Max Loss: 840/contract Max Profit: 260/contract Debit Paid/Spread Width Ratio: 76.4% Break Even: 23.40 vs. 23.30 spot
Notes: A neutral to bullish assumption, IRA-friendly play in the weakened EWZ. I naturally could have gone short put (the June 19th 19 shortie is paying .63), but wanted the opportunity to make something decent if it totally rips away. In a cash secured environment, you'll get some buying power relief over going with the naked.
From a delta standpoint, the back month is at the 89 delta; the front month at the 28, with the front paying just a smidge short of the extrinsic in the back month (which is why the break even is slightly above where EWZ is currently trading). The way to look at these is a form a synthetic covered call, with the back month 90 standing in for your stock.
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Taking this off for 10.18 here, a 1.78 ($178)/contract winner. I have other EWZ on, which I didn't want to "step on" with this setup ... .