Rolling our PANW call contracts to a lower strike price.

This lets us buy more intrinsic value at a discount, and sets us up for better profits when shares move in our favor.

• Selling (to close) the PANW May 20th $460 Calls
• Buying (to open) the PANW May 20th $400 Calls
• Limit: DEBIT of $45.00 or less
• The new position will represent roughly 9.3% of our Spec Model capital
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• 10:13 update
• No execution yet. I’m keeping our limit price instead of adjusting.
• I’d rather not pay a higher price to roll this trade lower.
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• 10:21 Executed
• Sold PANW May 20th $460 Calls @ $37.15
• Bot PANW May 20th $400 Calls @ $82.15
• Net Debit: $45.00