NaughtyPines

TRADE IDEA: WFT JULY 15TH 4/6 SHORT STRANGLE

NYSE:WFT   WEATHERFORD INTL PLC
6 months ago
This is part of a small WFT             covered call I'm working ... . The strategy here is to continue to reduce cost basis in the underlying shares. Here I'm doing it with a July 15th 4/6 short strangle in an attempt to sell premium while the implied volatility is still high ... .

Metrics:

Probability of Profit: 63%
Max Profit: $61/contract
Max Loss/Buying Power Effect: Undefined/~$50 (in this particular case, the max loss is actually governed by the fact that the stock price cannot go below $0, so the max loss is actually $400 (the short put strike x 100 shares ($400) minus the credit received for the short call $61 or $339).
6 months ago
Comment: No fill on this one. May wait a little bit ... .

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