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Friday, January 18, 2019

March SPX Elephant

Trade Details:

4 Mar SPX 2375/2385 Credit Put spread @0.60 credit each
2 Mar SPX 2830/2840 Credit Call spread @1.00 credit each

2 Mar SPY 284 Long Calls @0.56 debit each

Net Credit: $328
Max Risk: $3,672

Profit/Risk Profile


SPX Chart for future reference:




Trade Update (February 15, 2019)

The Market keeps rallying. Time to close the Call side of the Elephant and leave the Put side on.


Closed 2 Mar SPX 2830/2840 Credit Call spread @2.50 debit
Original credit 1.0. This is a 1.50 loss ($300 in two spreads).

Closed 2 Mar SPY 284 Long Calls @1.03 credit
Original debit invested 0.56. This is a 0.47 gain (+$94 for two contracts)

Combining both things, this is a $206 loss.

The Put side will remain in play. With its $240 credit and being down below SPX 2400, this should be a winner.




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