Closing Trade : butterfly put spread

Stock / Symbol: [private_monthly] / PCLN[/private_monthly]
Option Strategy: butterfly put spread
Price at trade entry: $519.30
Price at this post: $493.04

Reasoning: With PCLN trading under $500, we're going to see if we can close this trade out early. The way this trade works, if PCLN is trading under $515 by tomorrow's close, we'll need to close the position for the gain; if it's trading over $525, then we could let it expire worthless for the gain. We're using a GTC, limit order.

Trade Details:[private_monthly]

BTC -2 PCLN AugWk1 515 Puts
STC 4 PCLN AugWk1 520 Puts
BTC -2 PCLN AugWk1 525 Puts
for a net debit of $0.05 per contract (GTC, limit order)


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