Ticker: XBI
Price: $87.58
Date: 6/8/23 10:30 am
Underlying: S&P Biotech ETF

Master Portfolio Contracts: 20 (close) ; 30 (open)

Notes:  We are noticing more rapid moves closer to expiration. By resetting the trades weekly we can avoid having to adjust the trade and improving returns.  We have done this before and it works well when the market volatility changes.

Close out of the existing position for profits over $600, depending on fill prices.  Let’s jump back in and reset the trade. 

Trade Detail 1: Close position for 1.95 – 2.05 credit (20 contracts)

STC 21 JUL 85 put
BTC 9 JUN 85 put

Trade Detail 2: Open a new position for a debit of 1.60 – 1.70 (30 contracts)
BTO 21 JUL 88 put
STO 16 JUN 88 put

Position after trade detail:

+30 XBI 21 JUL 88 put
-30 XBI 16 JUN 88 put