our strategy.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9Nm40FRYbX1yLFmH0uLGoUkcyLkS9emwiKvcyILenoblatiitY0GDsfv813zL0We_bqgIAZwjoe0Ytr75y-Yght_ZuW6vUS14uKyp7_lgy-QsUPfo18M5a7xo7Z7BsXWRygIsPkh_xvxI/s1600/Ibex+on+Feb+15th.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="301" data-original-width="633" height="304" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9Nm40FRYbX1yLFmH0uLGoUkcyLkS9emwiKvcyILenoblatiitY0GDsfv813zL0We_bqgIAZwjoe0Ytr75y-Yght_ZuW6vUS14uKyp7_lgy-QsUPfo18M5a7xo7Z7BsXWRygIsPkh_xvxI/s640/Ibex+on+Feb+15th.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on February 15th 2019. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a>.</td></tr>
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<br />Despite today's gains, and after closing at 9130 points, the monthly gains in the index is just <b><span style="color: #38761d;">52</span></b> points more (or <b><span style="color: #38761d;">+ 0,57%</span></b>) than the previous month.<br />
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As this value is above the strike price of the sold option (which was 9000) I get to keep all the credit initially received (<b><span style="color: #38761d;">+ 146,35 €</span></b>).<br />
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Considering this, since its inception, the Put Write Strategy is at <b><span style="color: #cc0000;">-1,6%.</span></b><br />
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<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on.<br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="76"></col><col width="156"></col><col width="77"></col><col width="84"></col><col width="89"></col><col width="89"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Date"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Date</td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-numberformat="[null,4,"#,##0\"€\"",1]" data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22/08/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Sept 2018 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9540</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">129,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">85,70€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43362}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/09/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Oct 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Oct 2018 Put</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":150.23}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">150,23€</td><td data-sheets-value="{"1":3,"3":-447.67}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-447,67€</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43392}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/10/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8800 Nov 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8800 Nov 2018 Put</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":3,"3":165.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"><div style="text-align: right;">
<span style="font-size: 10pt;">9056</span></div>
</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":165.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-value="{"1":2,"2":"?"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"><div style="text-align: right;">
-366,85€</div>
</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/12/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Jan 2019 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #cce6ff; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Mar 2019 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9130</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">123,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #cce6ff; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td></tr>
</tbody></table>
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So, considering this sixth month, this is the comparison between the strategy and the Ibex 35 index:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-czDxkE3D7DeyiQTnHdl3V77iS7btdTQSZu2TL7BVNIrkp7KPMJpUOlytcXYaUwszTFTFpmXSuG3zeurcejnZVqiHMUs4C_R-gUB3WieadS6idx0W8HeL4aziUhW9c2y8skBXv6gvAarv/s1600/Ibex+vs+Putwrite.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="280" data-original-width="615" height="290" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-czDxkE3D7DeyiQTnHdl3V77iS7btdTQSZu2TL7BVNIrkp7KPMJpUOlytcXYaUwszTFTFpmXSuG3zeurcejnZVqiHMUs4C_R-gUB3WieadS6idx0W8HeL4aziUhW9c2y8skBXv6gvAarv/s640/Ibex+vs+Putwrite.PNG" width="640" /></a></div>
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Regarding March, I have sold a 9100 Put for <span style="color: #38761d; font-weight: bold;">123,</span><span style="color: #38761d; font-weight: bold;">35€. </span>Very small credit this month, the worst of the series, probably due to today´s rally in the index and corresponding drop in the Volatility.<br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="100"></col><col width="128"></col><col width="117"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Break-even</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">9389,35</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">-56,42€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">N/A</td></tr>
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<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
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<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-53352359670278457172019-02-06T17:18:00.000+01:002019-02-06T17:21:10.106+01:00Closed: ODAX February 2019 Call Spread<b>Summary</b><br />
<b><br /></b>Yesterday I closed the ODAX 11350 - 11400 Debit Put Spread, which was opened before Christmas in order to protect the former <a href="http://victorferrerjava.blogspot.com/2019/01/closed-odax-january-2019-call-spread.html" target="_blank">Call Spread deployed for January</a> against a market rebound.<br />
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiVerJDJJ0_NOoebFFJo2ASqGi3BOgTvjS7b7xtE9ya8_fDFELDBf0IonvdLTzheI32cVe1qgN74Til64FquDFuCCfyOteIo2pCW07wCgdX1f7rxjBk_NQcZ4QCYZGScOxnClISSCqL342/s1600/Dax+on+February+6th.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="288" data-original-width="623" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiVerJDJJ0_NOoebFFJo2ASqGi3BOgTvjS7b7xtE9ya8_fDFELDBf0IonvdLTzheI32cVe1qgN74Til64FquDFuCCfyOteIo2pCW07wCgdX1f7rxjBk_NQcZ4QCYZGScOxnClISSCqL342/s1600/Dax+on+February+6th.PNG" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">DAX 30 on February 6th 2019. Source <a href="https://es.investing.com/indices/germany-30" target="_blank">Investing</a></td></tr>
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This trade worked fine in its original task and I was aiming to make more profit if the market kept rising. However, with only nine days left, I chose to close it near break even.<br />
<a name='more'></a><b><br />Trade Status</b><br />
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After closing the spread, I booked a gain of <b><span style="color: #38761d;">16,40€</span></b><span style="color: #38761d; font-weight: bold;">. </span>With that, the account shows a gain of<span style="color: #38761d;"><b> 0<span style="color: #38761d;">.1</span></b></span><span style="color: red;"><b><span style="color: #38761d;">%</span><span style="color: red;"> </span></b></span>this year.<br />
By comparison the DAX 30 index is up<span style="color: #38761d;"><b> <span style="color: red;">7,45</span><span style="color: red;">%</span></b></span> in the same period of time.<br />
