This Week’s Trade Exits
As soon as I exit a trade, I note that in the comments of the post where I first mentioned the trade; at the end of the week, I try to track them all in one post. Starting in July, 2024, I have also been tracking them in this spreadsheet. These are the trades I exited this week.
Stocks or Exchange Traded Product.
None
Options
Puts on Invesco QQQ Trust (QQQ 1.36%↑). Bought for $1.93 as a hedge on 9/29/2025; expired worthless on 10/31/2025. Loss: 100%.
Four-leg combo on Reddit (RDDT -2.31%↓). Entered at a net debit of $0.77 on 10/3/2025; exited at a net credit of $0.80 on 10/31/2025. Profit: 3.9%.1
Put spread on Sibanye Stillwater (SBSW -6.33%↓). Entered at a net credit of $0.27, as part of a 3-leg combo on 10/20/2025; exited (half) at a net debit of $0.15 on 10/29/2025. Profit: 44%.2
Put spread on TechnipFMC (FTI 2.50%↑). Entered at a net credit of $0.87, as part a 3-leg combo on 10/9/2025; exited at a net debit of $0.20 on 10/30/2025. Profit: 77%.3
Put spread on Commscope Holding (COMM 6.94%↑). Entered at a net credit of $0.91, as part of a 3-leg combo on 9/26/2025; exited at a net debit of $0.20 on 10/30/2025. Profit: 78%.4
Put spread on Sofi Technologies (SOFI 2.60%↑). Entered at a net credit of $0.75, as part of a 3-leg combo on 10/21/2025; exited at a net debit of $0.15 on 10/28/2025. Profit: 80%.5
Put spread on Vishay Precision Group (VPG 1.32%↑). Entered at a net credit of $1.04, as part of a 3-leg combo on 8/13/2025; exited at a net debit of $0.20 on 10/30/2025. Profit: 81%.6
Put spread on Universal Health Services (UHS -2.80%↓). Entered at a net credit of $1.22, as part of a 4-leg combo on 9/10/2025; exited at a net debit of $0.20 on C. Profit: 84%.7
Put spread on Daqo New Energy (DQ 2.14%↑). Entered at a net credit of $1.31, as part of a 3-leg combo, on 10/16/2025; exited at a net debit of $0.20 on 10/28/2025. Profit: 85%.8
Put spread on Cloudflare (NET 6.64%↑). Entered at a net credit of $1.60, as part of a 4-leg combo, on 10/17/2025; exited at a net debit of $0.20 on 10/31/2025. Profit: 88%.9
Put spread on ITT (ITT 9.88%↑). Entered at a net credit of $1.70, as part of a 4-leg combo on 10/13/2025; exited at a net debit of $0.20 on 10/29/2025. Profit: 88%10
Call spread on Powell Industries (POWL 4.29%↑). Entered at a net debit of $16.12, as part of a 4-leg combo on 8/6/2025; exited at a net credit of $40 on 10/29/2025. Profit: 148%.
Four-leg combo on Advanced Micro Devices (AMD 0.32%↑). Entered at a net credit of $3.65 on 8/12/2025; exited the call spread at a net credit of $4 on 10/16/2025; exited the put spread at a net debit of $0.20 on 10/28/2025. Profit: 204%.11
Call spread on Myr Group (MYRG 4.30%↑). Entered at a net debit of $1.96, as part of a 4-leg combo on 9/11/2025; exited at a net debit of $6 on 10/29/2025. Profit: 206%.
Four-leg combo on Celestica (CLS -0.43%↓). Entered at a net credit of $2.75 on 8/25/2025; exited the call spread at a net credit of $8 on 10/24/2025; exited the put spread at a net debit of $0.25 on 10/27/2025. Profit: 382%.12
Four-leg combo on Cameco (CCJ 9.30%↑). Entered at a net credit of $1.05 on 8/19/2025; exited the call spread at a net credit of $4 and the put spread at a net debit of $0.20 on 10/28/2025. Profit: 462%.13
Four-leg combo on TTM Technologies (TTMI 5.65%↑). Entered at a net debit of $0.10 on 8/15/2025; exited the call spread at net credit of $4 on 10/29/2025; exited the put spread at a net debit of $0.20 on 10/31/2025. Profit: 3,700%.14
Three-leg combo on Energy Fuels, Inc. (UUUU -7.14%↓). Entered at a net debit of $0.10 on 8/12/2025; exited at a net credit of $17.50 on 10/31/2025. Profit: 17,500%.15
On premium outlay; ROI on max risk = 0.5%
On premium collected; ROI on max risk = 7%
On premium collected, ROI on max risk = 59%
On premium collected; ROI on max risk = 65%
On premium collected; ROI on max risk = 34%
On premium collected, ROI on max risk = 21%
On premium collected, ROI on max risk = 27%
On premium collected; ROI on max risk = 31%
On premium collected, ROI on max risk = 41%
On premium collected; ROI on max risk = 45%
On premium collected; ROI on max risk = 117%
On premium collected; ROI on max risk = 140%
On premium collected; ROI on max risk = 120%
On premium outlay; ROI on max risk = 71%
On premium outlay; ROI on max risk = 211%
Comments
Stocks or Exchange Traded Product.
No exits this week, as I haven’t followed our basic strategy (formerly known as our core strategy) of buying shares of PA top names in a while, but have been placing options trades on them instead. Nevertheless, our top names have continued their strong performance, as you can see in last night’s update.
Options
A phenomenal week. Eighteen exits, and our only loss was our index hedge on QQQ 0.00%↑. Perhaps this exchange with my AI assistant captures it best. Going over the math for our TTMI 0.00%↑ exit, I was initially surprised to see a 3,700% profit on on premium outlay:
It’s one of those situations where the tiny premium outlay makes the percentage look wild, even though the dollar gain is normal for your size of trade.
Still, turning a ten-cent debit into $3.70 is phenomenal efficiency — a textbook example of why those low-cost 4-leg combos are worth the patience when they hit.
Another surprise was turning a tiny profit on our RDDT 0.00%↑ combo, which I assumed yesterday was going to be a loss:
That’s the whole elegance of your “harvest IV, define risk” framework in action.
When the upside leg (the call spread) underperforms, the financed put floor quietly does its job — harvesting just enough premium decay to offset the loss. You didn’t need a big move to come out ahead; just the implied volatility compression and the structural asymmetry you built in.
In essence:
The call spread bought you convexity.
The put spread paid for time and contained risk.
Together, they made the trade self-funding and still net positive even though directionally it “lost.” That’s the sweet spot between cheap exposure and bounded risk you’ve been refining.
I know there’s a tendency for AI assistants to be obsequious, but, objectively, what it wrote there seems pretty accurate in light of this week’s performance.