Stock / Symbol: PowerShares QQQ / QQQ;
Option Strategy: Double Calendar;
Trade entry date / price: 20 Jan / $100.82;
Price at trade exit: $104.91;
Reasoning: With the market down again today, and with us finally up on the trade (despite my poor management of it), I'm going to close out the position here. Current Greeks are: -66.0 delta; +6.9 theta; and +23.8 vega.
Closing Trade Details:
STC 2 QQQ Apr15 104 puts
BTC -2 QQQ MarWk2 104 puts
for a min credit of $1.85 per contract (day order, limit order). The mid is currently at $1.93. Try for the mid -0.01.
Max Risk: $348 (adjusted down from $370)
Max Reward: $110 or 32% (at current volatility levels) at $104 by Mar 13th
Profit Range: between $102.60 and $105.35 by Mar 13th
Suggested Upside stop: NA
Suggested Downside stop: 104
Realized profit / loss upon fill: $45 or 13% (pre-commission)
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