iPath Series B S&P 500 VIX Short-Term Futures ETNArca
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Used some of the income received from Credit Call Spread to pay for a Debit Put Spread. While I rarely used debit option spreads, I think this might be a good situation to employ this strategy.
I choose the 2/16 options (9 days), which is a short time frame for a debit strategy. Initially, I thought 9 days would be enough time, but it maybe too short even for the rapid decline I am expecting. I potentially may roll these out to 3/2 or 3/9.
Options will expire by end of the day. With IV so low, I haven't had the ability to adjust this week and I wasn't willing to increase my trade cost.
I didn't allow enough time for price to move. Additionally, with the IV% so high sticking with selling options was the smarter strategy. Good thing is I opened this trade with money received from a credit spread. I received more credit than premium i paid.