Stock / Symbol: S&P 500 ETF / SPY
Strategy: Strangle
Trade post date: 01 May 2023 / $416.30
Price at this post: $404.20
Update / Reasoning: With the position up by over 40%, I'm taking profits here. The current net position greeks are: -14.9 Delta, 1.2 Gamma, -9.9 Theta, and 81.41 Vega.
Trade Exit Order:
STC 1 SPY 21Jul23 445 call
STC 1 SPY 21Jul23 375 put
For a max net credit of $6.25 per contract (GTC order, limit order). The mid is currently at a credit of $6.445. I was just filled at $6.44
Analysis:
My Max Risk: $455
Max Reward: increases with SPY under $370 or over $450 on Jul 21st
Estimated Commission (round trip): $2.60
Realized Profit / Loss: $189 or 41.5% (pre commission)
