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Monday, August 27, 2018

October SPX Elephant (August 27, 2018)

Trade Details:

SELL 20 SPX October 2700/2690 Credit Put spreads @0.60 Credit
SELL   8 SPX October 3010/3020 Credit Call spreads @0.90 Credit

Long hedges:
BUY  8  SPY October 302 Calls @0.42
BUY  1  SPY October 274 Puts @1.36

Total Net Credit: $1,448
Days to Expiration: 52


Risk profile:

SPX Chart for future reference:



Trade Update (October 2, 2018)

Closed entire position:

20 SPX October 2700/2690 Credit Put spreads @0.10 Debit
Original Credit was 0.60. Net gain of 0.50 per = $1,000

8 SPX October 3010/3020 Credit Call spreads @0.30 Debit
Original Credit was 0.90. Net gain of 0.60 per = $480

8  SPY October 302 Calls @0.11 Credit
Original Debit paid was 0.42. Net loss  $248

1  SPY October 274 Puts @0.23 credit
Original Debit paid was 1.36. Net loss $113

Combining it all:  +1000 + 480 - 248 - 113 = $1119
Max potential profit was $1,448.  So, 77% of the max profit has been taken after 35 days in the position and 17 days to expiration.



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