This post is restricted to paying members. To follow are specific new trade details:
Stock / Symbol: Draft Kings / DKNG
Strategy: Bull Put Spread
Trade entry date / price: 16 Oct 2020 / $44.34
Price at this post: $41.50
Reasoning: I was wrong about DKNG finding support at $44. We're going to exit the trade here for a loss.
Trade Adjustment Order:
BTC 1 DKNG 23Oct 20 43 put
STC 1 DKNG 23Oct 20 41 put
For a max net debit of $1.15 per contract (GTC order, limit order). The mid is currently at a debit of $1.15. I have not yet been filled.
Analysis:
Max Risk: $135
Max Reward: $65 or 48% with DKNG at/over $43 on Oct 23rd
Profit Range: DKNG over $42.30 on Oct 23rd
Estimated Commission (round trip): $2.30
downside stop @ $41
Expected profit / loss upon fill: ($50) pre-commission
