[Placing Stop on Open Text (OTEX) Aug 22.50 Puts (QFTTX)/Contingent on Stock Exceeding $23.56 sell Aug 22.50 Puts (QFTTX)]
Dear Member,
Yesterday, I made an adjustment and closed one leg of the credit spread on Open Text (OTEX) by buying to close the Aug 25 Puts after the stock had dropped fairly dramatically. Now, I am trying to keep as much profit as possible on the other leg, the Aug 22.50 Puts (QFTTX)I am long. I am placing a stop to sell the Aug 22.50 Puts (QFTTX) contingent on the stock exceeding $23.56. I need the stop fairly tight since expiration is only a couple of weeks away and time value will be disappearing fairly quickly.
DISCLOSURE: At the time of publication, I am long the referenced Aug 22.50 Puts (QFTTX) on Open Text (OTEX).
Sincerely,
Bill Kraft
CutLoss, Inc.
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