Trade Exit Order – Uber Diagonal Call Spread

Stock / Symbol: UBER
Strategy: Diagonal Call Spread
Trade entry date / price: 17 Jul 2020 / $32.00
Price at this post: $36.88

Update / Reasoning: We're currently up about 30% on this trade and UBER is trading over our price target of $35 by September options expiration (9/18). So, we're going to enter an order to book the win. The current Greeks for this position are: -8.0 Delta, 3.7 Theta and 13.2 Vega.

Trade Exit Details:
STC 1 UBER 21Jan22 32 call
BTC 1 UBER 18Sep20 35 call

For a min net credit of $9.10 per contract (GTC order, limit order). The mid is currently at a credit of $9.11 and I have not yet been filled. Like always, we're using a GTC order to close out this trade.

Analysis:

Max Risk: $700 (lowered by selling this call today)
Max Reward: $280 or 40% with UBER at $35 by Sep 18th
Profit Range: UBER between $31.35 and $44 by Sep 18th
Estimated Commission (round trip): $7.5
Suggested stop @ $21.65
Anticipated Profit / Loss upon fill: $212 or 30% (pre commission)

Positive Theta

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