Adjust Trade Alert: SPY November Butterfly Hedge #1 (Adjustment #5)
We’re reducing downside risk by closing most of the Nov 113/119 put vertical from this position, as follows:
Day limit order
Buy to close 2 SPY Nov 119 put
Sell to close 2 SPY Nov 113 put
for a net debit of $0.38 or better.
Note that 2 contracts per leg represent 2/3 of our current position in the Nov 113/119 put vertical.
Tags: adjustment, butterfly, exit, hedge, spy
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