As we move to unwind our April positions, the first move is to flatten out the calendar-spread hedge we opened Tuesday for upside protection. We’re entering the following order:
Day limit order
Buy to close 2 SPY April 143 calls
Sell to close 2 SPY May 143 calls
for a net credit of $0.47 or better.
Note that the 2 contracts specified above represent our entire position in this trade, leaving us with no May 143 call position and cutting our short position in the April 143 calls in half.