As I had mentioned earlier in one of the post that December is tough month for market neutral traders. I played a double diagonal IWM on December quarterly. It paid-off very nicely giving me 21.2% in about 5wks holding period. The original trade was opened for $0.20 credit/dd. Margin required/dd was $180 ($200-$20).

Both short options [...]

I took advantage of today’s market drop and the rise in volatility. Though my original plan was something else, due to this sudden market drop I closed this trade for beautiful 16.36% profit for holding less then 1 month.
Here are the closing trade details:

double diagonal, Trade Ideas

Risk $2200/Reward $954 with upside potential
I am reviewing few trades for the next month play..following is one of those. It is a double diagonal for SPY.
Short Dec call (141) and Put (133), Long Jan call (143) and Put (131) for debit of $0.20/contract.
It is quite market neutral trade with a bias for IV rise. For [...]