This has turned out to be a really fun trade….especially after DR closed the original idea for losses.

Bought to close WYNN Sep 30th 103/108 Bear calls spreads @ .30. I’m booking these…after the rolls accumulated premium was 4.05.

This left 108 naked puts for this Friday so:

Rolled 108 puts out to next Friday @ .44 credit (4.40 credit received so far) and:

Sold WYNN OCT 7 2016 105.0 Calls @ 1.02

Now position is 108/105 inverted strangle that has an accumulated value of 5.42. So instead of closing for a loss this WYNN position has brought in almost 9.50 in premium in just a few weeks while only using about 1300 margin per strangle.

Fuzzy happy! 🙂