This post is restricted to paying members. To follow are specific new trade details:
Stock / Symbol: United Parcel Service
Strategy: Bull Put Spread
Trade entry date / price: 28 Sep 2022 / $165.15
Price at this post: $168.90
Update / Reasoning: My plan was to exit the trade within 3 weeks for about a 15% return on risk. As it's now about 3 weeks in and with the position up about 12 - 13%, I'm going to close the trade here. For reference, the current net position Greeks are: 4.75 Delta, -0.2 Gamma, 1.0 Theta, and -3.1 Vega.
Trade Exit Order:
BTC 1 UPS 16Dec22 150 put
STC 1 UPS 16Dec22 145 put
For a max net debit of $0.70 per contract (GTC order, limit order). The mid is currently at a debit of $0.71. I was just filled at $0.70.
Analysis:
My Max Risk: $380
Max Reward: $120 or 31% with UPS over $150 by Dec 16th
Profit Range: UPS over $148.85 by Dec 16th
Estimated Commission (round trip): $2.60
Downside Stop: $152.49
Realized Profit / Loss: $50 or 13% (pre commission)
