TRADE IDEA: UNG JAN/APRIL 23/32 PUT DIAGONAL
Metrics:
Max Profit on Setup: 3.00
Max Loss/Buying Power Effect on Setup: 6.00
Break Even: 26 versus 26.06 spot
Debit Paid to Spread Width Ratio: 67%
Delta: -48.42 (bearish assumption)
Theta: .28
Notes: In an ideal world, there would be a December expiry currently available for the front month leg (there will be one after October drops off) and a price in the 28 area to put this on, but I wanted to get a preliminary idea of whether it would pay and what the metrics were, with the focus being on the debit paid/spread width ratio (<75% is bueno). I'll look at pulling the trigger on this if price gets back to 28, adjusting the strikes if necessary to accommodate ... .
Max Profit on Setup: 3.00
Max Loss/Buying Power Effect on Setup: 6.00
Break Even: 26 versus 26.06 spot
Debit Paid to Spread Width Ratio: 67%
Delta: -48.42 (bearish assumption)
Theta: .28
Notes: In an ideal world, there would be a December expiry currently available for the front month leg (there will be one after October drops off) and a price in the 28 area to put this on, but I wanted to get a preliminary idea of whether it would pay and what the metrics were, with the focus being on the debit paid/spread width ratio (<75% is bueno). I'll look at pulling the trigger on this if price gets back to 28, adjusting the strikes if necessary to accommodate ... .
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