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Quant Trader
Expert-Level Options for Sophisticated Traders

June 22, 2023

Cabot Options Institute Quant Trader – Alert (SPY)


The short-term measures we spoke about last week when we sent our SPY bear call spread out have subsided a bit. As a result, I want to lock in our SPY bear call spread that we placed just seven days ago for a nice profit. With 57 days left until the August expiration it seems silly to continue to hold on to the trade when we can lock in over 50% of the original premium sold. This brings our total return to just under 155%.

We are still holding our QQQ bear call spread and IWM iron condor. If we continue to see a reprieve we should be able to take off both trades for profits over the coming days.

The Trade


Buy to Close SPY August 18, 2023, 465 call strike
Sell to Close SPY August 18, 2023, 470 call strike for a total of $0.24 (As always, the price of the spread will vary, so please adjust accordingly.)