March 9, 2020 Terry’s Tips Trade Alert – Wiley Wolf Portfolio

With MSFT down 6% today, we need to reduce delta:

BTC 1 MSFT 27Mar20 167.5 put (MSFT200327P167.5)
STO 1 MSFT 27Mar20 152.5 put (MSFT200327P152.5)
BTO 1 MSFT 18Sep20 160 put (MSFT200918P160)
STC 1 MSFT 18Sep20 175 put (MSFT200918P175) for a credit of $0.55 (selling a vertical roll)

BTC 1 MSFT 27Mar20 165 put (MSFT200327P165)
STO 1 MSFT 27Mar20 150 put (MSFT200327P150)
BTO 1 MSFT 18Sep20 155 put (MSFT200918P155)
STC 1 MSFT 18Sep20 170 put (MSFT200918P170) for a credit of $0.70 (selling a vertical roll)

BTC 1 MSFT 27Mar20 165 put (MSFT200327P165)
STO 1 MSFT 27Mar20 145 put (MSFT200327P145)
BTO 1 MSFT 18Sep20 145 put (MSFT200918P145)
STC 1 MSFT 18Sep20 165 put (MSFT200918P165) for a credit of $0.25 (selling a vertical roll)

BTC 1 MSFT 27Mar20 172.5 call (MSFT200327C172.5)
STO 1 MSFT 27Mar20 162.5 call (MSFT200327C162.5)
BTO 1 MSFT 17Jul20 160 call (MSFT200717C160)
STC 1 MSFT 17Jul20 170 call (MSFT200717C170) for a debit of $1.70 (selling a vertical roll)

BTC 2 MSFT 27Mar20 170 calls (MSFT200327C170)
STO 2 MSFT 27Mar20 155 calls (MSFT200327C155)
BTO 2 MSFT 17Jul20 155 calls (MSFT200717C155)
STC 2 MSFT 17Jul20 170 calls (MSFT200717C170) for a debit of $0.90 (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