Stock / Symbol: Solar City Corp / SCTY
Option Strategy: [private_monthly]calendar call spread / diagonal call spread[/private_monthly]
Trade entry date / price: Nov 7 / $51.30
Price at this post: $56.76
Adjustment: SCTY has moved up nicely but we were still able to allow the short Nov expiration call expire worthless. We're currently up about 36% on this trade. With SCTY trading higher, we're going to ratchet our short strike up a notch and sell the [private_monthly]DecWk1 61 call[/private_monthly], morphing the trading into a diagonal call spread. With the new short call in place, our current Greeks are: 37.8 delta, 3.8 theta, and 21.2 vega.
Trade Adjustment Details:
[private_monthly]
STO -1 SCTY DecWk1 61 call
for a min net credit of $0.40 per contract. The mid is currently at $0.41 (GTC order, limit order).
[/private_monthly]
Max Risk: $710 (adjusted down from $750)
Max Reward: $500 or 70% @ [private_monthly]61 [/private_monthly]by Dec 5
Profit Range: between $51.30 and $79.00 by Dec 5
Suggested Downside Stop: NA
Suggested Upside Stop: $65
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