Exits, 3/20/2026
How we did on the trades we exited this week.
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 Products
None.
Options
Put spread on Centrus Energy (LEU 0.00%↑). Entered at a net credit of $11.95 as part of a 4-leg combo on 11/13/2025; the short March 20th, 2026 $270 put was assigned and the long March 20th, 2026 $250 put was exercised on 3/19/2026, for an equivalent exit debit of $20.00. Loss: 100% of max risk (67% on premium collected). Signal: PA Top Names.
Put spread on Joby Aviation (JOBY 0.00%↑). Entered at a net credit of $0.63 as part of a 4-leg hybrid combo on 12/16/2025; the short March 20th, 2026 $12 put was assigned and the long March 20th, 2026 $10 put was exercised on 3/20/2026, for an equivalent exit debit of $2.00. Loss: 100% of max risk (217% on premium collected). Signal: PA Top Names.
Put spread on Soleno Therapeutics (SLNO 0.00%↑). Entered at a net credit of $2.54 as part of a 4-leg combo on 11/5/2025; exited at a net debit of $4.88 on 3/20/2026. Loss: 95% of max risk (92% on premium collected). Signal: Multibaggers.
Put spread on Personalis (PSNL 0.00%↑). Entered at a net credit of $0.92 as part of a 4-leg combo on 2/11/2026; the short March 20th, 2026 $10 put was assigned and the long March 20th, 2026 $7.50 put was exercised on 3/20/2026, for an equivalent exit debit of $2.50. Loss: 100% of max risk (172% on premium collected). Signal: Multibaggers.
Put spread on Sunrun (RUN 0.00%↑). Entered at a net credit of $1.52 as part of a 3-leg combo on 11/20/2025; the short March 20th, 2026 $18 put was assigned and the long March 20th, 2026 $14 put was exercised on 3/20/2026, for an equivalent exit debit of $4.00. Loss: 100% of max risk (163% on premium collected). Signal: PA Top Names.
3-leg combo on Magnite (MGNI 0.00%↑). Entered at a net debit of $1.90 on 9/26/2025; the short December 19th, 2025 $24 put was assigned and the long December 19th, 2025 $22 put was exercised on 11/25/2025, for an equivalent exit debit of $2.00, and the March 20th, 2026 $26 calls expired worthless on 3/20/2026. Loss: 100% of max risk (205% on premium outlay). Signal: PA Top Names.
4-leg combo on Celestica (CLS 0.00%↑). Entered at a net debit of $0.55 on 12/2/2025; exited the call spread at a net debit of $0.05 and the put spread at a net debit of $9.90 on 3/20/2026. Loss: 99% of max risk (1,891% on premium outlay). Signal: PA Top Names.
Put spread on Omada Health (OMDA 0.00%↑). Entered at a net credit of $1.48 as part of a 3-leg combo on 1/16/2026; exited at a net debit of $2.43 on 3/20/2026. Loss: 93% of max risk (64% on premium collected). Signal: Multibaggers.
Put spread on Wolfspeed (WOLF 0.00%↑). Entered at a net credit of $1.03 as part of a 4-leg combo on 11/4/2025; exited at a net debit of $3.73 on 3/20/2026. Loss: 91% of max risk (262% on premium collected). Signal: PA Top Names.
4-leg combo on Lemonade (LMND 0.00%↑). Entered at a net debit of $1.76 on 12/29/2025; the call spread expired worthless on 3/20/2026 and the put spread was exited at a net debit of $1.02 on 3/20/2026. Loss: 39% of max risk (158% on premium outlay). Signal: PA Top Names.
Put spread on Cipher Mining (CIFR 0.00%↑). Entered at a net credit of $1.48 as part of a 4-leg combo on 11/28/2025; exited at a net debit of $1.45 on 3/19/2026. Profit: 2% (return on max risk: 1%). Signal: PA Top Names.
4-leg combo on Cognizant Technology Solutions (CTSH 0.00%↑). Entered for a net debit of $1.90 on 9/22/2025; bought-to-close the call spread for a net debit of $0.20 on 2/19/2026 and exited the put spread for a net credit of $3.80 on 3/19/2026. Profit: 89% (return on max risk: 24%). Signal: Me, ChatGPT.
