OPENING: CRON OCTOBER/JULY 4/8 LONG CALL DIAGONAL
Updated
... for a 3.00/contract debit.
Metrics:
Max Loss on Setup: 300/contract
Max Profit on Setup: 100/contract (33.3% ROC)
Break Even: 7.00
Debit Paid to Spread Width Ratio: 75%
Notes: High background implied at 118% with plenty of opportunity to reduce cost basis via roll if it discontinues its grind up.
Metrics:
Max Loss on Setup: 300/contract
Max Profit on Setup: 100/contract (33.3% ROC)
Break Even: 7.00
Debit Paid to Spread Width Ratio: 75%
Notes: High background implied at 118% with plenty of opportunity to reduce cost basis via roll if it discontinues its grind up.
Trade active
Rolling the 8's down and out to the August 7's for a .29 credit; scratch at 2.71.Trade active
Rolled the August 7's out "as is" to September for a .24/contract credit on traverse of the short call strike to collect maximum extrinsic. Scratch at 2.47.Trade active
This thing will just need more time and/or additional cost basis reduction ... . Rolled the October 16th 4 long call out to the January 15th 5 long call for a .33/contract credit; scratch at 2.14.Trade active
Rolling the September 18th 7 down and out to the October 16th 6 for a .26 credit. Scratch at 1.88. This is functionally equivalent to rolling below my cost basis since I've narrowed the width of the diagonal to a one-wide, which means that the max I can make out of it if I do nothing and price finishes above 6 is 1.00, so it isn't ideal.Trade closed manually
Election/retirement flat.
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