Stock / Symbol: SPDR S&P500 ETF / SPY
Option Strategy: [private_monthly]double calendar[/private_monthly]
Trade entry date / price: Nov 20 / $203.92
Price at this post: $203.09
Reasoning: We got in the trade at $1.91 per contract and, thanks to the volatility increase we were looking for, and can now close for a credit of around $2.41 per contract. That's a nice, quick 25%!!!
Closing Trade Details:
[private_monthly]
STC 2 SPY Jan15 208 calls
BTC -2 SPY Dec14 208 calls
STC 2 SPY Jan15 198 puts
BTC -2 SPY Dec14 198 puts
for a min net credit of $2.40 per contract. The mid is currently at $2.41 (GTC order, limit order). Try for the mid less 0.01.
Max Risk: $382
Max Reward: $400 or 104% @ [private_monthly]at 198 (at current volatility level) [/private_monthly]by Dec 19
Profit Range: between $194.50 and $209 by Dec 19
Suggested Downside Stop @ 197
Suggested Upside Stop @ $208.75
Realized Profit / Loss upon fill: $98 or 25.6% (pre-commission)
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