OPENING: VXX NOV 16TH 30/32 SHORT CALL VERTICAL
Updated
... for a .66/contract credit.
Going small, defined risk, collecting one-third the width of the spread.
Metrics:
Probability of Profit: 55%
Max Profit: 66/contract
Max Loss/Buying Power Effect: 134/contract
Break Even: 30.66
Going small, defined risk, collecting one-third the width of the spread.
Metrics:
Probability of Profit: 55%
Max Profit: 66/contract
Max Loss/Buying Power Effect: 134/contract
Break Even: 30.66
Trade active
Taking a 1.00 of realized gain out of the long call by rolling it up to the 33 (and for an additional .33/contract credit); scratch at .99/contract.Trade active
Playing a bit more of the "elevator up" game ... . Rolling the 33 up to the 34 for a .38/contract credit. Scratch at 1.37/contract.Trade closed: stop reached
Adding a 27/30 short put vertical for a .67/contract credit to the setup buying power free, creating a 27/30/30/34 iron fly with a scratch point of 2.03/contract and a slightly better upside break even of 32.03 (down side break even of 27.97).Trade active
Oops: That should be a "Trading: Active" comment ... .Trade closed manually
Covering the short call side and the short put for a 3.06/contract debit (1.03 loser).Note
The 27 long put is currently "no bid," so leaving it on as a lotto trade.
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