He is short stock. The conversion would be to a synthetic short straddle, neutral to 700. Unless I’m mistaken.
I sold half. If the move is that severe, that 1-lot won’t save me. We’ll just have to wait and see how it turns out.
I'm very surprised you bet so big on your SPX trades. The edge from calling market direction is not strong unless you have superior information sources.
Trade 10 Long 5-lot GOOGL Feb07 1350/1400/1500 231 Put Fly from 45.00 risk (screenshot is the iron at time of fill, but I did the puts, didn't have time to grab pic)