New Trade Entry : SPX Weekly Put Credit Spread for May 5 cycle. Below is the position entered this morning:
SPX Position Entered Friday, May 24, 7 days prior to expiration. The Option code for this cycle is: SPXW130531.
SPX May 5 Put Credit Spread shortly after entry
Time of entry: 11:00 am Eastern. SPX price: 1,641.45 at entry; VIX at 14.58
SOLD May 5 1605 Put. Delta -.15 at time of entry
BOUGHT May 5 1595 Put
Credit received: $.90
Maximum margin/risk is $910. Maximum risk is the width of the spread ($1,000) less credit received $90).
Target Gain: $67.50 (75% of credit received). This gain represents a 7.4% gain on actual margin.
Maximum Loss: $90
I will post an update as the trade progresses.
As always, stay keen on your risk management and trade carefully.