Editors note - we would like to welcome Meredith Kelley Zidek as a new contributor to the CBOE Options Hub.  Meredith is a private investor whose interests include equities, options, and commodities.  She began trading equities in 2007, and since then has cultivated interests in corn, energy, and most recently, index and equity options. Almost all of her trading, which can be seen on grapestrades.blogspot.com, involves short options on volatility-related instruments.  She studies the movements of world indexes and analyzes options chains to determine advantageous timing for short-selling of contracts.  Meredith holds a B.A. from Loyola University, and resides in Hunt Valley, Maryland.

If you read the last post about the sea monster adventure otherwise known as writing UVXY 52 calls just before the Greek Drama unfolded, see the associated graphic and locate the portion of the sea monster that is closest to the sun.  That is to say, on July 8th and 9th, with my strike looming close and my account being distressed (including special notices in bold, red typeface sent to me), I must have had "making money" on my mind more so than "losing money," since I took some positions in the same direction, but from the other side of the table.  No, not just the other side of the table - more like pretending to leave, saying goodnight to everyone, then walking around the outside of the house and sneaking around the back where I could lay my trap undetected by anyone still playing cards at the table inside the house.

Due to some stroke of luck, or maybe having something to do with the many pictures of Alexis Tsipras propping his face up with his fingers, the UVXY calls deflated in value like a marshmallow just taken out of the microwave, and similarly, the SVXY puts written in the backyard of the allegorical poker-playing shack turned into something like a popsicle forgotten on the front seat of a car overnight during the hottest part of July.  There was a little to be salvaged from them yesterday, but since July 24th is a few days away, I decided to "take it off the table."  (Many card-playing analogies from someone who hasn't played anything more than "Go Fish" and not since about second grade.  I'm just not a card player.  I hear people talk, though.)

The post title is meant to allude to drive-thrus, and indeed, I did take the kids out for ice cream and slushies yesterday. And that's about all I did, in between stalking the next opportunity to scoop up some premium that someone else took it in their head to buy, that hopefully will send the red-print notices to them next time.

Nuts and bolts: I risked the possibility of being forced to buy $28,000 worth of stock. I got a margin call from my broker for $19,618.93 overnight Thursday, but that's because I still had the UVXY monstrosity open at the time.  The margin call disappeared with no action needed on my part.  I was behind in this position by $468 at one point (maybe more - I don't remember how high the bid/ask got). I set out to make a maximum of $1,313.20, but I closed early and realized $1,123.00.