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SPX at 3594
I’m going to set up a put butterfly, centered around 3400. This is a bearish trade because we need the price to move towards the short strike to make a profit.
This butterfly is made up with a 25pt wide put debit spread and a 15pt wide put credit spread. MID price right now is about 2.40 debit.
This risk in this trade is the debit paid, probability of profit is around 25% – so size accordingly.
Risk Profile:
Order Ticket:
SPX at 3502
We got a quick move down and I’m going to take this trade off and look to reposition
Risk Profile:
Order Ticket:
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