Monday, August 24, 2015

SPY Option Trade 8-24-15

I bought a SPY Aug 28 expiration 197 strike call at the open with a limit order of 0.70.

Then I exited the trade with a limit order of 2.25 after about 15 min of trade.

I am now setting a limit order of 3.75 to buy a Aug 28 expiration 189 strike call.  This would require a little pull back from the morning thrust and probably a tightening of the spreads.

I would then suggest a 50% limit gain order GTC after that for simplicity unless you have some time during market hours to track a short term indicator to try to time the exit if/when the market rallies.



  1. I have changed my new option trade order to buy the Aug 28 198 SPY call for 1.15. This would require the stock touching down to about 192.50 this afternoon.

    Then the exit order again would be a simple 50% profit limit order.

  2. Looks like this is an area where price could bottom this afternoon, at around 193 on SPY. If the limit order filled, it makes more sense to me to hold through to the close today rather than placing a 50% limit exit, though the odds of that trade filling are probably quite good as stats suggested in the posts.