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="196"></col><col width="78"></col><col width="49"></col><col width="56"></col><col width="78"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Type"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Type</td><td data-sheets-value="{"1":2,"2":"Name"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Name</td><td data-sheets-value="{"1":2,"2":"Open Date"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Open Date</td><td data-sheets-value="{"1":2,"2":"DTE"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">DTE</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Result"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Result</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Put Spread"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Call Spread</td><td data-sheets-value="{"1":2,"2":"ODAX Dec 2018 10500/109100"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">ODAX Feb 2019 11350/11400</td><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43325}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/12/2018</td><td data-sheets-value="{"1":3,"3":28}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">60</td><td data-sheets-value="{"1":3,"3":11550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">10865</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":121.4}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16,40 €</td></tr>
</tbody></table>
<br />
All the trade details can be found <a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=2015026613&single=true" target="_blank">here</a>.<br />
<br />
<b>Portfolio</b><br />
<br />
<a href="http://victorferrerjava.blogspot.com/2019/01/systematic-put-write-january-2019.html" target="_blank">The sold February Put Option in the IBEX 35 index</a>, part of the Systematic Put Writing, will be rolled next week and it is currently out of the money.<br />
<br />
<b>See also</b><br />
<div>
<ul>
<li><a href="http://victorferrerjava.blogspot.com/2019/01/systematic-put-write-january-2019.html" target="_blank">Systematic Put Write - January 2019</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=2015026613&single=true" target="_blank">2019 Trades (so far)</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">2018 Track Record</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/1DBoGYyU_xjZUDZOqGeUDR6Guj0iwD52FoaPuq2Ez-hk/edit#gid=0" target="_blank">2017 Track Record</a></li>
</ul>
</div>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-89634617017462120512019-01-18T19:19:00.001+01:002019-01-18T19:19:24.250+01:00Systematic Put Write - January 2019<b>Summary</b><br />
<br />
Today is January Option Expiration day and it is time to review the movements done following our strategy.<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1utymeOjTcPg7ou7nOjuCqqdndvAOZaHhrN5J1qOlKO3fBGggpjVBz09xwEGPPxolO__xHiU3N904uaiCsNT1j9pfvuRXpcpNJHMa8wuZGPakz4mSBGhDVcAHxsMgEYKILIGv-Kf1SL6f/s1600/Ibex+35.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="303" data-original-width="625" height="308" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1utymeOjTcPg7ou7nOjuCqqdndvAOZaHhrN5J1qOlKO3fBGggpjVBz09xwEGPPxolO__xHiU3N904uaiCsNT1j9pfvuRXpcpNJHMa8wuZGPakz4mSBGhDVcAHxsMgEYKILIGv-Kf1SL6f/s640/Ibex+35.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on January 18th 2019. Source Investing</td></tr>
</tbody></table>
Strong gains this month in the IBEX 35 January Future which closed at 9078 points, that is <b><span style="color: #38761d;">526</span></b> points more (or <b><span style="color: #38761d;">+ 6,18%</span></b>) than the previous month.<br />
<br />
As this value is above the strike price of the sold option (which was 8600) I get to keep all the credit initially received (<b><span style="color: #38761d;">+ 226,35 €</span></b>).<br />
<br />
Considering this, since its inception, the Put Write Strategy is at <b><span style="color: #cc0000;">-3,1%.</span></b><br />
<br />
<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on.<br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="76"></col><col width="156"></col><col width="77"></col><col width="84"></col><col width="89"></col><col width="89"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Date"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Date</td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-numberformat="[null,4,"#,##0\"€\"",1]" data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22/08/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Sept 2018 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9540</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">129,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">85,70€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43362}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/09/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Oct 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Oct 2018 Put</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":150.23}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">150,23€</td><td data-sheets-value="{"1":3,"3":-447.67}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-447,67€</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43392}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/10/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8800 Nov 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8800 Nov 2018 Put</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":3,"3":165.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"><div style="text-align: right;">
<span style="font-size: 10pt;">9056</span></div>
</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":165.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-value="{"1":2,"2":"?"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"><div style="text-align: right;">
-366,85€</div>
</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">21/12/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8600 Jan 2019 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">226,35€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">18/01/2019</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #cce6ff; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9000 Feb 2019 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9078</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">146,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #cce6ff; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">???</td></tr>
</tbody></table>
<br />
So, considering this fifth month, this is the comparison between the strategy and the Ibex 35 index:<br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4DTmyAD5QrbfMOfxp2KufnwT3W6B4TdhvF4l3Cg24fzMhPVjBFcLhkmV3Snd4ioQh2BoKqLxTGzaYheT0bkK3NN5HEZTWDkTqOpCA0dlpE88qrntZDwWlowl22dHKx2Ufa1gP-jYWREJN/s1600/put+write+vs+ibex.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="291" data-original-width="621" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4DTmyAD5QrbfMOfxp2KufnwT3W6B4TdhvF4l3Cg24fzMhPVjBFcLhkmV3Snd4ioQh2BoKqLxTGzaYheT0bkK3NN5HEZTWDkTqOpCA0dlpE88qrntZDwWlowl22dHKx2Ufa1gP-jYWREJN/s640/put+write+vs+ibex.PNG" width="640" /></a></div>
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Regarding February, I have sold a 9000 Put for <span style="color: #38761d; font-weight: bold;">146,</span><span style="color: #38761d; font-weight: bold;">35€. </span>As you can see, after strong months like this, volatility decreases a lot, making us earning much less credit for each option. In scenarios where the underlying climbs like this, the Put Write strategy clearly underperforms.<br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="100"></col><col width="128"></col><col width="117"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Break-even</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">9213,7</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">-179,77€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">N/A</td></tr>
</tbody></table>
<br />
<b>Portfolio</b><br />
<br />
No other position is open right now.<br />
<br />
<b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/p/ibex-35-put-write.html" target="_blank">IBEX 35 Systematic Put Write Strategy</a></li>
