Per 100 shares of the SPY you own:
Step 1. Buy to close Feb 10 $327 SPY Call & Sell to close Feb 10 $332 SPY Put
Step 2. Do not sell a call option only purchase the Feb 12 $330 SPY Put.
Trading is risky, see below for disclaimer.
Today’s Trade Results:
- SPY traded from $333.32 to $333.36 (+0.04)
- Option Collar +5.79 to open and -$6.26 to close (-0.47)
- Net Profit Today: -$0.47/share or -$47 per contract
The image below shows you how to close the previous trade in the top area and how to enter into the new trade alert in the bottom area.
Remember, we use 1 option contract per 100 shares of the SPY and this position is traded every Monday, Wednesday and Friday at 12PM Eastern.
This is your maximum risk ~(-1%) vs unlimited reward in today’s trade alert: