Stock / Symbol: S&P500 Index / SPX
Option Strategy: [private_monthly]bear call spread to iron condor[/private_monthly]
Trade entry date / price: May 14 / $1647
Price at this post: $1646
Current Position: [private_monthly]
short -2 SPX Jun13 1735 calls
long 2 SPX Jun13 1745 calls
at an effective debit of -0.02 per contract.
Adjustment: Going to cancel the bull put spread and go long a put spread. This doesn't risk much and gives the position a chance to profit from a quick pullback in the market.
Trade Details:
[private_monthly]
Cancel this order:
STO -2 SPX Jun13 1530 puts
BTO 2 SPX Jun13 1520 puts
for a min net credit of $0.45 per contract (GTC order, limit order).
and replace with:
BTO 1 SPX Jun13 1530 put
STO 1 SPX Jun13 1520 put
for a max net debit of $0.40 per contract (day order, limit order). Ok to try again on Monday if not filled today.
[/private_monthly]
Max Risk: $2,040
Max Reward: $1100 or 50% between [private_monthly]0 to 1530 [/private_monthly] by Jun 21
Suggested Upside Stop @ $1691
Suggested Downside Stop: NA
