Global Swing Trades using Options

Risk-free arbitrage with Iron Condors converted to Butterflies

Closed a few of these early in recent turmoil as long wing strikes were tested. A Achieved a mixture of small profits and losses. Structure: Iron Condor Fly Conversion Arbitrage Open Date 23-Oct-26 Security XSP Expiry Date 13-Nov-26 Initial Strikes 753/761/785/789 Open Credit

Iron Butterflies

Closed a few of these at a profit as long wing strikes were tested during the recent volatility. Some of these were only open for a couple of days. Structure: Iron Fly Open Date 19-Oct-26 Security SPX Expiry Date 09-Nov-26 Strikes 7525/7725/7925 Open Credit

132 Call Butterflies

The recent sell-off pushed some of these out of my acceptable range so I closed positions, with a mixture of small losses and gains. A slight fall in underlying, when accompanied by an increase in IV, can help to insulate these from significant losses relative to the potential profits.

Risk-free arbitrage with Iron Condors converted to Butterflies

Opened another couple of positions. Structure: Iron Condor Fly Conversion Arbitrage Open Date 23-Oct-26 Security XSP Expiry Date 13-Nov-26 Initial Strikes 753/761/785/789 Open Credit 3.91 Structure: Iron Condor Fly Conversion Arbitrage Open Date 26-Oct-26 Security XSP Expiry Date 16-Nov-

Iron Butterflies

A couple more of these closed in profit today after 5 and 7 days and I opened a couple of new positions. Structure: Iron Fly Open Date 19-Oct-26 Security SPX Expiry Date 09-Nov-26 Strikes 7525/7725/7925 Open Credit 131.3 Close Date 26-Oct-26

132 Call Butterflies

Opened another position with 28DtE on Friday Structure: 132 Call Fly Open Date 23-Oct-26 Security ES Expiry Date 20-Nov-26 Strikes 7725/7875/7950 Open Debit 26.8

Risk-free arbitrage with Iron Condors converted to Butterflies

Plenty of activity on these as the flies have been getting fills. Opened another position this week. Structure: Iron Condor Fly Conversion Arbitrage Open Date 28-Sep-26 Security XSP Expiry Date 19-Oct-26 Initial Strikes 746/750/783/787 Open Credit 1.59 Fly Conversion Strikes 754/779

Iron Butterflies

Update on these is relatively uneventful. One trade closed in profit and two more opened. Others already shared here remain open. nb I use Futures and underlying index in different accounts. Structure: Iron Fly Open Date 30-Sep-26 Security RTY Expiry Date 23-Oct-26 Strikes 2725/2825/2925

Iron Butterflies

Closing orders filled on one of the open positions shared, and I opened another yesterday. Whilst profits on these are not huge, I haven't had a loss on this structure for the last 20 trades, which flatters Sharpe Ratio. Structure: Iron Fly Open Date 09-Oct-26 Security

Risk-free arbitrage with Iron Condors converted to Butterflies

Expiry dates were not carried across correctly in the prior post so I'll repost the trades updates for transactions this week. Structure: Iron Condor Fly Conversion Arbitrage Open Date 28-Sep-26 Security XSP Expiry Date 19-Oct-26 Initial Strikes 746/750/783/787 Open Credit 1.

132 Call Butterflies

Every time I start a journal, markets move against me within the next week, and the c.2% fall in S&P500 towards the end of the week, hit my soft limits so I closed some of these with a mixture of profits on those where some time had

Iron Butterflies

These are straightforward, in an environment where a falling IV environment where underlying is expected to remain rangebound for a period of around one-third of the duration of the trade. I'm not looking for big returns from these individually, but the cumulative effect of trades closing in

Risk-free arbitrage with Iron Condors converted to Butterflies

These are fairly complex, with up to six strikes, and several transactions during the lifetime of the trade. The objective is to produce a risk-free position; in this case call and put butterflies with a net credit received or negative Value at Risk. I start with a short Iron

Bull Call Spreads - Open Positions

Per previous trades shared here, I buy vertical spreads in anticipation of price begin above the At-the-Money and volatility falling during the life of the trade. NQ is the Nasdaq 100 Future Contract. TQQQ is a 300% Leveraged ETF on Nasdaq 100. Note this is a leveraged position

132 Call Butterflies - Open positions

In anticipation of a move upwards in price toward an expected target, I buy an Out of the Money (OtM) 132 Call Fly. Liquidity is viable for these multileg structures when the underlying is a future on a major index like the S&P500. I have target closing prices

I'm back! With a reboot and trading more profitably!

I have been away from this website but busy developing a series of strategies / structures for differing environments and regimes.   I need to change the title as trades have widened beyond Swing trades, to profit from changing volatility environments along with movements in price. I use a range of structures

Trade#18: Bull Call Spread in S&P500 closed at a loss

During the volatility yesterday this fell below my stop, so I closed the position at a small loss of 12.3% loss over 7 days. As the ES Futures Option Contract has contract size of 50, each contract produced USD2000 loss.

Trade#18: Bull Call Spread in S&P500

Opened a Bull Call Spread in S&P500 Future yesterday to capture an upward move following a minor breakout.

Trade#17: Bull Call Spread in Nasdaq closed with a loss

Frustrated that this moved from a comfortably profitable position to a loss following weekend news of raised tariffs again. As the NQ Futures Option Contract has contract size of 20, each contract produced USD2660 loss.

Trade #17: Bull Call Spread in Nasdaq

Not a breakout but a swing trade just before Christmas to capture a move upwards in Nasdaq early in 2026. I expect to adjust this one during January if conditions permit.

Trade#16: Bull Call Spread to capture S&P move upwards closed with a loss

This quickly reversed to hit my stop limit on Tuesday with a loss of 8.3% loss over 7 days. As the ES Futures Option Contract has contract size of 50, each contract produced USD850 loss.

Trade #15: Bear Put Spread in oil closed with a small profit

Not a great trade and I was lucky to close with a profit. Closing orders filled yesterday with 1.8% profit over 9 days. As the oil Futures Option Contract has contract size of 1000, each contract produced USD50 profit. nb I just noticed this wasn't published 04

Trade #16: Bull Call Spread to capture S&P move upwards

I opened a position in ES yesterday after a slight breakout to the upside and drop in implied volatility in a period of consolidation.

Trade #14: Bear Put Spread in S&P500 closed in loss

A sharp turnaround has passed my Stop Loss on this one, so I've closed early with 65.2% loss. An expensive couple of days! As the ES Futures Option Contract has contract size of 50, each contract produced USD3,638 loss.

Trade #15: Bear Put Spread in Oil

I opened a directionally short position in the NYMEX oil future yesterday after a breakout to the downside following a period of consolidation.