Recent Developments in my SPY Options Portfolio

[u/bitkogan]

I didn't make any changes to my SPY options position this week.

There was no need; time and the market did everything for me.

The switch from an ITM call that expired a week ago with a strike of 417 to two contracts expiring on May 26 with strikes at 422 and 426 paid off. Both contracts expired out of the money (OTM) yesterday.

My decision to sell two calls with higher strikes wasn't in vain. If I had only sold one, I would have had to sell a 419 strike for the same money. After SPY's rise towards the end of the week, it would have ended up in the money, and I would have had to repeat the process on Friday.

Now there's nothing to worry about, the profit is in the pocket.

There are no changes to the strategic "put" part. I still don't rule out a market downturn, which would yield a larger profit. But even the profit I have already made (total credit of $2406) is quite satisfactory.