Stock / Symbol: SPDR S&P 500 ETF / SPY
Option Strategy: [private_monthly]Double Calendar[/private_monthly]
Price at trade post: $207.20
Reasoning: Putting on a [private_monthly]double calendar[/private_monthly] on SPY. This trade's greeks are: 6.6 Delta, 5.0 Theta, and 98.6 Vega. We'll look to adjust / close the trade at either of the upside or downside stops.
Trade Details:[private_monthly]
BTO 2 SPY Jun15 212 calls
STO 2 SPY Apr15 212 calls
BTO 2 SPY Jun15 201 puts
STO 2 SPY Apr15 201 puts
for a max net debit of $5.75 per contract (GTC order, limit order). The mid is currently at $5.68. Try for the mid +.02.
Cost/Proceeds: $1140
Option Requirement: $0
Total Requirements: $1140
Estimated Commission: $12
[/private_monthly]
Max Risk: $1140
Max Reward: $200 or 17% at [private_monthly]$201 (at current volatility)[/private_monthly] by Apr 17th
Profit Range: $199.50 to $206 & $208.50 to $212.75 by Apr 17th
Suggested Upside stop: @ $212
Suggested Downside stop: @ $201
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