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SPX at 4317
I’m setting up a Bear Trap in the 7SEP expiry.
This is a 25pt wide put debit spread with a 50pt wide put credit spread.
The debit for this trade is 1.10 and BPR for this trade is 2610
I will stop out of this trade IF/WHEN SPX trades below 4050
Risk Profile:
Order Ticket:
SPX at 4173.77
I’m going to roll the wings closer to the body of this Bear Trap, collecting a credit.
This will eliminate upside risk and reduce risk on the downside at the expense of making the size of the Trap smaller.
Risk Profile:
Order Ticket:
SPX at 4102
We’re picking up steam to the downside. I’m going to roll 4150 put down to 4140 for a debit. This will cut delta to neutral.
We’ll see what happens next week. Here’s the risk profile:
Order Ticket:
SPX at 4053
I’m going to roll the short 4050 put down 5pt and make this Put Condor balanced.
This trade has only 9 days left and I am not looking to hold it past this week.
Risk Profile:
Order Ticket:
SPX at 4005
We’ve given this trade the chance and now gamma is going to start to pick up.
The path of least resistance is to close out this trade and move on.
Risk Profile:
Order Ticket:
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