My original thinking was that I would do a Call Calendar in the Bank Nifty and a naked trade in the Nifty. However, the trade in the Nifty went wrong and I was forced to buy a Call Calendar to salvage it.
I also bought a Call Calendar in the Bank Nifty at 38500 when the Index was at 38300. However, immediately thereafter the Bank Nifty surged all the way to 38800. Thankfully, it cooled down a little bit and closed at 38600.
(https://zerodha.trade/zerodha-uploads/BankNifty_Call_Calendar_300922.png)
The Bank Nifty plunged to 38200. However, my position is in a profit of about Rs 80000. I would like to exit and re-enter.
(https://zerodha.trade/zerodha-uploads/Bank_Nifty_Calendar_031022.png)
I don't want to square off the 38500 CE because it still has premium worth Rs 183 in it. So, I added a Put Calendar at 38000PE in case the Bank Nifty continues to plunge. I will shift the 38500CE to 38300 or even 38200 if the softness continues.
(https://zerodha.trade/zerodha-uploads/Bank_Nifty_Calendar_031022-2.png)
The unexpected surge of 1000+ points on the Bank Nifty put my position in a loss. I aggressively sold some puts. There was a bit of panic (because I unnecessarily had several other positions as well). I lost about Rs 1 Lakh. If I would have held on a little longer, the position would have shown a little profit.
Anyway, I squared off and created a new Call Calendar at 38000CE Oct and 38200CE 6th October.