Stock / Symbol: Direxion Small Cap Bull 3x / TNA;
Original Option Strategy: calendar put spread
Trade entry date / price: Oct 31 / $67
Price at this post: $69.78
Reasoning: up about 5%, taking upside + downside risk off.).
Trade Adjustment Details:
STC 2 TNA Dec13 70 calls
BTC -2 TNA Nov13 70 calls
for a min net credit of $3.25 per contract (day order, limit order). The mid is currently at $3.35.
then,
STC 2 TNA Dec13 61 puts
at the market. (currently at 1.17)
Max Risk: $720 (upped from $380)
Max Reward: unlimited at/under $62 (or) $180 or 25% (at current volatility) @ $70 by Nov 15
Profit Range: $0 to $71 by Nov 15
Suggested Upside stop: @ 70.51
Suggested Downside stop: NA
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