<li><a href="http://victorferrerjava.blogspot.com/2019/01/closed-odax-january-2019-call-spread.html" target="_blank">Closed: ODAX January 2019 Call Spread</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-31039637384591091822019-01-18T15:44:00.002+01:002019-01-18T15:45:42.088+01:00Closed: ODAX January 2019 Call Spread<b>Summary</b><br />
<b><br /></b>Today is January options expiration day and the 11400 - 11800 Call Spread expires yielding its maximum possible profit.<br />
<div style="text-align: right;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihk1J4PZzprFNc_MneGUyuk1vbjmvv25c9S3MvymaofY_laHEW8_sjcwNX8bKXUzBpSRIO3KFe0LCZ0WULujVjq3YvBRG3dpc1DrgoduJn570v61xMXeTXusISUU-aSRi4pJUUG_ZFA4U2/s1600/Dax+on+Jan+18th.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="307" data-original-width="625" height="314" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihk1J4PZzprFNc_MneGUyuk1vbjmvv25c9S3MvymaofY_laHEW8_sjcwNX8bKXUzBpSRIO3KFe0LCZ0WULujVjq3YvBRG3dpc1DrgoduJn570v61xMXeTXusISUU-aSRi4pJUUG_ZFA4U2/s640/Dax+on+Jan+18th.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">DAX 30 on January 18th 2019. Source <a href="https://es.investing.com/indices/germany-30" target="_blank">Investing</a></td></tr>
</tbody></table>
Nice comeback from last Christmas lows however, it comes too late to affect this trade negatively. Now it is time to evaluate the situation but probably I will wait for new drops in the index to open new trades.<br />
<a name='more'></a><b><br />Trade Status</b><br />
<div>
<b><br /></b></div>
<div>
After closing the spread, I booked a gain of <b><span style="color: #38761d;">163,20€</span></b><span style="color: #38761d; font-weight: bold;">. </span>With that, the account shows a gain of <span style="color: #38761d;"><b>1.13</b></span><span style="color: red;"><b><span style="color: #38761d;">%</span><span style="color: red;"> </span></b></span>this year (2018). By comparison the DAX 30 index is down <b><span style="color: red;">17,79</span></b><span style="color: red;"><b>%</b></span> in the same period of time.<br />
<br />
Note: I have accounted this trade in 2018 as it was opened last December. New trades will be accounted in 2019.</div>
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="196"></col><col width="78"></col><col width="49"></col><col width="56"></col><col width="78"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Type"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Type</td><td data-sheets-value="{"1":2,"2":"Name"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Name</td><td data-sheets-value="{"1":2,"2":"Open Date"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Open Date</td><td data-sheets-value="{"1":2,"2":"DTE"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">DTE</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Result"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Result</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Put Spread"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Call Spread</td><td data-sheets-value="{"1":2,"2":"ODAX Dec 2018 10500/109100"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">ODAX Jan 2019 11400/11800</td><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43325}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/12/2018</td><td data-sheets-value="{"1":3,"3":28}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">32</td><td data-sheets-value="{"1":3,"3":11550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">10865</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":121.4}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">163,20 €</td></tr>
</tbody></table>
<br />
All the trade details can be found <a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">here</a>.<br />
<br />
<b>Portfolio</b><br />
<br />
<a href="http://victorferrerjava.blogspot.com/2018/12/systematic-put-write-december-2018.html" target="_blank">The sold January Put Option in the IBEX 35 index</a>, part of the Systematic Put Writing, will be rolled today after keeping all the credit received this month.<br />
<br />
The Debit Call Spread that I opened as protection for this trade is still open and showing a small profit. I am not sure what to do with it, but I will probably close it next week.<br />
<br />
<b>See also</b><br />
<div>
<ul>
<li><a href="http://victorferrerjava.blogspot.com/2018/12/systematic-put-write-december-2018.html" target="_blank">Systematic Put Write - December 2018</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">2018 trades (so far)</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/1DBoGYyU_xjZUDZOqGeUDR6Guj0iwD52FoaPuq2Ez-hk/edit#gid=0" target="_blank">2017 track record</a></li>
</ul>
</div>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-5563115427125600112019-01-08T11:08:00.001+01:002019-01-13T18:43:31.188+01:00Closed: ODAX January 2019 Put Spread<b>Summary</b><br />
<b><br /></b>
This morning I have closed the trade at around 93% of the maximum possible profit with still 10 days before the expiration date.<br />
<div style="text-align: right;">
</div>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9n7ypFglEI6mC73KCaqYpbq1j7XLbltDeoJmhPks2lHr23WF5edprVa_oflDn0pzs_9kzrPEeJcftwqfIZtAboLLJiQpJjUGcY60GN-seqrn8_GaK-CZDnDpDbcaFom9U7anAdyx4OqWX/s1600/Dax+on+Jan+8th.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="298" data-original-width="633" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9n7ypFglEI6mC73KCaqYpbq1j7XLbltDeoJmhPks2lHr23WF5edprVa_oflDn0pzs_9kzrPEeJcftwqfIZtAboLLJiQpJjUGcY60GN-seqrn8_GaK-CZDnDpDbcaFom9U7anAdyx4OqWX/s640/Dax+on+Jan+8th.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">DAX 30 on January 8th 2019. Source <a href="https://es.investing.com/indices/germany-30" target="_blank">Investing</a></td></tr>
</tbody></table>
We are in a bearish setup, so it makes sense to me to eliminate some downside risk and wait for a new drop in order to deploy a new Put Spread using February options.<br />
<a name='more'></a><b><br />Trade Status</b><br />
<div>
<b><br /></b></div>
<div>
After closing the spread, I booked a gain of <b><span style="color: #38761d;">161,4€</span></b><span style="color: #38761d; font-weight: bold;">. </span>With that, the account shows a gain of <span style="color: red;"><b><span style="color: #38761d;">0,16%</span><span style="color: red;"> </span></b></span>this year (2018). By comparison the DAX 30 index is down <b><span style="color: red;">19,60</span></b><span style="color: red;"><b>%</b></span> in the same period of time.<br />
<br />
Note: I have accounted this trade in 2018 as it was opened last December. New trades will be accounted in 2019.</div>
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="196"></col><col width="78"></col><col width="49"></col><col width="56"></col><col width="78"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Type"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Type</td><td data-sheets-value="{"1":2,"2":"Name"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Name</td><td data-sheets-value="{"1":2,"2":"Open Date"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Open Date</td><td data-sheets-value="{"1":2,"2":"DTE"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">DTE</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Result"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Result</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Put Spread"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put Spread</td><td data-sheets-value="{"1":2,"2":"ODAX Dec 2018 10500/109100"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">ODAX Jan 2019 9900/9500</td><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43325}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">10/12/2018</td><td data-sheets-value="{"1":3,"3":28}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">39</td><td data-sheets-value="{"1":3,"3":11550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">10750</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":121.4}" style="background-color: #d9ead3; border-bottom-color: rgb(0 , 0 , 0); border-right-color: rgb(0 , 0 , 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">161,40 €</td></tr>
