-2 XLV 16 Dec 16 62/67/67/72 Put/Put/Call/Call @ 3.13
Credit: 3.13 ($626)
Risk: 1.87 ($374)
Target: ~2.33 ($160)
Break evens are in green.
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I inverted this IRON FLY to the 71 short put (66 long put) to reduce my delta in this position. I recieved another .68 in credit (.34) to increase my profit zone. I now need this position to fall between 67 and 71
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I apologize, I misread my fill incorrectly. I got a .68 roll credit, so I assumed .34x2, but in reality, the .68 was per contract. This extended my BEs out another .68 on either side. So break evens are now at 63.17 and 70.81.
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I rolled the short 67/72 call spread here for a loss and rolled it up to the 71/74 to create another Iron fly with my adjusted put side. This also reduced around $600 in buying power, so I could defend my trades better. The credit received for this new position is $364 (1.82/contract).
As of right now, I have a realized loss of $106, so I'll probably look to take this spread off around there in profit, or a little higher to cover some of the trade fees.
My new BEs are 72.82 to the upside and 69.18 to the downside.
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I took the call spread off of this trade here for an .11 debit, or nearly worthless. All that is left is the 66/71 put spread.
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Bought back the short put spread for 3.84 today to free up buying power and bite the bullet here. I will post the options chain on here to follow my progression once I get it.