TRADE ROLL and ADJUSTMENT
SPDR S&P 500 ETF (SPY): 410.66
SPY has been crawling higher with the market in general. Our position is right at the upper break-even point and with expiration tomorrow let’s go ahead and manage it.
We are rolling the short put and then adding a second upside calendar to create a double calendar which will give us room to move in both directions.
TRADE ACTION 1: roll the puts out for around 1.48 credit
BTC the SPY 14 APR 399 put
STO the SPY 28 APR 399 put
TRADE ACTION 2: open a put calendar for a debit of around 5.16 – 5.25
STO the SPY 28 APR 418 put
BTO the SPY 16 JUN 418 put
The master account is trading 3 contracts