Stock / Symbol: Draft Kings / DKNG
Strategy: Put Calendar to Double Calendar
Trade post date: 17 Aug 2023 / $26.92
Price at this post: $30.34
Update / Reasoning: Upside stop @ $30 triggered today. I'm exiting the position for a loss here. The current net position Greeks are: -17.7 Delta; -11.5 Gamma, 0.9 Theta, 7.4 Vega.
Trade Exit Details:
STC 1 DKNG 17Nov23 30 call
BTC 1 DKNG 08Sep23 30 call
For a min net credit of $2.40 per contract (GTC order, limit order). The mid is currently at a credit of $2.42 and I was just filled at $2.40. As I got into this spread for a debit of $2.10, the profit on this adjustment lessened the loss on the long put.
and
STC 1 DKNG 17Nov23 25 put
For a min net credit of $0.85 per contract (GTC order, limit order). The mid is currently at a credit of $0.89. I was just filled at $0.88
Analysis:
Max Risk: $390
Max Reward: increases with DKNG under $22.75 at market close on Sep 8th
Profit Range: DKNG under $22.75 on Sep 8th
Commission (round trip): $4.55
Upside Stop at: $30
Realized Profit / Loss: ($61) or -15.6% (pre commissions)
