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Anatomy of a Trade: TLT Short Straddle

From Theory To Practice

Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before deciding to invest in options.

In this latest iteration of our Anatomy of a Trade series, we work through the multi-month, multi-trade project that was our TLT trade. Even though TLT suffered a huge, outlier move to the downside not long after the trade was initiated, we stuck with the program and followed the mechanics. What happens is that what began as a classic Short Straddle eventually morphed into much more of a Covered Call, and by staying patient, methodical, and even a little creative with reverse gamma scalping, we were able to turn a huge loser into a small winner.

Watch all of our previous Anatomy of a Trade segments below!

Version 1: TSLA Strangle (in an IRA)

Version 2: DIS Diagonal

Version 3: TWTR Super Bull

Version 4: GDXJ Straddle

Version 5: TLT Straddle

Version 6: AAPL PMCC

Version 7: XLV Straddle

Version 8: GDX Strangle

Version 9: DIA Strangle

Version 10: SLV Short Put

Version 11: SNAP Short Put

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