FANG - Bullish Weekly Put Spread

Purchasing a put with a lower strike price than the written put provides a bullish strategy. Trade will be doing this coming week.

Stock: FANG
Current Price: 113.86

Short Put
WRITE
Option: 15th Jun $115.00 PUT
Price per option: $ 2.85
Contracts: #1 x 100
Total cost: $285
Long Put
BUY
Option: 15th Jun $110.00 PUT
Price per option: $ 0.83
Contracts: #1 x 100
Total cost: $83

Spread: Net debit/credit: $2.02 (net credit) x 100 = $202.00
Maximum risk: $298 at a price of $110 at expiry
Maximum return: $202 at a price of $115 at expiry
Breakevens at expiry: $113.00

Trade closed: target reached:

This set up worked like a Rolodex watch.