#ShortPuts #JadeLizards – Jade Lizard will go away today with a loss of 3.60. I sold the call spread side very aggressively in the money and wide enough where there was some upside risk. Main thing was to help if ROKU continued dropping. Stock recovered so reloading the short put side.
This is similar to why I sometimes sell covered calls below my stock basis to get max downside protection. By the time the stock recovers it’s probably a good time to load up the short put side again to make it up if you get whipsawed. Seems like I get back to even much quicker this way instead of selling less aggressive calls each week.
ROKU DEC 23 2021 195.0/210.0/215.0 Jade Lizard (goes away @ 15 debit and sold for 11.40)
Sold ROKU JAN 7 2022 215.0 Put @ 5.25
EDIT: Just to clarify that Jade Lizard is 195/210 BeCS and 215 short put…
EDIT EDIT: Is a Jade Lizard with upside risk really a Jade Lizard? LOL!