NaughtyPines

DELTA HEDGE: SOLD GLD AUG 5TH 115/118 SPV

AMEX:GLD   SPDR GOLD TRUST GOLD SHARES NPV
I took off one of my GLD short call spreads in profit pre-Brexit; this is the one I "let ride."

Rather than wait for a dip in price to get back into the put side, I'm putting it on here in the event that we see further strength in gold or, alternatively, it just doesn't come off these highs with the speed I would like it to. (I got a fill for a $31/contract credit; that ain't great, but if I move it in closer to get more credit, the put side will end up overlapping with the call side strikes, which is less than ideal).

Additionally, I'm using a somewhat oddball expiry here. You'll see it doesn't match the call side (the call side is the July 29th expiry; the put side, the August 5th). The reason I went a touch farther out in time is to use a short put strike around the 85% strike out-of-the-money without having the put wing "on top" of the call wing. It's not much extra room, but it'll do ... .

Here, I'm basically looking to just get out for scratch, but will need to go back through the options chain to see what that is ... .
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