Trade Adjustment – calendar spread

Stock / Symbol: [private_monthly]Zions Bancorp / ZION [/private_monthly]
Option Strategy: calendar spread, adjusting to diagonal call spread
Entry date: Oct 6th; Price at trade entry: $21.94
Price at Nov 24 adjustment: $19.47
Price at Dec 9 adjustment: $22.79
Price at this adjustment: $22.32

Adjustment: We're going to close out our short Dec 20 calls and then sell some calls against our long April 20 & Jan12 20 calls.

Current Position:
Long 2 Jan12 20 Calls @ $4.83 (current value is $4.63)
Short 2 Dec 20 Calls @ $0.50 (current value is $2.41)
Long 2 Apr 20 Calls @ $3.60 (current value is $3.33)
Note: we've already taken in $1.30 per contract from the sale of 2 Nov 22 calls

Trade:
BTC 2 Dec 20 Calls @ 2.41
then
STO 4 Jan11 24 Calls @ 0.37

Max Risk (adjusted): $1,660
Max Reward (adjusted): $368 (22%) at stock price of $24
Profit Range: $22.80 + (on Jan 21st)

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