shorting NFLX 115 weekly puts at 2.65-.20 same contract amount as the long on NFLX 120 puts so debit spread. 120 puts are up 1000% 1 thousand from from .54 huge smiles plus the 330 weekly puts we are today up 32X OVERSIZED profit plus 20 oversized profit on the much smaller 120 puts position so at present 52X OVERSIZED pure profit on NFLX

/s shorting NFLX 115 weekly puts at 2.65-.20 same contract amount as the long on NFLX 120 puts so debit spread.  120 puts are up 1000% 1 thousand from from .54 huge smiles plus the 330 weekly puts we are today up 32X OVERSIZED profit plus 20 oversized profit on the much smaller 120 puts position so at present 52X OVERSIZED pure profit on NFLX, but out of that I have 100% loss on the long puts stakes so thats about 4x oversized so total right now comes out to 48X oversized profit. ok now back to strategy, the NFLX 130 puts position was in the money that is why we held so much once we turned it into a butterfly since % motions are lesser. But with a dramatic fall like this hugely profitable but have not yet locked it in. Now with this short on NFLX 115 weekly puts to make a debit spread, we are now still bearish but 1/2 of the 120 puts profits become protected. next am considering if we have more weakness adding 110 weekly puts to make a butterfly . The beauty of  a butterfly is that if we lock in latter profits on 120 puts it becomes a credit spread. If we show strength here then would instead just buy some 120 calls , and hold the long puts stake but have a bounce become offset till the next pull back materializes. I believe that after being coiled up for 2 weeks a fall would not bounce back fully fast.

Posted in General Trading