I will try to see if can repair a credit Bull-Put spread I had in (NYSEARCA:GLD). I will list the date and trade values. I will make it a live trade i.e I will post the real results as we go. This is third attempt at such a strategy and my first publicly published one.
|8/26/2016||GLD 117 Put Oct. 21||10||Buy to open||- $422|
|8/26/2016||Gld 121 Put Oct. 21||10||Sell to open||$1053|
|9/06/2016||GLD 121 Put Oct. 21||10||Buy to close||- $502|
|9/06/2016||GLD 123 Put Oct 21||10||Sell to open||$853|
As of today's market close, GLD is $ 120.97.
GLD 123 short Put is valued at $ 2660 ( a loss of $ 1807 as of the last transaction or $ 1256 since the start of the position in August ).
GLD 117 Long Put is valued at $ 300 ( loss of $ 122 ).
What are my options? no pun intended
First , I will wait and see. If GLD still trends down then my long Put position ( 117 ) is likely will become profitable, I will roll it down and out to the next month for a credit.
Secondly, I will roll the GLD 123 short put position to next month for a loss ( hopefully a temporary one ).
Thirdly, will try to build a strategy around this GLD 123 short put, but which one and how ?
Update, October 20:
On October 12 the following adjustments were made
|GLD Oct 21 $ 117 Put||Sold to close||10 contracts||$ 503|
|GLD Nov 4 $ 116 Put||Bought to open||10 contracts||-$ 681|
|GLD Oct 21 $ 123 Put||Bought to close||10 contracts||-$ 3721|
|GLD Nov 4 $ 123 Put||Sold to open||10 contracts||$ 4043|
As of today, the November 11 $ 123 put is valued at $ 2660 with a calculated delta of 670
Disclosure: I am/we are long GLD.
Additional disclosure: I am long GLD via options