Trade Exit Adjustment – QQQ Calendar Put Spread

Stock / Symbol: Nasdaq ETF / QQQ
Strategy: Calendar Put Spread
Trade entry date / price: 04 May 2021/ $330.79
Price at this post: $333.65

Update / Reasoning: Not only did we just miss getting a fill yesterday for a win, but sure enough, the QQQ's bounced back up, finding support near its 50 day average. So frustrating to be right about a direction and walk away with a loos. Anyway, with my upside stop triggering pre-market today, I'm going to exit the trade here to cut further losses.

Adjusted Trade Exit Order:
STC 1 QQQ 11Jun21 315 put
BTC 1 QQQ 10May21 315 put

For a min net credit of $3.40 per contract (GTC order, limit order). The mid is currently at a credit of $3.55. I was just filled at $3.60

Analysis:

Max Risk: $450
Max Reward: $450 or 100% with QQQ at $315 on May 10th
Profit Range: QQQ between $303 and $328 at market close on May 10th
Estimated Commission (round trip): $2.60
Upside stop @ $336
Realized Profit/ Loss upon fill: -$82 or -18.6% (pre commission)

Positive Theta

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