</tbody></table>
<br />
All the trade details can be found <a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">here</a>.<br />
<br />
<b>Portfolio</b><br />
<br />
<a href="http://victorferrerjava.blogspot.com/2018/12/new-position-odax-january-2019-call.html" target="_blank">The Call Spread also sold for January</a> will be left open until expiration as the protective Debit Call Spread makes more profitable any increase in the index these two next weeks.<br />
<br />
<a href="http://victorferrerjava.blogspot.com/2018/12/systematic-put-write-december-2018.html" target="_blank">The sold January Put Option in the IBEX 35 index</a>, part of the Systematic Put Writing, will be rolled in ten days and right now it is Out of the Money.<br />
<br />
<b>See also</b><br />
<div>
<ul>
<li><a href="http://victorferrerjava.blogspot.com/2018/12/systematic-put-write-december-2018.html" target="_blank">Systematic Put Write - December 2018</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">2018 trades (so far)</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/1DBoGYyU_xjZUDZOqGeUDR6Guj0iwD52FoaPuq2Ez-hk/edit#gid=0" target="_blank">2017 track record</a></li>
</ul>
</div>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-12872437564408727602018-12-22T22:15:00.000+01:002018-12-22T22:15:04.143+01:00Systematic Put Write - December 2018<b>Summary</b><br />
<br />
Yesterday was December Option Expiration day and it is time to review the movements done following our strategy.<br />
<div style="text-align: left;">
</div>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmCxy-JzaN1xGkIM1HIzsOG_gMg5m20z4YUt7hS3_mXfeZft676Q1EaAJsx9ZiMyiQ0JHODVcNfEuKpeh6y3bxBWq6Mvs5RGwsHxq9nJ2ytnTfZRKMfcXs2XxkJH1uPR5jER5kEW_lvYAq/s1600/Ibex+35.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="293" data-original-width="624" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmCxy-JzaN1xGkIM1HIzsOG_gMg5m20z4YUt7hS3_mXfeZft676Q1EaAJsx9ZiMyiQ0JHODVcNfEuKpeh6y3bxBWq6Mvs5RGwsHxq9nJ2ytnTfZRKMfcXs2XxkJH1uPR5jER5kEW_lvYAq/s640/Ibex+35.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on Dec 21st 2018. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
</tbody></table>
<br />
Sharp decline in the IBEX 35 December Future which closed at 8550 points, that is <span style="color: #cc0000;"><b>506</b><b> </b></span>points less (or <span style="color: #cc0000;"><b>-5,58%</b></span>) than the previous month. This drop overwhelms the credit received for the short 9100 Put Option and results in a loss of <span style="color: #cc0000;"><b>366,85€</b></span> this month.<br />
<br />
Considering this, the Put Write Strategy is now at <b><span style="color: #cc0000;">-5,8%.</span></b><br />
<br />
<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on.<br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="76"></col><col width="156"></col><col width="77"></col><col width="84"></col><col width="89"></col><col width="89"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Date"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Date</td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-numberformat="[null,4,"#,##0\"€\"",1]" data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22/08/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Sept 2018 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9540</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">129,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">85,70€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43362}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/09/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Oct 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Oct 2018 Put</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":150.23}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">150,23€</td><td data-sheets-value="{"1":3,"3":-447.67}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-447,67€</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43392}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/10/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8800 Nov 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8800 Nov 2018 Put</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":3,"3":165.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"><div style="text-align: right;">
<span style="font-size: 10pt; text-align: right;">9056</span></div>
</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":165.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-value="{"1":2,"2":"?"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"><div style="text-align: right;">
-366,85€</div>
</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8550</td></tr>
</tbody></table>
<br />
So, considering this forth month, this is the comparison between the strategy and the Ibex 35 index:<br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFHakQLYXLt_ZwCqf377w-yWGJmk4nbLGwWK_Jb5TYD-65vn0gjnZgJXp0h59e8g5jlOxOJpQMOLoMtIZHoACLRMKbd08TUlnjYgoU9AXCN4vzevsqp4n0NiVqKmEDqVmj7Qw1g-8oCMYD/s1600/Put+write+vs+ibex.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="294" data-original-width="489" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFHakQLYXLt_ZwCqf377w-yWGJmk4nbLGwWK_Jb5TYD-65vn0gjnZgJXp0h59e8g5jlOxOJpQMOLoMtIZHoACLRMKbd08TUlnjYgoU9AXCN4vzevsqp4n0NiVqKmEDqVmj7Qw1g-8oCMYD/s640/Put+write+vs+ibex.PNG" width="640" /></a></div>
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Regarding January, I have sold a 8600 Put for <span style="color: #38761d; font-weight: bold;">226,</span><span style="color: #38761d; font-weight: bold;">35€</span>, the biggest premium in the series due to the increased volatility in the market.<br />
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<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="100"></col><col width="128"></col><col width="117"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Break-even</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">8987,35</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">-326,3€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">N/A</td></tr>
</tbody></table>
<br />
<b>Portfolio</b><br />
<b><br /></b>The other position in the portfolio is an Iron Condor using DAX January options formed by a <a href="http://victorferrerjava.blogspot.com/2018/12/new-position-odax-january-2019-put.html" target="_blank">9900 - 9500 Put Spread</a> and a <a href="http://victorferrerjava.blogspot.com/2018/12/new-position-odax-january-2019-call.html" target="_blank">11400 - 11800 Call Spread</a>. The Call Spread nears the maximum profit, the Put Spread is at break-even levels.<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<b><br /></b><b>Resources</b><br />
<ul>
<li><a href="http://victorferrerjava.blogspot.com/2018/11/systematic-put-write-november-2018.html" target="_blank">Systematic Put Write - November 2018</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-77609575449688526402018-12-17T22:58:00.000+01:002018-12-19T08:28:02.733+01:00New Position: ODAX January 2019 Call Spread<b>Summary</b><br />
<b><br /></b>Complementing the <a href="http://victorferrerjava.blogspot.com/2018/12/new-position-odax-january-2019-put.html" target="_blank">Put Spread opened last week</a>, I have opened a 11.400 - 11.800 Call Spread for the January expiration cycle. This effectively transforms the trade into an Iron Condor.<br />
