'Jade Dragon' trade idea for 1/13/23 expiration.
Short put + call credit spread, such that the premium from the put sold covers the max loss of the call spread, hence no risk to upside.
*$66 credit with price above $32 (once call spread is closed for $100 debit).
*Assignment to buy 100 shares @ $25 per share if share price is below $25 on expiration. In which case the share cost basis would be $23.34, (which is 15% lower than current price as of 12/9/22). If assigned, the next step would be to sell calls at strikes above $24 until assigned to sell.
*Trade based on the hope/assumption that RIVN is down at support and is probably not going to take off to infinity anytime soon (or at least not in the next 30 days!).
Short put + call credit spread, such that the premium from the put sold covers the max loss of the call spread, hence no risk to upside.
*$66 credit with price above $32 (once call spread is closed for $100 debit).
*Assignment to buy 100 shares @ $25 per share if share price is below $25 on expiration. In which case the share cost basis would be $23.34, (which is 15% lower than current price as of 12/9/22). If assigned, the next step would be to sell calls at strikes above $24 until assigned to sell.
*Trade based on the hope/assumption that RIVN is down at support and is probably not going to take off to infinity anytime soon (or at least not in the next 30 days!).
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