Stock / Symbol: PowerShares QQQ / QQQ
Option Strategy: Double Calendar
Trade Entry date / price: Aug 26 / $99.33
Price at trade post: $99.37
Reasoning: 2.5 weeks gone by, yet we're at the same darn price. In hindsight, would have been a fabulous iron condor. Going to close this one out here at a about break-even as I don't want to risk a drop in volatility. Current Greeks are: 28.4 Delta, 11.5 Theta, and 82.2 Vega. If you broker lets you, just close out the long options and let the short options expire worthless.
Closing Trade Trade Details:
STC 4 QQQ Oct14 101 calls
BTC-4 QQQ SepWk2 101 calls
STC 4 QQQ Oct14 96 puts
BTC -4 QQQ SepWk2 96 puts
for a min net credit of $1.40 per contract (day order, limit order). The mid is currently at $1.43. Try for the mid -0.01.
Max Risk: $560
Max Reward: $200 or 35% at $96 (at current volatility) by Sep 12
Profit Range: $94.85 to $98 & $99.80 to $101.50 by Sep 12
Suggested Upside stop: @ $101.15
Suggested Downside stop: @ $95.5
Realized Profit / Loss: ($4) before commissions.
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