IWM Put Follow Up

Usually when I use the leverage of options it's because I'm trying to capture a high probability signal and get that initial momentum and then look to ride the trend with something that has less leverage and without the difficulties options present.

I saw the way the IWM chart was going as well as my expectations laid out last night and thus far confirmed in several posts today and saw these charts and decided, "Why sit through the drawdown of a nice profit to perhaps a loss when I can take the gains here and re-open the position at a better or lower premium?" In any case I have SRTY long and the draw down there is  manageable and it allows me the protection of having IWM short exposure in case all goes to pot.

 IWM intraday positive is a change of character, I'd expect to see this improve even more, but that's the first warning.

The IWM signal above just happen to come at the same time that the NYSE TICK chart was showing a trend to the upside, more and more stocks are closing up per tick so breadth is changing intraday, that means to me, "Time to take the gains, say thank yo and look for the next opportunity".

Here's how the P/L worked out on an approx. 2- day position. 

With 20 contracts at a cost basis of $2.11...

The fill came in at $3.00 even for a P/L on the 2-day position of +42%