Stock / Symbol: First Solar / FSLR
Option Strategy: Synthetic Long Spread
Trade entry date / price: 15 Nov 2019 / $53.48
Price at this post: $54.39
Reasoning: While our order to sell the long call filled yesterday, the order to close the put spread portion did not. Adjusting the order to hopefully get filled today to protect against a pullback in the stock.
Adjusted Closing Order:
BTC 1 FSLR 6Dec2019 51.5 put
STC 1 FSLR 6Dec2019 48.5 put
For a max net debit of $0.39 per contract (GTC order, limit order). The mid is currently at $0.43
Analysis:
Max Risk: $296
Max Reward: unlimited with FSLR trading over $56.50 by Dec 6th
Profit Range: FSLR at/over $51.50 (pre commissions) by Dec 6th
Profit / Loss upon fill: $50 or 16.9% (pre commissions)
Estimated Commission (round trip): $9
