November 20, 2019 Terry’s Tips Trade Alert – Wiley Wolf Portfolio

We have excess cash that can be used to roll out some long positions to January. This will also reduce delta, which bumped higher yesterday when we rolled out our short in-the-money calls to avoid potential dividend assignment:

BTO 1 MSFT 17Jan20 150 call (MSFT200117C150)
STC 1 MSFT 20Dec19 140 call (MSFT191220C140) for a credit of $6.45 (buying a diagonal)

BTO 1 MSFT 17Jan20 150 put (MSFT200117P150)
STC 1 MSFT 13Dec19 148 put (MSFT191213P148) for a debit of $2.30 (buying a diagonal)

BTO 1 MSFT 17Jan20 150 put (MSFT200117P150)
STC 1 MSFT 13Dec19 149 put (MSFT191213P149) for a debit of $1.95 (buying a diagonal)

BTO 1 MSFT 17Jan20 150 put (MSFT200117P150)
STC 1 MSFT 13Dec19 150 put (MSFT191213P150) for a debit of $1.55 (buying a calendar)

BTO 1 MSFT 17Jan20 155 put (MSFT200117P155)
STC 1 MSFT 13Dec19 152.5 put (MSFT191213P152.5) for a debit of $2.90 (buying a diagonal)


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

Happy trading.

Terry