SOLD -1 1/-1/1 CUSTOM SQ 100 17 DEC 21/17 DEC 21/17 DEC 21 280/290/210 CALL/CALL/PUT @4.05
Rinse and repeat on Square. We had done similar trades earlier and were closed profitably. Doing it again here.
Selling a short put close to 15 delta ($210) and a $10 wide call spread ($280/$290) with short call at 25 deltas.
The breakeven prices for this trade are outside the expected move, so the trade seems safe.
I own long shares of Square, so if blows on the upside, will lose on the option trade, but gain lot more on the long shares.
If it plunges, I don’t mind picking up more shares of Square at cost basis near $205