NaughtyPines
Long

OPENING: SNAP NOV 16TH SHORT STRADDLE

NYSE:SNAP   SNAP INC
... for a 2.21/contract credit.

Metrics:

Probability of Profit: 54%
Max Profit: $221/contract
Max Loss/Buying Power Effect: Undefined/~1.72 on margin
Break Even/Cost Basis of Shares If Assigned: 7.79
Theta: 1.46
Delta: 41.92

Notes: Another potential "wheel" trade. Will initially shoot for 25% max for the short straddle, but will also be fine if assigned with a cost basis of 7.79/share (a 7.8% discount over current spot), after which I'll proceed to cover.
Oct 04
Comment: Rolling the 10 short call down to the 8 intraexpiry for a .46/contract credit. Cost basis if assigned: 7.33/scratch at 2.67.
Oct 09
Trade active: Early, random assignment on the 10 short put (it happens). The trade's now a Nov 16th 8 covered call with a cost basis of 7.33.
Oct 29
Trade active: Covering the Nov 16th 8 short calls for near worthless (.03/contract) and selling the Jan 7 shorties for .35/contract. Cost basis of 6.98. Nothing you can do here but whittle away at cost basis ... .
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