buy to open 2 Jan 2014 $183 call options at $1.36
sell to open 2 Jan 2014 $182 call options at $1.71
sell to open 2 Jan 2014 $174 put options at $2.05
Credit: $2.40 = $480 (cash received)
Facts:
- max credit: $480
- max potential profit: $480
- breakeven price: $171.60
1/13/2014
buy back the two $174 put options at $0.02 (to remove the risk of assignment)
1/17/2014 (expiration)
SPY closed at $183.635 (both calls are in-the-money)
buy back entire call spread at $0.97 (to avoid auto-assignment/auto-exercise fees)
NET PROFIT: $238.27 .... SUCCESS!
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