Stock / Symbol: Direxion Small Cap Bull 3x / TNA;
Option Strategy: [private_monthly]double calendar spread[/private_monthly];
Trade entry date / price: Nov 29 / $75.72;
Price at trade adjustment: $67.20;
Current Position:[private_monthly]
Long 1 TNA Jan14 75.81 call (originally 77, adjusted due to dividend)
Short -1 TNA DecWk2 75.81 call (originally 77, adjusted due to dividend)
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Adjustment: Adding back a put calendar and allowing the OTM short call to expire worthless. Greeks after this adjustment will be: +23 Delta; +3.74 Theta; and +10.4 Vega.
Trade Adjustment: [private_monthly]
BTO 1 TNA Jan14 66.31 put
STO -1 TNA Dec13 66.81 put
for a max net debit of $1.98 per contract (day order, limit order). The mid is currently at $1.93.
[/private_monthly]
Max Risk: $483 (adjusted from $635 originally)
Max Reward: unlimited (at current volatility) @ 76+ by Dec 20
Profit Range: $76 + by Dec 20
Suggested Upside stop: @ NA
Suggested Downside stop: $63.24
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