I made the comment in the X / Twitter stream the afternoon, that I was entering a USO trade. She’s picked a direction, so I went ahead and pulled the trigger …
The specifics? As it translates down to the GTC Sample Portfolio, that’d be selling 1 USO 35 DTE 63 Put for 0.35. No spread. Since it’s selling this sort of put, I’m going to consider it cash-covered and therefore no spread is needed; and the risk is defined. IVR on USO was 33.1 at the time with a VIX of 13.27 and a 21% PoT. ∆’s on the put sold was -0.10 and the Expected Range is down to $67.50.
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