Stock / Symbol: SPDR S&P 500 ETF / SPY
Option Strategy: [private_monthly]Double Calendar[/private_monthly];
Trade entry date / price: 31 Mar / $207.20
Price at this adjustment: $208.10
Adjustment: Going to close out the call portion of the trade and play a market move to the downside. Greeks after this adjustment will be: -59.2 Delta; -8.2 Theta; and 58.3 Vega. If we get a further move down next week, we'll sell some more puts against the long puts.
Trade Adjustment Details:[private_monthly]
STC 2 SPY Jun15 212 calls
BTC -2 SPY Apr15 212 calls
for a minimum net credit of $2.35 per contract (day order, limit order). The mid is currently at $2.40
Max Risk: $670 (down from $1140)
Max Reward: unlimited
Profit Range: $0 to $197.50 by May 15th
Suggested Upside stop: NA
Suggested Downside stop: NA
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