I don't do many of these, but since price is in my "sell area" and implied volatility isn't good for a credit spread, I'm doing a debit spread ... .
Probability of Profit: 55%
Max Profit: $221/contract
Max Loss/Buying Power Effect: $179/contract
Break Evens: 208.21
Notes: I'll look to take this off at 50% max profit ... .
Filled for $181 contract ... . Gosh, I hate paying for stuff up front ... . Lol
Trade closed manually:
Rolled this into a July 8th 199/202 short put vertical for an $185 credit ... . Frankly need the long delta. Matched it up with a July 8th 214/217 short call vertical for a $62/contract credit, resulting in a 199/202/214/217 iron condor ... .
Yep. That was a bearish assumption play, and after the past few days, I'd lost some confidence in it (particularly with the break of 210 here). The time to "flip" those to a credit spread (if you have regrets) is in a move against your bias ... .