Ticker: OIH
Price: $273.60
Date: 4/28/23 11:45 pm

Underlying: Vaneck Oil Services ETF

Notes: 

We are going to sell a call credit spread against the OIH position. Similar to CAT, we are trying to work this back to a smaller loss or even a break even.

We can go fairly far out of the money and obtain a decent credit period this will bring in approximately $1000 to offset some of our debit.

We will manage this trade to either conclusion or closer to a break even. Once we are at that point we are going to stop trading OIH for a while. It has just become too unpredictable for the service.

Trade Detail:

STO OIH 19 MAY 290 call
BTO OIH 19 MAY 295 call

Credit of around 1.10

Margin Required: about $4000

Position after trade action:
-10 OIH 5-MAY 285 put
+10 OIH 16-JUN 285 put
-10 OIH 19 MAY 290 call
+10 OIH 19 MAY 295 call