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: $54.30
Current Position:
Long 1 SCTY Jan16 60 call
for adjusted net debit of $7.10 per contract
Adjustment: With SCTY up 6% since entering the trade, combined with the 2 rounds of calls we've sold against the position, we're currently up about 16% on this trade. Going to stick with the [private_monthly]calendar spread[/private_monthly] and sell the [private_monthly]Jan 15 60 call[/private_monthly]. With the new short call in place, the Greeks will be: 27.1 delta, 2.9 theta, and 17.8 vega.
Trade Adjustment Details:
[private_monthly]
STO -1 SCTY Jan16 60 call
for a min net credit of $0.80 per contract. The mid is currently at $0.85 (GTC order, limit order).
[/private_monthly]
Max Risk: $630 (adjusted down from $710)
Max Reward: $300 or 48% @ [private_monthly]60 [/private_monthly]by Jan 16
Profit Range: between $52.50 and $73.00 by Jan 16
Suggested Downside Stop: NA
Suggested Upside Stop: $64
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