NaughtyPines
Short

OPENING: SPY AUG 16TH 296/298/300 PUT BUTTERFLY

AMEX:SPY   SPDR S&P 500 ETF TRUST
... for a .16 debit.

Metrics:

Max Profit: $184
Max Loss: $16
Break Evens: 296.16/299.84
Delta/Theta: -1.85/.44

Notes: A cheap expected move engagement trade with low probability of profit, but high pay out in the event we get a downside expected move or a traverse of the short put strikes in connection with FOMC. Not looking for much out of this ... .
Trade closed manually: Miracles can happen, but they're unlikely ... . Covering here for a .06 debit (.10/$10) loser to avoid short put assignment risk (I'd rather not be long a two-lot at 298).
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