Long

OPENING: /CL MARCH 17TH 52/53 SHORT PUT VERTICAL

... for a 1.60 credit.

Notes: A delta hedge to replace the January cycle (29 Days 'Til Expiry) short put verticals I pulled off at near worthless earlier today. Being a bit more religious about collecting 1/6th the width of the spread than previously (for an iron condor, I'd be collecting 1/3rd the width of the widest wing for the entire setup) and going out a little farther than time than usual to avoid potential whip in shorter duration. Scratch at 20.00 even.

Basic strategy on any tested call side will be to roll out for credit/duration toward end of cycle.

As before, as a standalone trade, this isn't terrible: 80% probability of profit, .80 ($80) at 50% max, break even at 52.84.
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