Stock / Symbol: SPDR S&P500 ETF / SPY
Option Strategy: [private_monthly]calendar put spread[/private_monthly]
Trade entry date / price: Aug 26 / $200.20
Price at this post: $198.98
Adjustment: Going to roll the short puts to next week's, Sep14 expiring puts. We've captured some nice premium on the puts we sold and now have another week to realize more upside should the market continue to slide. After the adjustment, the greeks will be: -23.2 delta, 9.1 theta, and 28.0 vega. Adjusting upward stop so that the worst we do on the trade is break-even.
Trade Adjustment Details:
[private_monthly]
BTC -2 SPY SepWk2 195 puts
STO -2 SPY Sep14 195 puts
for a min net credit of $0.50 per contract. The mid is currently at $0.58 (day order, limit order). Try for the mid less 0.01.
[/private_monthly]
Max Risk: $184 (adjusted down from $310)
Max Reward: $300 or 163% @ [private_monthly]195 (at current volatility level) [/private_monthly]by Sep 19
Profit Range: between $191 and $199 by Sep 19
Suggested Downside Stop @ 193.50
Suggested Upside Stop @ $201.51
