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Due to the stubbornness of the market to correct during March and the incorrect placements of my first March BWB Call Spread (505/515/530 1:5:4), the following was executed to limit my risk exposure and buy time.
1:3:2 BWB Call Spread
(0.60 credit )
2:6 Ratio Put Spread
This was done to free up margin held
Closed 520/525/530 BWB Call Spread
Following the above position closures, I was left with 6 525/535 Bear Call March Spreads (short vertical spread).
In order to buy time for the market correction I am expecting, I rolled this to April for a debit of 0.64 cents per contract.
My April Break even is now 531.19 for the 6 525/535 Bear Call April Spreads but I have an extra 28 days for the OEX to correct.
Max Risk: $2290
Max Reward: $3710
The new risk graph is as follows:
I will be looking at adding on some April Put BWBs and possibly some OEX Weekly Put BWBs.