Opening (IRA): IWM May 28th 200 Short Put

... for a 2.15 credit.

Notes: Opened this late in the day using my phone app, which I'm comfortable using to either open or close one-legged setups. Here, my standard 16 delta short put in the broad market exchange traded fund with the highest 30-day, which has been IWM for several weeks in a row.

Here's my current short put ladder arrangement in IWM: the April 30th 207.5's, the May 7th 192.5's, the May 14th 205's, the May 21st 204's, and -- with this addition -- the May 28th 200's. As each rung approaches worthless, I'll roll out to the weekly nearest 45 days until expiry to the 16 delta strike, assuming that price stays remains wide of my strikes. If not, I'll either take assignment, sell calls against at the strike price I originally sold the put (i.e., establish a covered call) or roll the put out for additional credit, reducing cost basis from there until I'm able to be either called away (in the case of the covered call) or otherwise exit the setup profitably.

Currently, the April 30th 207.5's worth 1.20; the May 7th 192.5, .49; the May 14th 205, 1.98; and the May 21st 204, 2.32. Were one of those contracts closer to worthless, I probably would have just rolled it out to the May 28th 16 strike for a credit, but decided to wait until more extrinsic leaks out of these before considering doing that. Naturally, opening a new unit or units costs buying power and increases risk, so I could have seen, for example, rolling the May 7th 192.5 out to the May 28th 200 for a credit, which would have brought in a credit, but kept the number of units the same while more modestly increasing buying power effect.
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