SPX 15JUL Put Butterfly

[IgorKeymaster]

SPX at 4088

I’m looking to set up a flat fly with 36 days until expiration.

This is a 50 point wide put debit spread and a 60 point wide put credit spread combo.

This BPR for this trade is about 1,000 per 1 contract.

I will allocate 10k of BPR for this trade.

I will start this trade with 6 butterflies and leave the rest of the BPR for potential adjustments.

My profit target is about 10% ROR and I dont want to risk more than 15-18% ROR.

I will manage the trade on the downside IF/WHEN SPX trades below 4,000.

Risk Profile:

Order Ticket:

[IgorKeymaster]

SPX at 3882

I’m going to close 1/2 of the 3970/4030 put spread here.

This adjustment will shift all of the risk to the upside. We still have 21 days until expiration and we have few other adjustments to make if needed.

Order Ticket:

Risk Profile:

[IgorKeymaster]

Here’s one possible adjustment going forward:

[IgorKeymaster]

SPX at 3863

This trade has 4 days until expiration and I’m going to take this one off for a profit.

Ideal scenario for this trade is SPX moves towards 4000 by the end of the week, but I wont bank on it.

Risk Profile:

Order Ticket:

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