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Wednesday, May 30, 2018

July SPX Elephant

Trade Details:

SELL 20 SPX July 2490/2500 Credit Put spreads @0.60 Credit
SELL 7   SPX July 2840/2850 Credit Call spreads @0.95 Credit

Upside and downside hedges:
BUY  8 SPY July 285 Calls @0.33
BUY  1 SPY July 255 Puts @1.43

Total Net Credit: $1,458
Days to Expiration: 51



Risk profile:
 

SPX Chart for future reference:



Trade Update - June 11, 2018
Closed entire Call side:

Closed 7 SPX July 2840/2850 Credit Call spreads @2.60 Debit
This is a loss of 1.65 per spread (2.60 - 0.95 original credit). -$1,155 dollars.

Closed  8 SPY July 285 Calls @0.83This is a gain of 0.50 per contract (0.83 - 0.33 debit invested). +$400 dollars.

Combining both, the Call side of the Elephant resulted in a $755 loss.
The Put side is still in play. It has a greater credit than today's loss and I will continue riding it for a while.



Trade Update - July 5, 2018
Closed entire Put side:

Closed 20 SPX July 2490/2500 Credit Put spreads @0.10 Debit
This is a gain of 0.50 per spread (0.60 original credit - 0.10). In dollar terms: +$1,000 dollars.

Closed  1 SPY July 255 Puts @0.45 Credit
This is a loss of 0.98 per contract (0.45 - 1.43 debit invested). -$98 dollars.


Combining both, the Put side of the Elephant resulted in a +$902 gain.

The position is now entirely closed. Combining the Put side Call side loss of June 11th with the Put side gains of July the 5th, it resulted in a small +$147 net winner.


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