Stock / Symbol: Apple Inc / AAPL
Option Strategy: [private_monthly]bull put spread[/private_monthly]
Trade entry date / price: Dec 7 @ $543
Adjustment date / price: Dec 14 @ $515
Price at trade close: $526
Reasoning: Current position has achieved 95% of potential profitability. Booking the win now to take off the downside risk. While it was prudent to adjust out of the initial 460/450 put spread when AAPL traded down to the low 500's, this adjustment did substantially cut into our profits.
Closing Trade Details:
BTC -2 AAPL Jan13 440 puts
STC 2 AAPL Jan13 430 puts
for a max net debit of $0.05 per contract (GTC, limit order)
Max Risk: $1800
Max Reward: $39 or 2.16% ($200 or 11% prior to stop triggered adjustment)
Profit Range: $440 + by Jan 18
Suggested Downside stop: @ $515
Realized Profit / Loss upon fill: $23.68 or 1.3% (after commissions)
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