TRADE IDEA: UNG JAN 22/24 LONG CALL VERTICAL
Updated
Metrics:
Max Profit: 164/contract
Max Loss: $36 (assuming mid price fill)
Break Even: 22.36
Delta/Theta: 9.03/-.07
Notes: A seasonality play put on at /NG lows ... . UNG's not my favorite instrument in the world, nor is it the most liquid that far out in time. It's also possible that /NG could trundle lower, since seasonal peak injection generally doesn't occur until later in the year on average.
The pictured setup prices out at .18 bid/.36 mid/.53 ask and would pay well if we get another Polar Vortex. If we don't, we'll you aren't out much ... .
Max Profit: 164/contract
Max Loss: $36 (assuming mid price fill)
Break Even: 22.36
Delta/Theta: 9.03/-.07
Notes: A seasonality play put on at /NG lows ... . UNG's not my favorite instrument in the world, nor is it the most liquid that far out in time. It's also possible that /NG could trundle lower, since seasonal peak injection generally doesn't occur until later in the year on average.
The pictured setup prices out at .18 bid/.36 mid/.53 ask and would pay well if we get another Polar Vortex. If we don't, we'll you aren't out much ... .
Trade active
Filled for a .35/contract debit. This may naturally take a while ... .Note
September opex check: Tempting to take this off here, as it's currently trading at .79 (up 126%), but looking to squeeze 50% max out of it.Trade active
Pulling off the short call for .04. Scratch at .39. It's now a naked lotto long call that requires a finish above 22.39 just to break even -- an unlikely event, but you never know.
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