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 Hi readers! This is just another update on my account position. Here is a picture of my account right now:



So a few days ago, I checked my account and saw that QQQ stock had made a very huge move to the downside, which I was very pleased to see. The price went below the breakeven point to the downside, so the straddle was making money. When I saw QQQ going down, I bought some short calls to make some money. I am planning to close the short calls at market, and that would leave me with a 4,000$ profit on the short calls alone. 

I know that QQQ is at 364.05 right now, which is way below the downside breakeven point, but I am thinking of going back to a delta neutral position, and hedging myself against a big move to the upside. The deltas on my long calls are about 50, and the deltas on my long puts are about -800, so my overall delta for the position is -750. As you can see, my delta is way on the negative side, so I need to do something to bring my deltas back to around 0, and the purpose of this is to hedge myself against any big move to the upside. What I am planning to do is sell the existing 382.5 calls, and buy some 366 calls in the same expiration cycle. This will cut off the losing calls, and tighten the straddle, so if QQQ goes above 366, and stays under 382.5, I will be making money on both the calls and the puts. Even if QQQ starts going above 382.5, my calls will be making money on every dollar above 366, so the upside breakeven point for the whole position will decrease. So, I bought 20 of the Aug25 364 calls, and after that, my overall delta was at 10. I think this was a good trade because it decreases the upside breakeven points and basically today I hedged myself against any big move against my position. Here is a picture of my position after today's trades:




That's it for today, and thank you for reading!

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