9/24/2012
sell to open 13 Oct. 2012 $565 put options (8.90% prob. exp. ITM)
buy to open 13 Oct. 2012 $550 put options (5.61% prob. exp. ITM)
credit: $0.75
10/18/2012 (options expire on 10/19)
close entire spread at $0.38 (PCLN was dropping, so the risk of expiring ITM was high)
Net gain: $421.02
Addendum:
PCLN closed at $560.50 on 10/19, expiration Friday. I would have lost $4905 if I had not closed the entire position yesterday!
This is a fine example of risk management!!
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