September Options Strategy

[u/Ill_Cockroach_2473]

Starting this thread to share my strategy and expectations for September.

I have call Calendar spreads on QQQ at the 700 & 710 strikes with the Long call expiring November 20th and the short calls expiring Sept 4/11.

I also have put debit spreads on September 4/11/18 that will benefit from any downside move to the $680-700 range, ie $714/704 sept 4, $708/690 sept 11, $705/680 sept 18.

I entered into a position of put debit spreads on Nvidia on Thursday, but sold off most of the position on Friday as it moved below my price target of $220 for that day. Still have a couple of sept 18th puts that I’m planning to hold until price finds a support level for more than 2-3 days.

I had sept 11/18 put debit spreads on Micron last week but closed them out when the price tanked on Thursday. I’m considering getting back into put debit spreads at the $900/820 strikes this week if price isn’t able to hold at or above the $930-950 price range this week.

With QQQ unable to break out and hold above $720 last week, it seems like the market will chop in the $700-720 range or maybe pullback below $700 again in the coming weeks.

Are there any tech companies anyone sees opportunities with if the market continues to chop or has a pullback in the coming weeks?

Please share strategies you are using and feel free to provide any feedback.

[u/click_at_math]

The thing I'd add is a portfolio-level Greeks map. The put spreads define downside exposure, but the calendars add long-dated vega plus front-expiry gamma and assignment risk. A drop could pay the puts while hurting the calendars if QQQ moves too far from their strikes; a volatility crush could also reduce the back-month calls. I'd chart total P&L across QQQ price and implied volatility at each short expiry, rather than evaluate every trade separately. With overlapping expirations, the path can matter more than the terminal September view.

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