Stock / Symbol: PowerShares QQQ / QQQ
Option Strategy: double calendar
Trade entry date: Oct 17
Price at trade entry: $68.25
Date / Price at adjustment: Oct 25 / $65
Price at this post: $63.55
Reasoning: The drop in volatility has hurt the profitability of this trade. With a 60 delta, going to close out here for a small profit on the current, adjusted position.
Closing Trade Details:
STC 4 QQQ Dec12 67 calls
BTC -4 QQQ Nov12 67 calls
STC 4 QQQ Dec12 63 puts
BTC -4 QQQ Nov12 63 puts
for a min net credit of $1.28 per contract (GTC order, limit order).
Then,
STC 2 QQQ Dec12 65 calls
BTC -2 QQQ Nov12 65 calls
for a min net credit of $0.71 per contract (GTC order, limit order).
[private_monthly]
Max Risk: $625 (adjusted up from $500)
Max Reward: $100 or 16% between $63 and $67 by Nov 16
Profit Range: $62.5 to $67.75 by Nov 16
Suggested Upside stop: @ $68
Suggested Downside stop: @ $62
Profit / Loss upon fill: ($148)
[/private_monthly]
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