Also, in order to add some upside protection, I have bought a 11.350 - 11.400 Call Spread using February options. Ideally I would like to reuse this Spread again in February.<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjq9TsPDqj4mcR_uMZGNMxdVkBAdx7OukC8hMl2r41iBL4t0Qvw07LpL4-MEb8y5Xfexhekd4FrPKSqaPPFOABeoD8ylQPoO-eO2_2zbz3ySCYYV6EbDkGl_UBi00EIBivCK5Eywf0XN7Zx/s1600/Dax+on+Dec+17.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="289" data-original-width="630" height="292" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjq9TsPDqj4mcR_uMZGNMxdVkBAdx7OukC8hMl2r41iBL4t0Qvw07LpL4-MEb8y5Xfexhekd4FrPKSqaPPFOABeoD8ylQPoO-eO2_2zbz3ySCYYV6EbDkGl_UBi00EIBivCK5Eywf0XN7Zx/s640/Dax+on+Dec+17.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">DAX 30 on December 17th 2018. Source <a href="https://es.investing.com/indices/germany-30" target="_blank">Investing</a></td></tr>
</tbody></table>
<br />
Five trading weeks to go and an Implicit Volatility of around 21%. I should be able to hold longer before adjusting the trade given the fact that I have a debit Call Spread for February and the credit received from the Put Spread. The Put Spread, on the other hand, will be adjusted at 30 delta.<br />
<br />
<a name='more'></a><b>Trade details</b><br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="196"></col><col width="78"></col><col width="49"></col><col width="56"></col><col width="78"></col><col width="74"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Type"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Type</td><td data-sheets-value="{"1":2,"2":"Name"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Name</td><td data-sheets-value="{"1":2,"2":"Open Date"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Open Date</td><td data-sheets-value="{"1":2,"2":"DTE"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">DTE</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Max Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Max Loss</td><td data-sheets-value="{"1":2,"2":"Max Win"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Max Win</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Call Spread"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Call Spread</td><td data-sheets-value="{"1":2,"2":"ODAX Jan 2019 11400 - 11800"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">ODAX Jan 2019 11400 - 11800</td><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43451}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/12/2018</td><td data-sheets-value="{"1":3,"3":32}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">32</td><td data-sheets-value="{"1":3,"3":10865}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">10865</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":1836.8}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">1.836,80 €</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":163.2}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">163,20 €</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Call Spread"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">Call Spread</td><td data-sheets-value="{"1":2,"2":"ODAX Feb 2019 11350 - 11400"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">ODAX Feb 2019 11350 - 11400</td><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43451}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">17/12/2018</td><td data-sheets-value="{"1":3,"3":60}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">60</td><td data-sheets-value="{"1":3,"3":10865}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">10865</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":71.8}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">71,80 €</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":178.2}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">178,20 €</td></tr>
</tbody></table>
<br />
You can see all the trade details <a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">here</a>.<br />
<div>
<br />
<b>Portfolio</b><br />
<b><br /></b>
The other two positions in the portfolio are:<br />
<br />
<ul>
<li>A <a href="http://victorferrerjava.blogspot.com/2018/12/new-position-odax-january-2019-put.html" target="_blank">ODAX 9900 - 9500 January Put Spread </a></li>
<li>The <a href="http://victorferrerjava.blogspot.com/2018/11/systematic-put-write-november-2018.html" target="_blank">IBEX 35 Systematic Put Write</a>, which will be rolled at the end of this week and it is currently in the money.</li>
</ul>
<b>See also</b></div>
<div>
<ul>
<li><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">2018 Trades (so far)</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/1DBoGYyU_xjZUDZOqGeUDR6Guj0iwD52FoaPuq2Ez-hk/pubhtml?gid=0&single=true" target="_blank">2017 Track Record</a></li>
</ul>
</div>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-62719176811172429032018-12-10T15:01:00.001+01:002018-12-19T10:30:18.794+01:00New Position: ODAX January 2019 Put Spread<b>Summary</b><br />
<b><br /></b>Opened a new 9900 - 9500 Put Spread using the January 2019 ODAX options. DAX is now at 10740 (that is<span style="color: red;"><b> -6%</b></span> since last week!).<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgACaqttt4rf0ACuM0s_2VwtQzW2PJcALcxp41Sa6hyphenhyphenbk01MFq1WqBG4ut9Y7IRW43qvmtaqvvJLnt2z6P3DGrqczKRkU4W59wiTZbZo4IjCwoxN8wgaTdPinxYr5Zg-WDIINgmmAglSy1-/s1600/Dax+30+12+dec+2018.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="289" data-original-width="626" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgACaqttt4rf0ACuM0s_2VwtQzW2PJcALcxp41Sa6hyphenhyphenbk01MFq1WqBG4ut9Y7IRW43qvmtaqvvJLnt2z6P3DGrqczKRkU4W59wiTZbZo4IjCwoxN8wgaTdPinxYr5Zg-WDIINgmmAglSy1-/s640/Dax+30+12+dec+2018.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">DAX 30 on December 12 2018. Source <a href="https://es.investing.com/indices/germany-30" target="_blank">Investing</a></td></tr>
</tbody></table>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
Six trading weeks to go and an Implicit Volatility of around 22%. I will adjust the trade if the short option reaches 30 delta. Also I will close the trade if there is a bounce upwards and I am able to get a 60/70% of the maximum premium quickly.<br />
<br />
<a name='more'></a><b>Trade details</b><br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="196"></col><col width="78"></col><col width="49"></col><col width="56"></col><col width="78"></col><col width="74"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Type"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Type</td><td data-sheets-value="{"1":2,"2":"Name"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Name</td><td data-sheets-value="{"1":2,"2":"Open Date"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Open Date</td><td data-sheets-value="{"1":2,"2":"DTE"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">DTE</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Max Win"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Max Win</td><td data-sheets-value="{"1":2,"2":"Max Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Max Loss</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Put Spread"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put Spread</td><td data-sheets-value="{"1":2,"2":"ODAX Nov 2018 10900 - 10500"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">ODAX Jan 2019 9900 - 9500</td><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43389}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">10/12/2018</td><td data-sheets-value="{"1":3,"3":31}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">39</td><td data-sheets-value="{"1":3,"3":11650}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">10750</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":143.2}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">175,70 €</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":1856.8}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">1824,30€</td></tr>
</tbody></table>
<br />
You can see all the trade details <a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">here</a>.<br />
<div>
<br />
<b>Portfolio</b><br />
