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Stock / Symbol: TSLA
Strategy: Vertical Put Spread
Trade entry date / price: 09 Jul 2020 / $1376
Price at this post: $1460
Update / Reasoning: It's looking like Friday's low of 1366 was the low we were looking for, just 26 points shy of our target. Adjusting the exit order to exit the trade now.
Trade Exit Details:
STC 1 TSLA 7Aug20 1350 put
BTC 1 TSLA 7Aug20 1340 put
For a min net credit of $2.35 per contract (GTC order, limit order). The mid is currently at a credit of $2.65 and I was filled at $2.65. Try for the mid less .05.
Analysis:
Max Risk: $445
Max Reward: $560 or 125% with TSLA at/under $1337 by Aug 7th
Profit Range: TSLA under $1340 by Aug 7th
Estimated Commission (round trip): $9
Expected Profit / Loss upon fill: ($160) or -36% (pre-commission)
