Trade Details & Summary

GDX Short Strangles (LIVE Closing Trades)

We had to be patient with the order fills but we were able to close out a set of GDX strangles today for a couple hundreds dollars profit.

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In this video, I want to go through closing out of our two strangled positions that we have in GDX. As always, this is a live trading video; the market is open right now. It's about 2:47 in the afternoon on the East Coast, September 29.

We have these two positions that we laddered into in GDX. The first position here, one of the first ones that have at least shown up here, we got into on 8/31, and then the other position that we got into was on 9/7. We just spread that entry out over the course of a couple of days.

The first set of strangles that we sold was for $92 a piece; then we sold the next set for $86 a piece. Those are now worth $41 and $38 a piece respectively, so we've made about $200 on the position overall, so what we're going to do now since it's reached our 50% profit target pretty much across the board is close out both sets of these positions.

What I'm going to do now is I'm going to close out of each set individually. I'm just going to right-click on the first one here, go over to buy. We're going to buy these back for about $41, see if we can't get filled here on that set.

What I'm going to do is go to the next set and again go over and create a closing order and go over to buy, and we're going to buy those right back at the mark here which is about $38 for that set.

Again, these are both in October, so it's been a good position for us for October. We're trying to bid right about where the market is. In one case, we're trying to pay a little bit less for the first set of strangles that we have, the 2922's, but I do think that there's a good possibility that we do get filled on these here pretty quickly.

As always, we'll pause the video, come back and take a look at these once we get filled on these. It is, like I said, about 2:48 in the afternoon on East Coast, September 29th, so we'll see if we can't get filled here in the market.

Hey everyone, and we're back here and I just wanted to let you know, we did get filled on both of our closing trades that we had for GDX, right at the prices that we had entered into.

It took a little bit of time, but we did end up filling these about 3:11 in the afternoon, about 3:30 in the afternoon, shortly before the market closed for the day, but we are out of both of those positions.

The first set of strangles, we got out at the $41 price we were shooting for, and the second one, the same thing at the $38 price we were shooting for. Nice little trades for us in the month of October for expiration and a couple of quick little profits.

As always, hopefully, you guys enjoy these videos. If you have any comments or questions, please ask them in the comment section right below. Until next time, happy trading.

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