Aussie-scalper

Selling options premium for $$$ : Bull put spread

ASX:ANZ   ANZ GROUP HOLDINGS LIMITED

In this environment looking for slow and steady wins the race type of higher probability 'income'.

1. looking for neutral to bullish action over the next 20 trading days
2. buy signal on 'TURTLE SOUP plus one' - recovery from new 20 day low, with reversal bullish.
3. Found 0.10 net credit premium on 17.51 European put option with 17.00 American put protection * 120 = $1080
4. Only needs to go sideways > 17.51 or higher which is -7% below current price = 66% of winning based on price
The highest volume node secondary ' POC" is higher at 18.80 area as good expected average price in recent 30 days.
5. So this is a fairly high probability play, with DELTA of sold leg about 0.25 so market expects only 25% chance of expiry below this strike = 75% chance of winning ( keeping premium paid)
6. Any adverse drop in price below, has a breakeven 'alert' at 17.40 for either cutting losses at breakeven or rolling down & out to next month.
7. Goldmann Sachs has a Neutral rating with price target of $20.00 over next 12 months.
8. Dividend due to go ex-dividend in November.

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