Stock / Symbol: Beyond Meat / BYND
Strategy: Broken Wing Butterfly Put Spread
Trade entry date / price : 14 Oct 2020 / $188.30
Price at this post: $183.24
Update: BYND has pulled back about 3% from our entry point but we haven't benefited yet. In hindsight, I should have structured the trade to benefit from a 5% pullback instead of a 10% pullback. So, I'm not loving this trade and am going to enter in an exit order now, which should fill if BYND trades down to $176 within the next few days. The position's current Greeks are : -5.4 Delta, -2.3 Theta and 0.8 Vega. Additionally, I'm lowering the upside stop to $191.45
Trade Exit Order:
STC 1 BYND 30Oct20 175 put
BTC 2 BYND 30Oct20 170 puts
STC 1 BYND 30Oct20 167.50 put
For a min net credit of $1.20 per contract (GTC order, limit order). The mid is currently at a credit of $0.88
Analysis:
Max Risk: $90
Max Reward: $350 or 388% with BYND at $170 by Oct 30th
Profit Range: AMD at/under $173.90 by Oct 30th
Estimated Commission (round trip): $5.20
Upside Stop @ $191.45
Anticipated Profit / Loss upon fill: $35 or 39% (pre commission)
