NaughtyPines
Long

TRADE IDEA: VRX OCT 21ST 25 SHORT PUT

NYSE:VRX   VALEANT PHARMACEUTICALS INTL I
3 months ago
Here, I'm looking to sell some premium at or around the 30 delta strike (this one's at the 25 delta).

Probability of Profit: 70%
Max Profit: $132/contract
Break Even: 23.68

Notes: The notion here is either to keep the premium received if price stays above $25 into expiration or roll the option down and out for additional credit if it doesn't. I'm not sure at this point that I want to be put VRX             at 25 (lower, as always, is better, and I think 19-20 would be "swell", although we'll just have to see).
3 months ago
Comment: Resisting the urge here to pull the trigger on this one. Something better has got to come along ... please.
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