Stock / Symbol: Lennar / LEN
Option Strategy: Vertical Put Spread
Trade entry date / price: 17 Jun 2020 / $64.40
Price at this post: $57.43
Update: So far, LEN has started pulling back as expected. We're going to enter in our exit order now as LEN is closing in our our target price. The Greeks on this position are currently: -23.5 Delta, 0 Theta and 0.25 Vega.
Trade Exit Details:
STC 1 LEN 17Jul20 60 put
BTC 1 LEN 17Jul20 55 put
For a min net credit of $2.65 per contract (GTC order, limit order). The mid is currently at a credit of $2.45. I have not yet been filled.
Analysis:
Max Risk: $125
Max Reward: $375 or 300% with LEN at/under $55 by Jul 17th
Profit Range: LEN under $58.70 on Jul 17th
Estimated Commission (round trip): $6
Trade Exit at $55 - $56
Expected Profit / Loss upon fill: $140 or 112% (pre commission)
