Stock / Symbol: SPDR DOW Jones Industrial Avg ETF / DIA
Option Strategy: [private_monthly]double calendar[/private_monthly]
Trade entry date / price: May 24 / $152.60
Price at this adjustment: $154.75
Reasoning: Upside stop hit so I'm going to take profits on the call spread portion of the trade. Will look at either adding another calendar or adjusting the short puts in a few days. After closing out the call calendar, The Greeks will be: -58 delta, 4.3 theta, 49 vega. .
Trade Adjustment Details:[private_monthly]
STC 2 DIA Aug13 154 calls
BTC -2 DIA MayWk5 154.5 calls
for a min net credit of $2.65 per contract (day order, limit order). The mid is currently at $2.70. Try for the mid less 0.02.
Requirements:
Max Risk: $555 (adjusted down from $1090)
Max Reward: $200 or 36% (at current volatility level) at $151 by May 31
Profit Range: 148.50 to 153.50 by May 31
Suggested Upside stop: NA
Suggested Downside stop: @ $151
[/private_monthly]
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