Put spread on Photronics (PLAB 0.00%↑). Entered at a net credit of $1.75 as part of a hybrid 4-leg combo on 2/13/2026; exited at a net debit of $0.20 on 3/19/2026. Profit: 89% (return on max risk: 41%). Signal: Market Watchers.
Put spread on One Stop Systems (OSS 0.00%↑). Entered at a net credit of $1.54 as part of a 3-leg combo on 1/30/2026; exited at a net debit of $0.19 on 3/18/2026. Profit: 88% (return on max risk: 141%). Signal: Market Watchers.
Short puts on Lesaka Technologies (LSAK 0.00%↑). Sold-to-open for $0.65 as part of a risk-reversal on 2/3/2026; expired worthless on 3/20/2026. Profit: 100%. Signal: Market Watchers.
Calls / calendar on Ecopetrol (EC 0.00%↑). Bought-to-open two of the August 21st, 2026 $13 calls for $0.90 each and sold-to-open two of the March 20th, 2026 $14 calls for $0.16 each as part of a 4-leg hybrid combo on 2/20/2026; exited the 2-leg call calendar for a net credit of $3.60 on 3/19/2026. Profit: 143%. Signal: Market Watchers.
4-leg hybrid combo on nLIGHT (LASR 0.00%↑). Entered at a net debit of $2.95 on 2/4/2026; exited the put spread at a net debit of $0.20 on 3/4/2026 and the call calendar at a net credit of $11.30 on 3/20/2026. Profit: 276% (return on max risk: 103%). Signal: Market Watchers.
Call calendar on KVH Industries (KVHI 0.00%↑). Entered at a net debit of $0.30 on 12/12/2025; bought-to-close the April $7.50 call for $0.20 on 2/24/2026; sold the July $7.50 call for $1.50 on 3/14/2026. Profit: 333%. Signal: Multibaggers
Calls on Babcock & Wilcox Enterprises (BW 0.00%↑). Bought for $1.98 as part of a risk-reversal on 11/7/2025; sold half for $10.00 on 3/17/2026. Profit: 405%. Signal: Multibaggers.
Comments
Stocks or Exchange Traded Products
No exits this week, as I haven’t been doing our basic strategy, which involves buying stocks and ETFs, and have been focusing on options instead. Nevertheless, the performance of our system’s top names have more than doubled that of the SPDR S&P 500 Trust (SPY 1.32%↑) since I started this Substack, as I noted in last night’s Top Names post.
You can find the performance of all 143 weekly Top Names cohorts that have finished their 6-month runs here.
Options
This week’s exits were a reminder of where losses tend to collect in our approach: OpEx week. Because we usually take winning trades and winning legs off before expiration, expiration week often ends up concentrating the names where the downstairs put spreads went wrong and had to be carried all the way to assignment, exercise, or near-max loss. That’s exactly what happened this week. The war backdrop made things worse, as the conflict moved deeper into Gulf energy infrastructure, oil pushed to fresh highs, and the broader market sold off again on renewed inflation fears. So this was a rough week in the way rough OpEx weeks sometimes are: a cluster of expiring losers showing up all at once against a hostile macro backdrop.
Fortunately, we had already hedged against the risk of this war before it started. In our February 18th post, Trade Alert: Hedging Iran War Risk, we laid out a dedicated volatility hedge while volatility was still relatively subdued, rather than waiting for the next geopolitical headline to hit the tape.
That gave us some dry powder to put back to work in this week’s new entries, even as older March-expiration losers were finally coming home to roost.
But that isn’t the whole story. Even in a tough OpEx week, the winners still showed why we structure trades the way we do. We had strong profitable exits and partial exits in names including LASR, EC, KVHI, BW, LSAK, PLAB, OSS, and CTSH, many of them driven by the same playbook we’ve been using throughout this more volatile market: harvesting elevated near-term implied volatility to finance longer-dated upside while defining downside. That doesn’t prevent tough weeks like this one, and it doesn’t save every trade, but it does keep giving us a way to stay in the game, take outsized gains when themes work, and avoid turning every macro shock into a reason to abandon bullish exposure altogether. We’ll keep looking for names from our best sources of alpha—Portfolio Armor’s Top Names, our Market Watchers list, and our Multibaggers list—and we’ll keep working to structure them the same way.