Ticker: SPX
Price: $4576
Date: 7/28/23 1:35 PM

Underlying: S&P 500 Index Fund

Est. Net Debit/Credit: $4000 (plus 20,000 in margin)

Master Portfolio Contracts: 10

NOTE:  Due to lower volatility and the market moving up we are going to start the next dragonfly with the adjustment to the upside already in place. This will allow us to maintain a 40/60 split on the butterfly (less risk) but also still have some room to the upside if the market keeps moving. 

Trade Detail:

TRADE ACTION 1: Open 11 Aug SPX Dragonfly for a net debit of around 2.45 – 2.60
BTO (+10) the SPX 11 AUG 4575 put
STO (-20) the SPX 11 AUG 4535 put
BTO (+10) the SPX 11 AUG 4475 put

TRADE ACTION 2: Open SPX calendar spread for a net debit of around 1.40 to 1.60 

BTO (+10) the SPX 14 Aug 4625 put

STO (-10) the SPX 11 Aug 4625 put

TRADE POSITION AFTER DETAIL:

 (+10) the SPX 11 AUG 4575 put
 (-20) the SPX 11 AUG 4435 put
 (+10) the SPX 11 AUG 4475 put

(+10) the SPX 14 Aug 4625 put

(-10) the SPX 11 Aug 4625 put