Well, it wasn’t the smoothest way to get to profits, but our UNH pre-earnings trade is now profitable, and with a market that is looking for direction, I’d rather take some profits (and risk) off the table.
Trade Action: Close the entire position for a credit of around 3.71
Potential Profits: I have a debit of 1.50 + 1.80 (3.30) on this position, leaving me with the potential to make $123 on my 3 contracts.
Note: The bid/ask spread is wide so start higher than the mid-price and work your way down.
STC 6 OCT 502.5 put
STC 6 OCT 480 put
BTC 29 SEP 502.5 put
BTC 29 SEP 480 put
Next up is USO, which gapped up and is currently trading over a 1-ATR move today. Let’s roll out the iron condor for more time and adjust the strikes we’re using.
Trade Action: Roll the position out in time and adjust strikes. See details below.
BTC 20 OCT 81 call
STC 20 OCT 85 call
STO 17 NOV 84 call
BTO 17 NOV 89 call
BTC 20 OCT 73 put
STC 20 OCT 69 put
STO 17 NOV 75 put
BTO 17 NOV 71 put