PlanTradePlanMM

SPY Sell Both Call and Put

AMEX:SPY   SPDR S&P 500 ETF TRUST
SellToOpen Apr Call spread 250/260 Limit 5.8;
STO Apt Put 210 market 6.80 credit;
Total credit 12.6;
1. If SPY will stay above 260, I will win 12.6-10=2.6
2. If SPY stay Between 210 - 250, I will win 12.6;
3. Below 198.4, I will lose money;
This is a mush better price than previous plan. I am willing to be assigned.
If SPY price keep going down, there will be more better price than what I got.

Key points in this trade:
1. we are still in a strong downtrend.
2. Next fresh demand is 220.
3. in next two weeks, it might be a downtrend consolidation/lower low side way move.
4. SPY IV is supper high now. try to sell something to catch this special benefit.

Trade active:
8:04 AM PST Sell to Open P210 market 6.82
8:08 AM PST Sell to Open C250/260 Limit 5.8
Trade active:
3/18 6:35 AM BuyToClose C250/260 Limit 4.5 (Profit 1.3= 5.8-4.5)
Till now, my max profit is 6.80+1.3=8.1
If SPY down under 201.9, I will lose money.
Trade closed manually:
SellToClose P210 market 4.67.
Sell put win: 6.82-4.67=2.15
Sell call win: 5.8-4.5=1.3
Total win 3.45 in this trading plan.
Overall, SPY stays between 210 and 250. IV is still the same high. I win the Theta in 11 days .
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