<b><br /></b><span style="font-family: inherit;"><span style="background-color: white; color: #444444;">The sold Put Option in the IBEX 35 index, part of the </span><a href="http://victorferrerjava.blogspot.com/2018/11/systematic-put-write-november-2018.html" style="background-color: white; color: #4d469c;" target="_blank">Systematic Put Writing</a><span style="background-color: white; color: #444444;">, will be rolled next week and right now it is in the money.</span></span><br />
<b><br /></b><b>See also</b></div>
<div>
<ul>
<li><a href="http://victorferrerjava.blogspot.com/2018/11/systematic-put-write-november-2018.html" target="_blank">Systematic Put Writing - November 2018</a></li>
<li><a href="http://victorferrerjava.blogspot.com/2018/12/closed-odax-december-2018-put-spread.html" target="_blank">Closed: ODAX December 2018 Put Spread</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">2018 Trades (so far)</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/1DBoGYyU_xjZUDZOqGeUDR6Guj0iwD52FoaPuq2Ez-hk/pubhtml?gid=0&single=true" target="_blank">2017 Track Record</a></li>
</ul>
</div>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-44645727176963734652018-12-03T10:35:00.001+01:002019-01-08T10:52:28.980+01:00Closed: ODAX December 2018 Put Spread<b>Summary</b><br />
<br />
Today, I have closed the last trade involving 2018 options. With still three weeks remaining, taking 75% of the maximum premium is good enough for me.<br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEht1oyDhXozcXPXBBGJw6eXlbsKMTNYsShHSfybajPEhZCXqI0sPntj_UejZHGiRpF4aOKoizg-av1EltFnAEb5SzFHHAc4bUVjLq9bwFnqIgas9jkHVbDGWJqbbbwD_m4_rNj2KMxqJtzm/s1600/Dax+on+Dec+3rd+2018.PNG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="377" data-original-width="785" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEht1oyDhXozcXPXBBGJw6eXlbsKMTNYsShHSfybajPEhZCXqI0sPntj_UejZHGiRpF4aOKoizg-av1EltFnAEb5SzFHHAc4bUVjLq9bwFnqIgas9jkHVbDGWJqbbbwD_m4_rNj2KMxqJtzm/s640/Dax+on+Dec+3rd+2018.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">DAX 30 on December 3rd 2018. Source Investing</td></tr>
</tbody></table>
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<div class="separator" style="clear: both; text-align: center;">
</div>
In case there is a Volatility spike, I will be looking forward to January for deploying a new trade.<br />
<a name='more'></a><b><br />Trade Status</b><br />
<div>
<b><br /></b></div>
<div>
After closing the spread, I booked a gain of <b><span style="color: #6aa84f;">121,4€</span></b><span style="color: #38761d; font-weight: bold;">. </span>With that, the account shows a loss of <span style="color: red;"><b>0,8% </b></span>this year. By comparison the DAX 30 index is down <b><span style="color: red;">10,92</span></b><span style="color: red;"><b>%</b></span> in the same period of time.</div>
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="196"></col><col width="78"></col><col width="49"></col><col width="56"></col><col width="78"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Type"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Type</td><td data-sheets-value="{"1":2,"2":"Name"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Name</td><td data-sheets-value="{"1":2,"2":"Open Date"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Open Date</td><td data-sheets-value="{"1":2,"2":"DTE"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">DTE</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Result"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Result</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Put Spread"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put Spread</td><td data-sheets-value="{"1":2,"2":"ODAX Dec 2018 10500/109100"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">ODAX Dec 2018 10500/10100</td><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43325}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">25/11/2018</td><td data-sheets-value="{"1":3,"3":28}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">28</td><td data-sheets-value="{"1":3,"3":11550}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">11550</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":121.4}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">121,40 €</td></tr>
</tbody></table>
<br />
All the trade details can be found <a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">here</a>.<br />
<b><br /></b><b>Portfolio</b><br />
<br />
The sold December Put Option in the IBEX 35 index, part of the <a href="http://victorferrerjava.blogspot.com/2018/09/systematic-put-write-september-2018.html" target="_blank">Systematic Put Writing</a>, will be rolled in two weeks and right now it is Out of the Money.<br />
<br />
<b>See also</b><br />
<div>
<ul>
<li><a href="http://victorferrerjava.blogspot.com/2018/10/systematic-put-write-october-2018.html" target="_blank">Systematic Put Writing - October 2018</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">2018 trades (so far)</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/1DBoGYyU_xjZUDZOqGeUDR6Guj0iwD52FoaPuq2Ez-hk/edit#gid=0" target="_blank">2017 track record</a></li>
</ul>
</div>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-50718430670361536382018-11-25T22:57:00.000+01:002018-11-25T22:57:16.353+01:00New Position: ODAX December 2018 Put Spread<b>Summary</b><br />
<b><br /></b>Last Friday, with the DAX 30 index at 11.160 points, I opened a 10.500 - 10.100 Put Spread for the December expiration cycle (28 days to go).<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMAJKIyxrkUfNS8Ic1L8ROiQGcB84KAN2RyU1ahpfHwBOBj-QWRzBC2IRcaFVVpnhp-J7ZS7-JpVLvGJGzLk1wbKznXfOrWmn1tbibLuuixAzHEs96TmMyR8w7OlV0HuLJ7AUe9YKhPpt1/s1600/Dax+30+23rd+2018.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="304" data-original-width="626" height="310" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMAJKIyxrkUfNS8Ic1L8ROiQGcB84KAN2RyU1ahpfHwBOBj-QWRzBC2IRcaFVVpnhp-J7ZS7-JpVLvGJGzLk1wbKznXfOrWmn1tbibLuuixAzHEs96TmMyR8w7OlV0HuLJ7AUe9YKhPpt1/s640/Dax+30+23rd+2018.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">DAX 30 on November 23rd 2018. Source <a href="https://es.investing.com/indices/germany-30" target="_blank">Investing</a></td></tr>
</tbody></table>
Four trading weeks to go and an Implicit Volatility of around 19%. I will adjust the trade if the short option reaches 30 delta.<br />
<br />
<a name='more'></a><b>Trade details</b><br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="196"></col><col width="78"></col><col width="49"></col><col width="56"></col><col width="78"></col><col width="74"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Type"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Type</td><td data-sheets-value="{"1":2,"2":"Name"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Name</td><td data-sheets-value="{"1":2,"2":"Open Date"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Open Date</td><td data-sheets-value="{"1":2,"2":"DTE"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">DTE</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Max Win"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Max Win</td><td data-sheets-value="{"1":2,"2":"Max Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Max Loss</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Put Spread"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put Spread</td><td data-sheets-value="{"1":2,"2":"ODAX Nov 2018 10900 - 10500"}" style="background-color: #cfe2f3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">ODAX Dec 2018 10500 - 10100</td><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43389}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">23/11/2018</td><td data-sheets-value="{"1":3,"3":31}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">28</td><td data-sheets-value="{"1":3,"3":11650}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">11160</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":143.2}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">158,20 €</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":1856.8}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">1841,90€</td></tr>
