As mentioned Thursday, I pulled the trigger on exiting the 520 strike calendar on Friday. This leaves me with a well-centered double-calendar going into expiration week. As you can see, with only four days to go, my breakevens are both just about a standard deviation away. I'm definitely looking for an opportunity to exit at any point this week, but I don't mind picking up a couple of extra days of time premium.
Normally when I manage a double calendar I will not adjust until somewhere past the outside strikes, but before the breakeven. In this case, my plan is to exit either (a) when it hits either strike, or (b) when I reach my profit target. With current Theta at $161 this should only take a few days, unless there are big price movements. There is a great feature in the analyze tab on the ThinkOrSwim platform that allows you to forward test a position. When I walk this trade forward it looks like Wednesday (if we can make it that far without getting Deltas crushed) will be the exit.
Good Trading...
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