NEW TRADE: Back Ratio Hedge

SPDR S&P 500 ETF (SPY):  367.83

TRADE ACTION 1: Buy to open 2 SPY 20 Jan (23) 360 put for a net debit around 17.25

TRADE ACTION 2:  Sell to open 1 SPY 20 Jan (23) 375 put for a net credit of 23.50

Net debit of 10.80 on the hedge

There will be a reduction of 1,500.00 margin (option buying power) in your account.

Note: In an IRA account, you may have to buy the 360 put as one trade and sell the 375 put as a second trade.

The 10 K Portfolio is trading 1 / 2 contracts; the 50K Portfolio is trading 2 /4 contracts.