Triple Calendar on SPY (Circus Calendar) Update #2

SPY trade was great this month. Price has landed very close to the 91 strike.

5/19 BTO 4 SPY Jun/Jul 97 Call for $.70
5/19 BTO 4 SPY Jun/Jul 85 Put for $.94
5/19 BTO 4 SPY Jun/Jul 91 Put for $1.12
6/3 STC 2 SPY Jun/Jul 97 Call for $1.00
6/3 STC 2 SPY Jun/Jul 85 Put for $1.02
6/3 STC 2 SPY Jun/Jul 91 Put for $1.47
6/17 STC 2 SPY Jun/Jul 97 Call for $0.66
6/17 STC 2 SPY Jun/Jul 85 Put for $1.02
6/17 STC 2 SPY Jun/Jul 91 Put for $1.87

Total profit is $304 on $1104 risk for a nice 27.5% ROI

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%.