</tbody></table>
<br />
You can see all the trade details <a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">here</a>.<br />
<div>
<br />
<b>Portfolio</b><br />
<b><br /></b><span style="font-family: inherit;"><span style="background-color: white; color: #444444;">The sold Put Option in the IBEX 35 index, part of the </span><a href="http://victorferrerjava.blogspot.com/2018/11/systematic-put-write-november-2018.html" style="background-color: white; color: #4d469c;" target="_blank">Systematic Put Writing</a><span style="background-color: white; color: #444444;">, will be rolled in four weeks and right now it is in the money.</span></span><br />
<b><br /></b><b>See also</b></div>
<div>
<ul>
<li><a href="http://victorferrerjava.blogspot.com/2018/11/systematic-put-write-november-2018.html" target="_blank">Systematic Put Writing - November 2018</a></li>
<li><a href="http://victorferrerjava.blogspot.com/2018/11/closed-odax-november-2018-put-spread.html" target="_blank">Closed: November 2018 Put Spread</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">2018 Trades (so far)</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/1DBoGYyU_xjZUDZOqGeUDR6Guj0iwD52FoaPuq2Ez-hk/pubhtml?gid=0&single=true" target="_blank">2017 Track Record</a></li>
</ul>
</div>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-29410737807510505012018-11-16T22:22:00.002+01:002018-11-16T22:24:31.084+01:00Systematic Put Write - November 2018<b>Summary</b><br />
<br />
Today is November Option Expiration day and it is time to review the movements done following our strategy.<br />
<div style="text-align: left;">
</div>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBP1aIj_U1ELT2HX2Bhpb4lZ0aB2RAslad_pZYxgc8VfKI_7cY3aDjcMjxKDmaOoYJ14UC3gmJLb9CdO93Tm90v6fzxWoLUrb0BAtJOo5uijtFlABBraGKs4RcZ8H9uJTmTWqxZ1kc6KrF/s1600/Ibex+35+November+16th+2018.PNG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="309" data-original-width="626" height="313" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBP1aIj_U1ELT2HX2Bhpb4lZ0aB2RAslad_pZYxgc8VfKI_7cY3aDjcMjxKDmaOoYJ14UC3gmJLb9CdO93Tm90v6fzxWoLUrb0BAtJOo5uijtFlABBraGKs4RcZ8H9uJTmTWqxZ1kc6KrF/s640/Ibex+35+November+16th+2018.PNG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">IBEX 35 on November 16th 2018. Source <a href="https://es.investing.com/indices/spain-35" target="_blank">Investing</a></td></tr>
</tbody></table>
<br />
IBEX 35 November Future closed at 9056 points, that is <b><span style="color: #38761d;">152</span><span style="color: red;"> </span></b>points more (or <b><span style="color: #38761d;">+1,7%</span></b>) than the previous month. As this value is above the Strike Price of the sold option, it expires worthless and I get all the premium received initially (<b style="color: #38761d;">+176,35€ </b>or<b style="color: #38761d;"> +1,9%).</b><br />
<br />
Considering this, the Put Write Strategy is now at <b><span style="color: #cc0000;">-1,9%.</span></b><br />
<br />
<a name='more'></a><b>Movements and results so far</b><br />
<b><br /></b>I started on August 22nd 2018 selling a 9500 September 2018 Put with the IBEX at <b>9540</b>. This value will be used as base value from now on.<br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="76"></col><col width="156"></col><col width="77"></col><col width="84"></col><col width="89"></col><col width="89"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Date"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Date</td><td data-sheets-value="{"1":2,"2":"Option"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Option</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Premium</td><td data-sheets-numberformat="[null,4,"#,##0\"€\"",1]" data-sheets-value="{"1":2,"2":"Profit/Loss"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Profit/Loss</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":2,"2":"Spot Closed"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot Closed</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43334}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22/08/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Sept 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Sept 2018 Put</td><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9540</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":129.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">129,35€</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":85.7}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">85,70€</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" data-sheets-value="{"1":3,"3":43362}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/09/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9500 Oct 2018 Put"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9500 Oct 2018 Put</td><td data-sheets-value="{"1":3,"3":9492}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9492</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":150.23}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">150,23€</td><td data-sheets-value="{"1":3,"3":-447.67}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-447,67€</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43392}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">19/10/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 8800 Nov 2018 Put"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 8800 Nov 2018 Put</td><td data-sheets-value="{"1":3,"3":8904}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">8904</td><td data-sheets-numberformat="[null,4,"#,##0.00\"€\"",1]" data-sheets-value="{"1":3,"3":176.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":3,"3":165.35}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">176,35€</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">9056</td></tr>
<tr style="height: 21px;"><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43420}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/11/2018</td><td data-sheets-value="{"1":2,"2":"Ibex 9100 Dec 2018 Put"}" style="background-color: #c9daf8; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Ibex 9100 Dec 2018 Put</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"> <span style="font-size: 10pt; text-align: right;">9056</span></td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":165.35}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">182,35€</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;">?</td><td data-sheets-value="{"1":2,"2":"?"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">?</td></tr>
</tbody></table>
<br />
So, considering this third month, this is the comparison between the strategy and the Ibex 35 index:<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy7QhgMfxtsmYtgWC2PxFCak_pdCZGQfjFtG5AMoUzS0W0J1yVjz_MVNWhrrec40ObpkeKapg81sj2oCv4Un6buuJqhQvSgaxmdH9k34kmRuGafMzoEuMTTuJyNlx4bXWEl2RzHRmwqwH0/s1600/put+write+nov+2018.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="298" data-original-width="462" height="412" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy7QhgMfxtsmYtgWC2PxFCak_pdCZGQfjFtG5AMoUzS0W0J1yVjz_MVNWhrrec40ObpkeKapg81sj2oCv4Un6buuJqhQvSgaxmdH9k34kmRuGafMzoEuMTTuJyNlx4bXWEl2RzHRmwqwH0/s640/put+write+nov+2018.PNG" width="640" /></a></div>
<br />
Regarding December, I have sold a 9100 Put for <b><span style="color: #38761d;">182,35€</span></b> (break-even can not be achieved this month):<br />
