Update - 12 May 2020

Today was a day of whipsaws for me. Many I may say so.

1. I created some naked call sells and they hit SL. Although the stop loss were small and were trailing around cost. 2. I created a short-put butterfly at 8800-9000-9200 Put and market immediately reversed, and I had to come out with a minor loss.

3. My personal loss came from extra calls that I had sold. Greed pays.

4. I was already holding a 9450, 9900 Call Calendar spread over Weekly and Monthly. This is how I adjusted it.

  • Covered 9450 CE, 14 May 2020 at profit.

  • Sold 9350 CE, 14 May 2020.

  • Later when market jumped, sold Nifty 9900 CE, 28 May 2020 at 48. I had thought of squaring it off at 20 if market remained bearish, so this is a 28 point gain.

  • Because market was jumping badly, 9350 CE needed extra hedging, so bought 9800 CE, 28 May 2020 at 63 of same price at which 9350 CE was trading.

  • Sold 9000 PE as an extra hedge.

  • PM is going to throw some speech at 8 pm today, so did not want to leave it naked. Bought a single put of 9150 to hedge it for adverse announcements. If things are normal, will square it off in morning.

5. Since the trend is not defined right now and this is where I got it wrong, We are still sideways, so created a short call butterfly.

  • Sold 9300 CE, 4 lots

  • Bought 9500 CE, 2 lots

  • Bought 9100 CE, 2 lots

  • Net debit is 50 points. I expect to gain 60 points from this.

Trade Journal is updated.


Positions look something like this:


Happy Trading


Rohit Katwal

125 views