Taking a miniature directional shot here as an engagement trade while I wait for the May expiry to come into the "sweet spot."
Max Profit: .43/contract
Max Loss: 1.57/contract
Break Even: 13.57
Take Profit: 20% of max/.31 per contract
The only stock in the Dow that was red for the day. Much as I hate to, staying mechanical and rolling the 14 short out (which is at 50% max) to June for a .12 credit. Cost basis at 1.45. Since the cost basis is now that of a 1 1/2 wide, I can contemplate rolling the 14 down to the 13.5 when a weekly with half strikes comes into view ... .
Trade closed: target reached:
Out today at the open for a 1.77/contract credit; .32/contract profit (22.1% ROC).