Stock / Symbol: S&P 500 ETF / SPY
Strategy: Strangle
Trade entry date / price: 29 Jun 2023 / $437.25
Price at this post: $448.55
Update / Reasoning: The Jul 21st $410 put I sold expired worthless. This leaves me with a the long $405 put, with an effective cost of $0.07 per contract. With SPY down from it's recent highs and with the long put expiring in just over 2 weeks, I'm closing out the position here for a modest gain.
Trade Exit Order:
STC 1 SPY 18Aug23 405 put
For a min net credit of $0.25 per contract (GTC order, limit order). The mid is currently at a credit of $0.27 and I was just filled at $0.27
Analysis:
My Max Risk: $505
Max Reward: increases with SPY under $405 on Aug 18th
Commission (round trip): $3.25
Realized Profit / Loss: $20 or 3.9% (pre commission)
