Stock / Symbol: [private_monthly]Pan American Silver / PAAS [/private_monthly]
Option Strategy: diagonal call spread
Trade entry date: March 18th
Price at trade entry: $34.81
Price at this adjustment: $32.87
Current Position:[private_monthly]
Long 2 PAAS Oct11 33 Calls
Short 2 PAAS Sep11 34 Calls
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Adjustment: We're going to roll the short Sep11 34 calls into Oct11 34 calls to further lower our cost basis. Doing so, puts our max loss at $464 on the trade and gives us a chance to break even on the trade with PAAS trading at $34 by Oct expiration. This will make this position a vertical call spread.
Trade Details:[private_monthly]
BTC -2 PAAS Sep11 34 Calls
STO -2 PAAS Oct11 34 Calls
for a net credit of $1.30 per contract (day, limit order)
Max Risk: $464 (lowered from $820)
Max Reward: $10 by Oct expiration
Profit Range: @ $34
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