Total cost of trade $1050. Target was about 50% profit target and Max Loss.
The trade is in the November 13 expiration which was 15 days from expiration when I entered the trade. Today we have about 10 days till expiration.
SPX is currently at $2103. Trade is down about 35% or $350. Good loss, but within my plan.
I said I wouldn’t adjust the first week of the trade on the upside and Wednesday would be end of 1st week and cause me to re-evaluate the position.
Possible adjustment would be to roll up 8 of my 2055 short puts to the 2065 strike, this would eliminate all risk on the upside at expiration and actually turn my current loss into a winner!
As long as SPY over 2050 by Expiration, I win!
Downside is this adjustment would take my risk and capital from about $1000 to almost $8000. Don’t like these type of adjustments normally, though very effective. Will wait 1-2 days more for a pullback before deciding next move, stay tuned to this Bat Channel!