Trade Adjustment – calendar call spread

Stock / Symbol: [private_monthly]ProShares UltraShort 20+ Year Treasury / TBT [/private_monthly]

Option Strategy: calendar call spread
Trade entry date: Mar 30
Price at trade entry: $37.89
Price at this post: $32.30

Current Position:[private_monthly]
Long 4 TBT Sep11 40 Calls at an effective cost basis of $1.49 per contract

Adjustment: This trade has not gone our way and it's now time we started working to lower our risk. The plan is to sell weekly Iron Condors each week until we've broken even on the trade. Our goal is to bring our risk to $0 by the expiration of the long 40 call, which is Sep 16th.

If you are not in the [private_monthly]TBT[/private_monthly] trade, you can participate in the high probability weekly Iron Condors we'll be putting on for it. Auto-Trade brokers, please treat this as a new trade for customers not currently in the position

Trade Details:

Buy 5 TBT JulWk1 30 Puts
Sell -5 TBT JulWk1 31 Puts
Sell -5 TBT JulWk1 34 Calls
Buy 5 TBT JulWk1 35 Calls
for a net credit of $0.12 per contract (Day Order, limit, options expire Jul 1st)

Cost/Proceeds ($60.00)
Option Requirement $500.00
Total Requirements $440.00
Estimated Commission $25.00

Risk Profile for this trade:
Max Risk: $440
Max Reward: $60 or 13.64% by Jul 1st
Profit Range: $30.89 - $34.11 by Jul 1st
Max Profit at: $31 - $34 by Jul 1st

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