Then analyzing the options chain of SNAP prior to the earnings report this week, I would consider purchasing the 10usd strike price Puts with an expiration date of 2024-1-19, for a premium of approximately $2.05. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
I am interested to hear your thoughts on this strategy.
Trade closed: target reached
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SNAP trading at $8.41 after earnings. Puts trading at $2.70 from $2.05. About 35% gain so far.
Trade active
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I think SNAP will reach 8 usd this week. Puts trading at $3.10, Up 50%