NaughtyPines

OPENING: OIH MARCH 16TH 24 SHORT PUTS

AMEX:OIH   VANECK VECTORS OIL SERVICES ETF
... for a .97/contract credit.

Metrics:

Probability of Profit: 62%
Max Profit: $97/contract
Max Loss: $2303
Break Even: 23.03

* -- Assuming price goes to zero and you do no rolls or take other loss mitigation measures (e.g., sell short call verts against, etc.).

Notes: With background implied volatility greater than 35% and with the recent sell-off in both oil             and the broad market, I'm getting into this underlying at a price extreme, but will work it a little differently than I ordinary do. Here, the goal will be to reduce cost basis over time, with each roll taken being for a credit .... .
Trade closed manually: Covering here for a .55/contract debit: .42/$42 per contract profit. Rotating into XOP instead, which is a bit more liquid and a touch more beefy ... .
Good job! I often look at OIH XOP and XLE together - related but they each react a little differently.
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NaughtyPines Tom1trader
@Tom1trader, Generally, XOP is my go-to over OIH. It's a little more liquid, so you get better fills ... .
Reply
Tom1trader NaughtyPines
@NaughtyPines, Agreed - I hate to give away the slippage and like easier exits.
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