Trade Adjustment – calendar to diagonal call spread

Stock / Symbol: [private_monthly]Apache / APA [/private_monthly]
Original Option Strategy: diagonal call spread, later modified to calendar call spread
Entry date: Jan 14th
Price at time of trade entry: $124.57
Price at this adjustment: $123
Option Strategy Modified to: calendar call spread

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

Adjustment: With the Mar 125 call we sold for $1.25 expiring worthless, we've lowered our cost basis in this trade down to $8.24 per contract after we factor in the protective put we previous employed + commissions. We're now looking to sell a 130 strike April call against our position. If you didn't get in on this trade when we originally put it on, this is a decent place to enter. This modification turns this trade back into a diagonal call spread.

Trade Details:[private_monthly]
STO 1 APA Apr 130 Call
for a net credit of $1.08 per contract

Max Risk: $716
Max Reward: $384 or 53% (with stock at $130 by Apr exp)
Profit Range: $123.39 - $145 (at Apr expiration)

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