Options Playbook Radio 148: Adjusting a GPS Long Put Spread into a Butterfly
Last week we put on two long spreads to coincide with GPS earnings. We knew that one of them would not work, and planned on adjusting it into a butterfly. In this episode, Brian rolls the long put spread into a butterfly.
Specifically, Brian discusses:
- A review of last week
- What happened since GPS announced earnings?
- Which trade didn't work?
- Adjusting the long put spread
- What do we want to happen?
- Setting up the trade, picking strikes
- What is the net risk? Reward?
- What is the plan until expiration?
Do you have questions that you would like answered on the show? Send them to Brian at theoptionsguy@tradeking.com.