This post is restricted to paying members. To follow are specific new trade details:
Stock / Symbol: Cleveland Cliffs / CLF
Strategy: Vertical Put Spread
Trade entry date / price: 12 Dec 2022 / $15.33
Price at this post: $15.10
Update / Reasoning: With my plan for this to be a quick trade (no more than a week), and with CLF down to its 50 day average, I'm going to see if I can exit this trade here. The current net position Greeks on this Vertical Put spread are: -38.4 Delta, 1.7 Gamma, 0.1 Theta, and 0.0 Vega.
Trade Exit Order:
STC 1 CLF 06Jan23 16 put
BTC 1 CLF 06Jan23 14 put
For a min net credit of $1.05 per contract (GTC order, limit order). The mid is currently at a credit of $1.01. I have not yet been filled.
Analysis:
My Max Risk: $88
My Max Reward: $112 or 127% with CLF under $14 on Jan 6th
Profit Range: CLF below $15 at market close on Jan 6th
Estimated Commission (round trip): $2.60
Upside stop @ $16.67
Anticipated Profit / Loss upon fill: $17 or 19% (pre commission)
