Triple Calendar on SPY (Circus Calendar) Update #1

SPY has stayed in a nice range for the last few weeks. Its time take some profits off the table. The original position was a 4 contract triple calendar. Will only close half the position to capture some profits. Will let the remain contracts earn some more time decay before closing.

STC 2 SPY Jun/Jul 97 Call for $1.00
STC 2 SPY Jun/Jul 85 Put for $1.02
STC 2 SPY Jun/Jul 91 Put for $1.47

Total realized profited so far is $146

Triple Calendar on SPY (Circus Calendar)

Here is a calendar spread on SPY. Its a triple calendar (aka Cirus Calendar). By using a triple calendar I can get a wider breakeven while still maintaining a decent profit. One negative thing about calendars is that it is positive vega (implied volatility). So IV has to increase or stay the same to make money.

BTO 4 SPY Jun/Jul 97 Call for $.70
BTO 4 SPY Jun/Jul 85 Put for $.94
BTO 4 SPY Jun/Jul 91 Put for $1.12

Max loss is $1104
Current breakeven is $83.41-$98.16

First profit target is 12%.