Stock / Symbol: United States Oil Fund / USO
Option Strategy: [private_monthly]diagonal call spread;[/private_monthly]
Trade Entry Date / Price: Feb 12th / $18.95;
Price at this Adjustment: $17.80;
Current Position:[private_monthly]
Long 1 Jan16 15 call
for a net debit of $4.24 per contract[/private_monthly]
Reasoning: Writing another call against our position with USO. With this adjustment, the Greeks will be: 44.2 delta, 1.1 theta, and 3.7 vega. I've also lowered the upside stop down to $21
Trade Adjustment Details:[private_monthly]
STO -1 USO Apr 19.00 Call
for a min net credit of $0.35 per contract (GTC order, limit order). [/private_monthly]
Max Risk: $390 (down from $424)
Max Reward: $110 or 28% @ [private_monthly]19.0[/private_monthly] by Apr 17th
Profit Range: $17.65+ by Apr 17th
Suggested Upside Stop: $21
Suggested Downside Stop: $15
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