<br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="100"></col><col width="128"></col><col width="117"></col><col width="100"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Base"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Base</td><td data-sheets-value="{"1":2,"2":"Put-write value"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put-write value</td><td data-sheets-value="{"1":2,"2":"Total Premium"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total Premium</td><td data-sheets-value="{"1":2,"2":"Breakeven"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Breakeven</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":3,"3":9540}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">9540</td><td data-sheets-value="{"1":3,"3":9625.7}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;"><span style="font-size: 13.3333px;">9356,35</span></td><td data-sheets-value="{"1":3,"3":235.93}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">-3,27€</td><td data-sheets-value="{"1":3,"3":9264}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">N/A</td></tr>
</tbody></table>
<br />
<b>Portfolio</b><br />
<b><br /></b>Currently, no other position is open in the portfolio.<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<b><br /></b><b>Resources</b><br />
<ul>
<li><a href="https://victorferrerjava.blogspot.com/2018/10/systematic-put-write-october-2018.html" target="_blank">Systematic Put Write - October 2018</a></li>
<li><a href="http://victorferrerjava.blogspot.com/2018/09/systematic-put-write-september-2018.html" target="_blank">Systematic Put Write - September 2018</a></li>
</ul>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0tag:blogger.com,1999:blog-3989184882667253591.post-16552734338259264432018-11-06T15:13:00.000+01:002018-11-06T15:13:39.088+01:00Closed: ODAX November 2018 Put Spread<b>Summary</b><br />
<br />
Today, I have closed the second Put Spread involved in this month of November. Although the trade was guaranteed to be a loser and I had to reduce the losses as much as possible, I have decided to close it and not risk two additional weeks of exposure.<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-2E1F_rqGLxxRfWRoyqszPO4Uy6oS843c_O0j3bFnD-T1evmkAojHlON1KHLKVKisEuPZRxKkUzcdJz6kgic4Lahxag3OJeXtIWshadvNkzzyXPzptT1nFjtVOepOczFh536pjYmRHFWN/s1600/dax+nov+6.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="294" data-original-width="625" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-2E1F_rqGLxxRfWRoyqszPO4Uy6oS843c_O0j3bFnD-T1evmkAojHlON1KHLKVKisEuPZRxKkUzcdJz6kgic4Lahxag3OJeXtIWshadvNkzzyXPzptT1nFjtVOepOczFh536pjYmRHFWN/s640/dax+nov+6.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">DAX 30 on November 6th 2018. Source <a href="https://es.investing.com/indices/germany-30" target="_blank">Investing</a></td></tr>
</tbody></table>
I might redeploy another Spread for December, if the conditions are good.<br />
<a name='more'></a><b><br />Trade Status</b><br />
<div>
<b><br /></b></div>
<div>
After closing the spread, I booked a loss of <b><span style="color: red;">184,20€</span></b><span style="color: #38761d; font-weight: bold;">. </span>With that, the account shows a loss of <span style="color: red;"><b>1,52% </b></span>this year. By comparison the DAX 30 index is down <b><span style="color: red;">10,7</span></b><span style="color: red;"><b>%</b></span> in the same period of time.</div>
<style type="text/css"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--></style><br />
<table border="1" cellpadding="0" cellspacing="0" dir="ltr" style="border-collapse: collapse; border: none; font-family: arial,sans,sans-serif; font-size: 10pt; table-layout: fixed; width: 0px;" xmlns="http://www.w3.org/1999/xhtml"><colgroup><col width="79"></col><col width="196"></col><col width="78"></col><col width="49"></col><col width="56"></col><col width="78"></col></colgroup><tbody>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Type"}" style="border-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Type</td><td data-sheets-value="{"1":2,"2":"Name"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Name</td><td data-sheets-value="{"1":2,"2":"Open Date"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Open Date</td><td data-sheets-value="{"1":2,"2":"DTE"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">DTE</td><td data-sheets-value="{"1":2,"2":"Spot"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Spot</td><td data-sheets-value="{"1":2,"2":"Result"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); border-top-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Result</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Put Spread"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put Spread</td><td data-sheets-value="{"1":2,"2":"ODAX Nov 2018 10900 - 10500"}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">ODAX Nov 2018 10900 - 10500</td><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43389}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">16/10/2018</td><td data-sheets-value="{"1":3,"3":31}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">31</td><td data-sheets-value="{"1":3,"3":11650}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">11650</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":-328.6}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-328,60 €</td></tr>
<tr style="height: 21px;"><td data-sheets-value="{"1":2,"2":"Put Spread"}" style="border-bottom-color: rgb(0, 0, 0); border-left-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Put Spread</td><td data-sheets-value="{"1":2,"2":"ODAX Nov 2018 10500 - 10100"}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">ODAX Nov 2018 10500 - 10100</td><td data-sheets-numberformat="[null,5,"d/m/yyyy",1]" data-sheets-value="{"1":3,"3":43399}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">26/10/2018</td><td data-sheets-value="{"1":3,"3":22}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">22</td><td data-sheets-value="{"1":3,"3":11150}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">11150</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":144.4}" style="background-color: #d9ead3; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">144,40 €</td></tr>
<tr style="height: 21px;"><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td><td style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td><td data-sheets-numberformat="[null,5,"dd/mm/yyyy",1]" style="overflow: hidden; padding: 2px 3px 2px 3px; vertical-align: bottom;"></td><td style="border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; vertical-align: bottom;"></td><td data-sheets-value="{"1":2,"2":"Total"}" style="border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); font-weight: bold; overflow: hidden; padding: 2px 3px; text-align: center; vertical-align: bottom;">Total</td><td data-sheets-numberformat="[null,4,"#,##0.00\\ [$€-1]"]" data-sheets-value="{"1":3,"3":-184.2}" style="background-color: #f4cccc; border-bottom-color: rgb(0, 0, 0); border-right-color: rgb(0, 0, 0); overflow: hidden; padding: 2px 3px; text-align: right; vertical-align: bottom;">-184,20 €</td></tr>
</tbody></table>
<br />
All the trade details can be found <a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">here</a>.<br />
<b><br /></b><b>Portfolio</b><br />
<br />
The sold November Put Option in the IBEX 35 index, part of the <a href="http://victorferrerjava.blogspot.com/2018/09/systematic-put-write-september-2018.html" target="_blank">Systematic Put Writing</a>, will be rolled in two weeks and right now it is Out of the Money.<br />
<br />
<b>See also</b><br />
<div>
<ul>
<li><a href="http://victorferrerjava.blogspot.com/2018/10/systematic-put-write-october-2018.html" target="_blank">Systematic Put Writing - October 2018</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/e/2PACX-1vQQFkFyqJ50v2J0OZpXnSXby62YnAcaZcvDX1Y2rMCEoBaYp_EKYCvAADWlSWcQqDitc9gYaqcm75-1/pubhtml?gid=943532776&single=true" target="_blank">2018 trades (so far)</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/1DBoGYyU_xjZUDZOqGeUDR6Guj0iwD52FoaPuq2Ez-hk/edit#gid=0" target="_blank">2017 track record</a></li>
</ul>
</div>
Victor Ferrerhttp://www.blogger.com/profile/03079205017429720018noreply@blogger.com0