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Friday, February 20, 2015

Spiders (SPY) Feb Ratio Put Spread

1/15/2015 (12:55:33 pm, PT) FP

this is a RATIO PUT SPREAD

+1 February 2015  $199 put at $4.73
-2 February 2015  $198 puts at $4.35

max credit:  $3.97 ($397)
max potential profit:  $497


2/17/2015 (6:30 am, PT)
  • buy to close 1 February $198 put at $0.03 to remove the risk
  • leave the 198/199 debit spread open for the potential to make more $$

2/20/2015 (expiration)

SPY closed at $211.24, so the 198/199 debit spread expired "worthless"


NET PROFIT:  $383.67


Success!



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