Trading Idea: BITO September 16th 2 x 19/25 Call Ratio
I'm not quite ready to pull the trigger on this setup, as I'm waiting for support at around 22 to present itself (at which time the strikes of this setup would naturally have to be adjusted lower). However, I wanted to price it out here just to look at buying power effect.
To set up this trade, I'd be buying 2 x the 75 delta calls (for 150 long delta) and selling the 50 delta call, resulting in a setup that is around net delta 100 long and with a break even at or around where the underlying is currently trading.
Current Metrics:
Max Loss/Buying Power Effect: 10.13 ($1013)
Max Profit: Theoretically Infinite
Break Even: 24.07 vs. 24.02 spot (as of Friday close)
Delta/Theta: -.67/97.30
Doing things this way allows me to basically take the equivalent of a one lot position in BITO for far less than I would if I bought the stock outright and for less than half the cost (and risk).
To set up this trade, I'd be buying 2 x the 75 delta calls (for 150 long delta) and selling the 50 delta call, resulting in a setup that is around net delta 100 long and with a break even at or around where the underlying is currently trading.
Current Metrics:
Max Loss/Buying Power Effect: 10.13 ($1013)
Max Profit: Theoretically Infinite
Break Even: 24.07 vs. 24.02 spot (as of Friday close)
Delta/Theta: -.67/97.30
Doing things this way allows me to basically take the equivalent of a one lot position in BITO for far less than I would if I bought the stock outright and for less than half the cost (and risk).
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