OPENING (IRA): TLT NOVEMBER 20TH 160/170/172 JADE LIZARD
... for a 2.64/contract credit.
Notes: A bet that TLT doesn't move much with no upside risk (the credit received exceeds the max risk of the two-wide short call vertical) and a downside break even of 157.36 (the short put strike minus the credit received). Additionally, even if it blows through the long call strike at 172, the credit received exceeds the max risk of the call side by .64, so I could still make money if that happens.
Will look to take profit at 50% max.
Notes: A bet that TLT doesn't move much with no upside risk (the credit received exceeds the max risk of the two-wide short call vertical) and a downside break even of 157.36 (the short put strike minus the credit received). Additionally, even if it blows through the long call strike at 172, the credit received exceeds the max risk of the call side by .64, so I could still make money if that happens.
Will look to take profit at 50% max.
Trade active:
Pulling off the short call aspect for .19, leaving me with the November 160 short put. Scratch at 2.45.
Trade closed manually:
Out of the 160 short put here for 2.75, a .30 loser versus my 2.45 scratch point. I've got plenty of TLT on in the IRA and am looking to dump it at some point up here before the Fed starts to tighten. Likely to be a very long time, but still, why water down my cost basis.