I let my XLY long calls run unhedged for the last couple days based on Friday’s powerful rally. Added a BeCS hedge today using 5×3 ratio. Wanted a hedge based on NDX price behavior at 7300 roundy.
STO XLY Jul20 112.5/113.5 BeCS @ .31 x 5. Holding XLY Aug17 110c x 3 as core.