Trade Adjustment – diagonal call spread

Stock / Symbol: [private_monthly]Apache / APA [/private_monthly]
Original Option Strategy: diagonal call spread
Entry date: Jan 14th
Price at time of trade entry: $124.57
Price at this adjustment: $118.36
Option Strategy Modified to: calendar call spread

Current Position:[private_monthly]
Long 1 APA Jul 125 Call

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Adjustment: With the Feb 130 call we sold for $2.05 will expiring worthless, we've lowered our cost basis in this trade down to $7.34 per contract. We're now looking to sell a 125 strike March call against our position. This modification turns this trade into a calendar spread. We're making this adjustment as we don't see the stock trading much higher than $125 by March expiration.

Trade Details:[private_monthly]
STO 1 APA Mar 125 Call
for a net credit of $1.25 per contract

Max Risk: $609
Max Reward: $185 or 25% (with stock at $125 by Mar exp)
Profit Range: $121 - $129 (at Mar expiration)
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