TQQQ and SOXL options on real historical prices

TQQQ and SOXL are 3× leveraged ETFs: each aims to move three times as far as its index (the Nasdaq-100 for TQQQ, a semiconductor index for SOXL) every day. Their options price that in. Here is what the recorded prices of May 2022 show, and how a small put credit spread on TQQQ moved from one day to the next.

The chain on 2 May 2022

Test My Legs has TQQQ and SOXL option prices from 2010. On Monday 2 May 2022 TQQQ stood at 37.50 and SOXL at 23.82, and each had 11 expiries listed. Open the Option Chain from the account card and type the ticker to see every strike with its real bid, ask and delta:

The TQQQ option chain on 2 May 2022 for the 6 May expiry: strikes 33 to 39 with bid, ask and delta for calls and puts — TQQQ on 2 May 2022, the 6 May expiry: the 37 call was 2.39 bid / 2.54 ask, the 37 put 1.98 / 2.05.

A put credit spread on TQQQ, day by day

With +Strat → Credit spread and the ticker TQQQ, the app solved a spread on the 17 June 2022 expiry (46 days): sell the 32.50 put (delta 29.0, bid–ask 3.20–3.35), buy the 28.75 put (delta 20.4, 2.09–2.27). It filled at a credit of 1.06 — $106 for one spread, 3.75 points wide.

Notice the bid–ask on the bought put: 0.18 wide on a 2.18 option, about 8%. On options this cheap, the spread between bid and ask is a real part of the cost of every trade.

Day	TQQQ	SOXL	32.50 put (sold)	28.75 put (bought)	Spread P&L
Mon 2 May 2022	37.50	23.82	3.28	2.18	−$3.50
Tue 3 May	37.87	24.85	2.98	1.91	−$1.50
Wed 4 May	42.02	27.87	1.80	1.07	+$33
Thu 5 May	35.41	23.49	3.70	2.41	−$23.50
Fri 6 May	34.40	23.10	3.78	2.40	−$31.50
Mon 9 May	30.52	19.74	5.42	3.63	−$74
Tue 10 May	31.49	21.18	4.92	3.14	−$72.50
Wed 11 May	28.74	19.40	6.17	4.08	−$104
Thu 12 May	27.87	18.75	6.72	4.50	−$116.50
Fri 13 May	31.70	22.61	4.38	2.76	−$55
Mon 16 May	30.53	21.46	4.67	2.88	−$73.50

The account on 16 May 2022 with the TQQQ put credit spread, each leg's price and the group's profit and loss — 16 May 2022: the TQQQ spread after two weeks.

In two days TQQQ went from 37.87 to 42.02 (+11%) and back to 35.41 (−16%). Within a week it was below the sold strike (30.52 on 9 May). The spread was closed on 16 May 2022; after commissions the account stood at $99,918.82, a loss of $81.18.

What this example shows

TQQQ moved 11% in a single day here — more than SPX moved in the whole June 2024 example.
The bid–ask spread is wide relative to these options' prices: count it in every open and close.
Step through a stretch like May 2022 before trusting any rule on these tickers.

This example is one real run in Test My Legs on the recorded TQQQ and SOXL option prices of May 2022. It is a backtest: it shows what happened on those days, not what will happen next.

Try it on another date yourself. Test My Legs is free: pick a past day and step through it.

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