NaughtyPines

BOUGHT SPY JULY 1ST 206/210 LONG PUT VERTICAL

AMEX:SPY   SPDR S&P 500
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 ... .

Metrics:

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 ... .
Comment: 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 ... .
Did you do a deep ITM Jul 210/206 debit put spread initially? That would give you negative deltas, but you need positive ones....everyone is confused
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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 ... .
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