TRADE IDEA: SPY JUNE 17TH 191/194 SHORT PUT VERTICAL

SPDR S&P 500 ETF TRUSTArca

Description

⋅ May 3, 2016 3:06 PM

Looking to add some long delta to my SPY core position here on this weakness. As always, small tweaks where the opportunity presents itself ... .

Metrics:

Probability of Profit: 83%
Max Profit: 39/contract
Max Loss/Buying Power Effect: 261/contract
Delta: +4.45/contract

Comment

⋅ May 3, 2016 3:46 PM

Filled for 38/contract ... .

SPDR S&P 500 ETF (SPY) shortputvertical

Comments

baerrus

⋅ May 3, 2016 4:07 PM

I am on the other side of this trade. Have a bunch of May puts and debit put spreads. Somewhat hedged by owning VIX 18 May puts.

baerrus

⋅ May 3, 2016 4:09 PM

Breaking SPX 2040 level will be painful for the Market

NaughtyPines

⋅ May 3, 2016 4:16 PM

I'm really only throwing a little bit of long delta on here because I probably got a touch too frisky with short call credit spreads toward the top of the up move, so my core SPY position is skewed a touch too short for my tastes. Want to add a touch of protection in the event we whip back up to the high side.

baerrus

⋅ May 3, 2016 5:10 PM

You should post your charts on optionsforum.net Your options trading ideas will be more appreciated there :)

NaughtyPines

⋅ May 3, 2016 5:11 PM

I'll check it out. I've been looking for something like that for eons. StockTwits has a few, but the site is geared toward individual equity buying/selling (which I haven't done for ages). Tyvm.