Every specific strike price and expiration date mentioned. Any GTC close target given (= income trade). Any position described without a close target (= hedge). Any roll instructions for today's expiring positions.
No GTC close on MPs. Short puts are rolled weekly — never closed for profit. Long puts are rolled when within 30 DTE.
No long put belongs to any short put — they are independent inventory. Roll the short without touching the long. Roll the long without touching the short.
When Alex starts a new MP — that is your signal to start one too. His strike = your strike. His size = your scaled size.
Entry conditions required: Market must have confirmed a bounce (closed above 50 SMA with follow-through). Do not buy a LEAP in a falling market — never catch a falling knife. Use a GTC buy order at your target price. Never chase.
No GTC close on the LEAP itself — it is a long-term position managed manually. Always sell short calls against it immediately on fill to begin the income harvest campaign.
Hard exit rule: If the market closes more than 2.5% below the 200 SMA on a Friday — close the LEAP. Something has fundamentally changed.
Short call breach: If the market rallies through your short call strike, roll the short call further up and out for credit. The LEAP is gaining value faster than the short call is losing — this is the ideal scenario.