卖葡萄 （sell put) 三字经

如何选择strike(for buying the stock at a discount) and DTE (goal: long period):

选价格，看Delta。

.35 - .40， 赚钱大。

选时限，看要啥。

60 天，游刃大。（more time to recover but slower for time decay.  30-45 days is sweet spot)

 

卖出后如何适时滚上滚下：

股价升，需要跟。

Delta, 是标准。

0.4 下，需上滚。

不上滚，（就）少利润。

 

股价掉，可从容。

可下滚，可等等。

可止损，由你定。

哪一个，仔细斟。

 

Note: 三心原贴：when you are far OTM (which you are now), delta is very smal

This means for every $1 move up on the stock, you are making very little profit on the put when delta is small, so when you roll up now, you are essentially establishing a new position with much higher entry point. （i.e. too late to roll now)

This is why you need to continously roll up. The rule of thumb is, try to make sure your put is at least 0.35-0.4 delta at minimal. If the put you sold becomes 0.3 or 0.2 delta (because stock moves up and you stand still), then that put is basically detached from the stock already.

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