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Wed. 5/26/2021
sell -1 June 18, 2021 $51 put at $1.00 (prob ITM 40%)
buy +1 June 18, 2021 $42 put at $0.10 (prob ITM 5%)
- net credit: $0.90 x 1 x 100 = $90
- XLE = $52.17
- margin: $900
- 23 DTE
Wed. 6/2/2021
buy back entire put spread for $0.20 (debit)
NET PROFIT: $67.35 (8 days)
Reasons for closing trade:
- overbought
- 15 DTE
- take profits
- protect my capital
