Stock / Symbol: Cleveland Cliffs / CLF
Strategy: Vertical Put Spread
Trade entry date / price: 12 Dec 2022 / $15.33
Price at this post: $14.91
Update / Reasoning: Time stop hit today. Closing this one out now, win or lose.
Adjusted Exit Order:
STC 1 CLF 06Jan23 16 put
BTC 1 CLF 06Jan23 14 put
For a min net credit of $0.99 per contract (GTC order, limit order). The mid is currently at a credit of $1.01. I was just filled at $1.01.
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
Realized Profit / Loss: $13 or 14.7% (pre commission)
