Stock / Symbol: Russell 2000 ETF / IWM
Strategy: Bear Call Spread
Trade entry date / price: 13 Nov 2020 / $172.21
Price at this post: $178.56
Update / Reasoning: Our upside stop of $178.25 was triggered today. With IWM looking technically stronger, we're just going to stop out of the trade and take the loss. Greeks on this position are currently: -12.1 Delta, 1.3 Theta, and -0.7 Vega.
Trade Exit Order:
BTC 1 IWM 27Nov20 179 call
STC 1 IWM 27Nov20 181 call
For a max net debit of $0.95 per contract (GTC order, limit order). The mid is currently at a debit of $0.92. I was just filled at $0.93
Analysis:
Max Risk: $169
Max Reward: $31 or 18% with IWM under $179 at market close on Nov 27th
Profit Range: IWM at/under $179.25 at market close on Nov 27th
Estimated Commission (round trip): $2.60
Upside Stop at: $178.25
Realized Profit / Loss: ($63) or -36% (pre commission)
