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SPX at 3500
I’m going to set up an All Put Bear Trap, about 300 points away from current SPX levels.
I’m buying an OTM 25 point wide put spread and I am selling a further OTM put spread that will cover the cost of the put debit spread.
Order Ticket Type Size Asset Duration Strike C/P Buy To Open Full Size SPX 20NOV 3200 PUT Sell To Open Full Size SPX 20NOV 3175 PUT Sell To Open Full Size SPX 20NOV 2950 PUT Buy To Open Full Size SPX 20NOV 2950 PUT Total Credit: 0.50 SPX at 3335
I’m going to roll my long 3200 put down 10 points to bring in a little bit more credit.
This will increase my downside risk by about 700 per 1 lot, increase Theta and add a little positive delta.
Order Ticket Type Asset Duration Strike C/P Sell To Close SPX 20NOV 3200 PUT Buy To Open SPX 20NOV 3190 PUT Total Credit: 3.00
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