March 12, 2020 Terry’s Tips Trade Alert – Wiley Wolf Portfolio

With MSFT down nearly 7% today, we need to reduce delta. We’ll start with the calls:

BTC 2 MSFT 27Mar20 167.5 calls (MSFT200327C167.5)
STO 2 MSFT 27Mar20 150 calls (MSFT200327C150)
BTO 2 MSFT 18Sep20 150 calls (MSFT200918C150)
STC 2 MSFT 18Sep20 170 calls (MSFT200918C170) for a debit of $1.60 (selling a vertical roll)

BTC 1 MSFT 27Mar20 165 call (MSFT200327C165)
STC 1 MSFT 17Jul20 165 call (MSFT200717C175) for a credit of $6.90 (selling a calendar)

BTC 1 MSFT 27Mar20 165 call (MSFT200327C165)
STO 1 MSFT 27Mar20 145 call (MSFT200327C145)
BTO 1 MSFT 18Sep20 145 call (MSFT200918C145)
STC 1 MSFT 18Sep20 165 call (MSFT200918C165) for a credit of $0.02 (selling a vertical roll)


Be prepared to change this (these) price limit(s) by $.05 or more in order to get an execution.

Happy trading.

Terry