Yes. The play here is I'm looking to keep the credit spread of 1220 and have a chance for big bucks if CL can really roll over and drop below 125 support. However, I suspect that I will probably just keep the premium and both options will expire worthless. In my previous posts, you can see I sold 170C in December and bought 110P.
This is where time decay starts to work in my favor. CLZ8 is $5 higher than when I placed this trade, however I am currently at breakeven (minus slippage and commissions if I were to exit) due to time decay on my options. (My short call has decayed faster than my long put) Still looking for crude to rollover but no idea when, perhaps after hurricane season is over.
Getting close to my profit target here, I may try to exit this trade for 5k tomorrow. I will post when and if I exit the trade
Exited trade this morning. I bought back 170C for $2120 (profit +$2860) and sold the 110C for $6820 (profit +$3060) Total commissions of $11 Total profit of $5909 fyi - Confirmations of trade times are on PST.