This trade was put on November 16, and closed today only 6 days later. Remember how I wanted to benefit from the volatility skews, by selling options of high volatility while buying options of low volatility for protection.
The trade was closed as follows:
SELL 1 OSX 220 DEC5 (Qtr) PUT @5.70 (+$570)
BUY 1 OSX 220 DEC PUT @4.00 (-$400)
SELL 2 OSX 230 DEC5 (Qtr) PUT @10.30 (+$1030 X 2)
BUY 2 OSX 230 DEC PUT @7.70 (-$770 X 2)
CREDIT RECEIVED $690
This trade had been opened for a total debit of $480. Since I could close it for a $690 credit, that means a $210 profit. A 43.75% return on investment in only 6 days. Not bad at all.
In order to close a trade like this one you don't need to be following your position every second. I simply put on the closing trade for a 6.80 credit ($680). I put it as a limit order with expiration "Good Till Canceled". That means it doesn't expire and consequently it will stay there in the platform until someday it is hit for that price or better. Turns out it was filled at a better price ($690).
I had invested $480, and thought that $200 was a good return on that investment. That's why I set an order to sell the whole position for 680 good till canceled. You can keep working at your office or doing whatever you need away from your computer and if at some point your position reaches that value or better it is automatically sold.
Life is beautiful! and trading makes it more fun :)