Trading Activities (Tables)

12 Months Ended

Dec. 31, 2017

Brokers And Dealers [Abstract]

Summary of Valuation of Partnership's Investments

The following tables summarize the valuation of the Partnership’s investments as of  December 31, 2017 and 2016:

									Gross Amounts not Offset in the Statements of Financial Condition
December 31, 2017	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial condition		Amounts Presented in the Statements of Financial condition			Financial Instruments			Cash Collateral		Net Amount
Assets
Options purchased	$	211,200		$	—	$	211,200		$	(209,000	)	$	—	$	2,200
Total assets		211,200			—		211,200			(209,000	)		—		2,200
Liabilities
Written options	$	(209,000	)	$	—	$	(209,000	)	$	209,000		$	—	$	—
Total liabilities		(209,000	)		—		(209,000	)		209,000			—		—
Net fair value														$	2,200

									Gross Amounts not Offset in the Statements of Financial Condition
December 31, 2016	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial condition		Amounts Presented in the Statements of Financial condition			Financial Instruments			Cash Collateral		Net Amount
Assets
Options purchased	$	621,000		$	—	$	621,000		$	(699,200	)	$	—	$	(78,200	)
Total assets		621,000			—		621,000			(699,200	)		—		(78,200	)
Liabilities
Written options	$	(699,200	)	$	—	$	(699,200	)	$	699,200		$	—	$	—
Total liabilities		(699,200	)		—		(699,200	)		699,200			—		—
Net fair value														$	(78,200	)

Gross Fair Values of Derivative Instruments of Option Contracts as Separate Assets and Liabilities

The following table indicates the gross fair values of derivative instruments of option contracts as separate assets and liabilities as of December 31, 2017 and 2016:

	2017		2016
Assets
Options Purchased
Indices	$	211,200	$	621,000
Total options purchased	$	211,200	$	621,000	*

* This amount is included in “Options purchased, at fair value” on the Statements of Financial Condition.

	2017				2016
Liabilities
Written Options
Indices	$	(209,000	)		$	(699,200	)
Total written options	$	(209,000	)	**	$	(699,200	)	**

** This amount is included in “Written options, at fair value” on the Statements of Financial Condition.

Trading Gains and Losses, by Market Sector, on Derivative Instruments

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the years ended December 31, 2017, 2016 and 2015.

Sector - Indices	2017			2016				2015
Net realized gains (losses) on closed contracts	$	5,742,840		$	8,064,452			$	8,821,652
Change in net unrealized gains (losses) on open contracts		31,648			(30,088	)			337,103
Total trading results	$	5,774,488	***	$	8,034,364		***	$	9,158,755	***

*** This amount is included in “Total trading results” on the Statements of Income and Expenses.

Summary of Transactions in Options Written

The following table rolls forward the transactions in Options Written for the year ended December 31, 2017.

	Calls									Puts
				Notional (000)									Notional (000)
	Contracts			USD			Premiums Received			Contracts			USD			Premiums Received
Outstanding options, beginning of year		920		$	548,550		$	57,500			920		$	480,470		$	578,450
Options written		28,262			17,908,253			2,016,813			93,303			54,565,785			28,098,738
Options exercised		—			—			—			—			—			—
Options expired		(26,950	)		(17,109,586	)		(1,920,188	)		(76,099	)		(44,518,737	)		(22,548,450	)
Options closed		(1,792	)		(1,142,850	)		(137,625	)		(17,068	)		(9,867,518	)		(5,987,938	)
Outstanding options, end of year		440		$	204,367		$	16,500			1,056		$	660,000		$	140,800