Stock / Symbol: S&P500 Index / SPX
Option Strategy: bull put spread
Trade entry date / price: 29 Jun / $2079
Price at trade post: $2124
Reasoning: With over 80% of the trades potential profit realized (if filled at current mid), I'm going to enter in the a closing order for the bull put spread. Concurrently, I'm going to attempt to add on a bear call spread. With the bull put spread off and the bear call spread on, the Greeks will be: -1.1 delta, 1.5 theta, and -14.2 vega. However, I'm being pretty conservative on the bear call spread, so it may never get filled.
Trade Adjustment Details:[private_monthly]
BTC -1 SPX Aug15 1880 put
STC 1 SPX Aug15 1870 put
for a max net debit of 0.10 per contract. The mid is currently at $0.15 (GTC order, limit order).
and
STO -1 SPX Aug15 2230 call
BTO 1 SPX Aug15 2240 call
for a min net credit of 0.40 per contract. The mid is currently at $0.10 (GTC order, limit order).
[private_monthly]
Requirements:
Cost/Proceeds: ($120)
Option Requirement: $880
Total Requirements: $880
Estimated Commission: $6
[/private_monthly]
Max Risk: $880
Max Reward: $120 or 13.6% between [private_monthly]$1880 and $2230[/private_monthly] by Aug 21st
Profit Range: between [private_monthly]$1880 and $2230[/private_monthly] by Aug 21st
Suggested Upside Stop: @ $2170
Suggested Downside Stop: @ $1979
Non-members, click here for access
