Trade Adjustment / New Trade Opp : call ratio spread

Stock / Symbol: [private_monthly]ProShares UltraShort 20+ Year Treasury / TBT [/private_monthly]

Option Strategy: call ratio spread
Trade entry date: Oct 13
Price at entry: $20.86
Price at this post: $19.66

Current Position:[private_monthly]
Long 3 TBT Mar12 20 calls
at an effective cost basis of $1.75 per contract

Reasoning: With [private_monthly]TBT[/private_monthly] trading under our entry point, we're going to add to our long position & sell some additional calls to lower our cost basis.

If you're not currently in this trade, this is a good entry point. See entry details below

Trade Adjustment:[private_monthly]
BTO 2 TBT Mar11 20 calls
STO -3 TBT Dec11 20 calls
for a net debit of $1.85 per contract (GTC, limit order)

Max Risk: $710 (adjusted up from $508)
Max Reward: $180 or 25% @ $20 / Unlimited over $21 by Dec 16
Profit Range: $19.50 +
Uncalled Return: 11%
Suggested Stop @: $17.90

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Opening Trade Details (if not currently in the trade) :[private_monthly]
BTO 5 TBT Mar12 20 calls
STO -3 TBT Dec11 20 calls
for a net debit of $7.15 per contract (GTC, limit order)

Requirements:
Cost/Proceeds: $715.00
Option Requirement: $0.00
Total Requirements: $715.00
Estimated Commission: $12.95
[/private_monthly]

Max Risk: $715
Max Reward: $170 or 23% @ $20 / Unlimited over $21 Dec 16
Profit Range: $19.25 +
Uncalled Return: 15%
Suggested Stop @: $17.90

[/private_monthly]