Rolling our SQ put contracts to a lower strike price. Also increasing the number of contracts to keep an appropriate size for the trade.
This lets us lock in profits for this trade, and gives us more bearish exposure to a stock that is breaking down sharply.
- Sell (to close) five SQ December 17th $250 Puts
- Buy (to open) five SQ December 17th $220 Puts
- Limit: CREDIT of $25 or more
- 11:58 Executed
- Sold 5 SQ Dec 17th $250 Puts @ $44.72
- Bot 5 SQ Dec 17th $220 Puts @ $18.70
- Net Credit: $26.02
- Buy (to open) an additional 3 SQ December 17th $220 Puts
- Limit: $19.00 or less
- Full new position will represent roughly 10.0% of our Spec Model Capital
- 12:00 Executed
- Bot 3 SQ Dec 17th $220 Puts @ $19