Trade 1 (10:18:05 am, PT)
sell −4 Sept 12, 2018 2880 puts at $0.80 ← 19.40 Delta
buy +4 Sept 12, 2018 2855 puts at $0.05 ← cheap "wing"
- SPX was trading near 2886 when I placed this trade
- buying power reduction: ($10,000)
Trade 2 (12:27 pm, PT)
buy back all 4 short puts (2880) at $0.05 to remove the risk
let the long "wings" (2855) expire worthless
PROFIT: $280
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