As my Calendar of 13th January was sinking, I had sold the 18300CE and 18500CE of 20th January to salvage the situation. However, as the Nifty recovered, I converted the extra sold positions into a Calendar by buying the 18300CE of 27th January.
The slight plunge in the Nifty helped to recover most of the losses in the Calendar. If the Nifty and the ViX stay stable, there will be a chance to make some money.
The extreme volatility today, where the Indices went from one extreme to the other spooked me. I decided to close the Calendar for a minor profit of Rs. 5000 and to open a new one.
I opened a Call Calendar at 38700CE. However, the Bank Nifty immediately plunged and breached my BEP of 38300. This forced me to open a Put Calendar at 38000PE. The Calendar is bleeding and I have already lost 2.48% MTM. However, if the Bank Nifty expires within the range and the ViX does not plunge much, I can take home a tidy profit.