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. Since we usually exit winning trades before expiration, the biggest expiration day of the month is a magnet for losing trades. The war made it worse by colliding with triple witching in an already hostile tape.
Even so, the results weren’t that bad. We had 19 full or partial exits this week, and 9 of them were profitable. That’s an improvement from an OpEx week we had during a similarly bad tape back in November, when only about 25% of our exits were profitable.
That improvement reflects the changes we’ve made over the last several months: tighter entry rules to screen out both falling knives and overextended names.
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.
We also continued to focus on structures that harvest elevated near-term implied volatility to finance longer-dated upside while defining downside. We’ll keep looking for names from our best sources of alpha—including Portfolio Armor’s Top Names, our Market Watchers list, and our Multibaggers list—and we’ll keep working to improve our trading process.