Trade Exit – CHWY Bull Put Spread

Stock / Symbol: Chewy / CHWY
Strategy: Bull Put Spread
Trade entry date / price: 26 Apr 2021 / $80.51
Price at this post: $77.47

Reasoning: Concerned about the overall market dropping, I'd like to take the risk of this trade off. I'm attempting to close the position today for a small gain.

Trade Exit Order:

BTC 1 CHWY 07May21 75 put
STC 1 CHWY 07May21 72 put

For a max net debit of $0.35 per contract (GTC order, limit order). The mid is currently at a debit of $0.45. I was filled at $0.35.

Analysis:

Max Risk: $255
Max Reward: $45 or 17.6% with CHWY at/over $75 on May 7th
Profit Range: CHWY at/over $74.55 at market close on May 7th
Estimated Commission (round trip): $2.60
Suggested Downside Stop at: $75
Realized Profit / Loss: $10 or 3.9% (pre commission)

Positive Theta

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