We’re trimming our upside risk by rolling half of the call calendar at 116 up to 124, with the following order:
Day limit order
Buy to close 2 SPY Aug 116 calls
Sell to close 2 SPY Sep 116 calls
Buy to open 2 SPY Sep 124 calls
Sell to open 2 SPY Aug 124 calls
for a net credit of $0.20 or better.
Note that 2 contracts represent half of our position in the Aug/Sep 116 call calendar.