Total Profit: $185.00 | Duration: 14 Days
Sometimes, the best part of a trade isn’t the profit—it’s getting your capital back. I sat on this NVDA Double Calendar much longer than expected. Usually, I aim to be in and out in a few days, but this one became a battle of attrition.
🛡️ Why it Was a Struggle
This trade was underwater for almost the entire duration. We were fighting a “Double Whammy”:
- Price Action: NVDA refused to stay in the “sweet spot” of the profit tent.
- Volatility Crush: Implied Volatility (IV) contracted early on, shrinking the profit tent and sucking the value out of the April long legs.
With the front-month options set to expire tomorrow, the trade was down to the wire. Fortunately, the VIX provided a “get out of jail free” card this morning.
🟢 The Opening Legs (Feb 26, 2026)
Capital Deployed: $4,037.52
| Symbol | Action | Description | Price | Total |
| NVDA | 🔴 Sold | 5x Mar 13 $180 Puts | $3.70 | $1,844.36 |
| NVDA | 🟢 Bought | 5x Apr 10 $180 Puts | $7.49 | ($3,750.62) |
| NVDA | 🔴 Sold | 5x Mar 13 $200 Calls | $1.91 | $949.36 |
| NVDA | 🟢 Bought | 5x Apr 10 $200 Calls | $6.15 | ($3,080.62) |
🔴 The Closing Legs (Mar 12, 2026)
Capital Released: $4,222.52
| Symbol | Action | Description | Price | Total |
| NVDA | 🟢 Bought | 5x Mar 13 $180 Puts | $0.95 | ($475.61) |
| NVDA | 🔴 Sold | 5x Apr 10 $180 Puts | $7.10 | $3,549.37 |
| NVDA | 🟢 Bought | 5x Mar 13 $200 Calls | $0.01 | ($5.61) |
| NVDA | 🔴 Sold | 5x Apr 10 $200 Calls | $2.31 | $1,154.37 |
💡 The “VIX Spike” Save
The VIX shot up 7% this morning, which was the ultimate catalyst. While the underlying price wasn’t cooperating, that spike in volatility expanded the profit tent just enough to turn this into a winner.
The Takeaway: It wasn’t the “home run” I initially looked for, but in a market that was squeezing the profit tent, I’m happy to take the green and move that capital into a fresh opportunity. A win is a win.
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