Stock / Symbol: SPDR S&P 500 ETF / SPY
Option Strategy: iron condor
Trade entry date: Nov 16
Price at trade entry: $135.85
Price at this adjustment: $142.30
Current Position:[private_monthly]
Short -3 SPY Dec12 144 calls
Long 3 SPY Dec12 147 calls
Short -3 SPY Dec12 132 puts
Long 3 SPY Dec12 129 puts
[/private_monthly]
Reasoning: With our upside stop nearly triggered, we're going to close out the call portion of the trade to prevent further loss to the upside. In the coming days, we'll look to re-enter a further out of the money call spread.
Trade Adjustment Details:
[private_monthly]
BTC -3 SPY Dec12 144 calls
STC 3 SPY Dec12 147 calls
for a max net debit of $0.75 per contract. The mid is currently at $0.72 (day order, limit order).
[/private_monthly]
[private_monthly]
Max Risk: $771
Max Reward: ($40) or -5% by Dec 21 between 132 - 144[/private_monthly]
Suggested Upside Stop @ $142.50
Suggested Downside Stop @ $135
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