柴柴行者

ALAB gapped down 8% overnight. The 160P blew past my strike — a −$758 loss that wiped out multiple winning trades. That single event triggered a complete framework shift: every new position from March onward became a vertical spread with defined max loss before entry. 13 spreads. 13 wins.

Running PMCC on IBIT as a "stable rent trade" is the wrong framework. IBIT is a volatility vehicle — high IV is your edge, not your obstacle. Three core adjustments: defensive LEAP (Delta 0.80–0.90, 24 months), flexible Short Call (IV Rank-based), roll at 50% profit.

1-year or 2-year LEAP? Not a preference — a risk management decision. Covers Theta acceleration, roll timing (trigger at 6–7 months), and three Short Call adjustments that transform PMCC from passive premium collection into active time management.