Stock / Symbol: SPDR S&P 500 ETF / SPY
Option Strategy: [private_monthly]Double Calendar[/private_monthly]
Price at trade post: $207
Reasoning: Putting on a [private_monthly]double calendar[/private_monthly] on SPY. This trade's greeks are: 6.8 Delta, 4.0 Theta, and 40.8 Vega. We'll look to adjust / close the trade at either of the upside or downside stops.
Trade Details:[private_monthly]
BTO 2 SPY Oct15 214 calls
STO 2 SPY Sep15 214 calls
BTO 2 SPY Oct15 202 puts
STO 2 SPY Sep15 202 puts
for a max net debit of $1.90 per contract (GTC order, limit order). The mid is currently at $1.84. Try for the mid +.02.
Cost/Proceeds: $380
Option Requirement: $0
Total Requirements: $380
Estimated Commission: $12
[/private_monthly]
Max Risk: $380
Max Reward: $300 or 178% at [private_monthly]$202 (at current volatility)[/private_monthly] by Sep 18th
Profit Range: $197 to $216 by Sep 18th
Suggested Upside stop: @ $214
Suggested Downside stop: @ $202
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