SPX February 2 Put Credit Spread closed for target.
I mentioned in this weekendâ€™s update that I would close the February 2 open credit spread position for either .15 or .20. I originally had my OCO order in to close the position for .15; however, at approximately 2:30 pm with SPX trading at 1798.80, I changed the order to .20 and it executed immediately. This represented a gain this week of $55, or 5.9% of the margin/risk. Some more aggressive traders may choose to stay in the position until .15 fills to close, but I felt it wasnâ€™t worth the added risk of a move against the position overnight.
The next trade entry will be Thursday, February 13, as long as market conditions are within the guidelines. As of this writing, the EMA is at 1794.27, so unless thereâ€™s a significant pullback, the weekly trade entry for the February 3 (regular February monthly cycle) will once again be a put credit spread. Details on trade entry will be posted when the position is opened.
Stay keen on your risk management and trade carefully,