FXI Short Put (Wheel)

AMEX:FXI   iShares China Large-Cap ETF
Chinese large caps have tumbled over the last couple of weeks and seem to have found support on the rising trendline around $47. The FXI also has a weighted PE ratio of 12.64 which is less than half the SPY's 27. In simple words, you are getting a greater value per dollar in FXI than the SPY .

Trade Idea:
Cash-Secured Put: 45 Strike expiring 4/16 for $0.65 Credit. 75% PoP and $650 BPE for a 10% Max ROC .
Trade active: BTO FXI 48-49 Call Debit Spread 31DTE expiring 4/16 for $0.50 db.
Trade closed: target reached: Close the 45-strike CSP. it is trading for $0.1 resulting in a $0.55 or 85% profit per contract.