Update - 18 May 2020


I was holding an Iron Butterfly of 9200 with expectation that market will revolve sideways between 600 points. But we went extreme today. I had:

-3 X 9200 CE, +3 X 9700 CE, -3 X 9200 PE, +3 X 8700 PE.

I am only holding -3 X 9200 CE so as to make it breakeven. Rest I have covered. I haven't turned bearish. I am still sideways. What we say today was bit of an over reaction by market. With that, I created following position:

-3 X 8900 CE, +3 X 9400 CE, -3 X 8900 PE, +3 X 8400 PE. This position will yield maximum profit around 8900. Global markets are highly bullish, so expecting Nifty to follow upwards.


I was holding #AXISBANK Strangle of 440 CE, 360 PE. It breached 360 today. This is the adjustment that I did.

1. Covered 440 CE at ₹3/-.

2. Bought June month 340 Put at 27.80/-. Maximum loss is not possible now.

3. Sold 400 CE at ₹7.2/-.


I have been doing covered call on SBIN for 1 month. I bought at 192 and sold calls at 210, then 200, then 190 and even 180. Now I am only holding 180 CE. Rolling down any further has a risk of oversold bounce. Instead, I created a put calendar.

1. Sold 160 PE at ₹7.8/-

2. Bought 150 PE at ₹9.8/- of June 2020 expiry.


I also created an Iron Fly on HDFC.

-1 X 1600 CE, -1 X 1600 PE, +1 X 1740 CE, +1 X 1460 PE. Again, I am expecting sideways movement and a bounce even.


-1 X 860 PE, +1 X 800 PE 25 Jun 2020


-1 X 1480 PE, +1 X 1400 PE 25 Jun 2020

All in the hopes that market will remain sideways from here on. Even if they remain little sideways at the money strikes, then also there is chance of profit.

Trades are updated in Journal.

Here are the positions:

Happy Trading.

Rohit Katwal

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