Stock / Symbol: Cliffs Natural Resources / CLF;
Option Strategy: [private_monthly]butterfly call spread[/private_monthly];
Trade entry date / price : Jun 27 / $16.25;
Price at this post: $17..44;
Reasoning: At the low end of our price target for CLF and up about 50% on the trade. Going to take profits.
Closing Trade Details:
STC 2 CLF JulWk4 16.5 calls
BTC -4 CLF JulWk4 19.5 calls
STC -2 CLF JulWk4 22.5 calls
for a min net credit of $0.95 per contract (GTC order, limit order). The mid is currently at $0.98. I was filled at $0.98
Max Risk: $130
Max Reward: $400 or 285% (at current volatility levels) @ [private_monthly]$19.50 by Jul 26[/private_monthly]
Profit Range: $17.25 to $21.75 by Jul 26
Suggested Upside stop: @ 19.50
Suggested Downside stop: @ 15.49
Realized Profit / Loss: $66 or 50.7% (pre-commission)
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