Exit Order Adjustment – SKLZ Calendar Call Spread

Stock / Symbol: Skillz / SKLZ
Strategy: Calendar Call Spread
Trade entry date / price: 21 Apr 2021 / $16.70
Price at this post: $21.16

Update / Reasoning: Although it was very close today, my exit order for a credit of $4.25 per contract has not yet filled. However, with the time erosion on the short leg, I should be able to get a better fill tomorrow as long as SKLZ remains about where it is after hours. With SKLZ trading over $21 in tomorrow's pre-market, I'm going to increase my limit order by $0.10, to $4.35 per contract.

Trade Exit Order Adjustment (with SKLZ over $21):
STC 1 SKLZ 17Dec21 20 call
BTC 1 SKLZ 07May21 20 call

For a min net credit of $4.35 per contract (GTC order, limit order). The mid is currently at a credit of $4.30 I have not yet been filled.

Analysis:

Max Risk: $355 / My Risk: $345
Max Reward: $260 or 73% with SKLZ at $20 on May 7th
Profit Range: SKLZ between $15.75 and $30.50 at market close on May 7th
Estimated Commission (round trip): $2.60
Downside stop @ $11.00
Take profits @ $19 to $21
Anticipated Profit / Loss upon fill: $85 or 24.6% (pre commission)

Positive Theta

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