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Posts Tagged With 'ATI'

Posted by Martin January 03, 2012

New trade – ATI; Trade adjustment – SLB

I am going to open a new contingent order:

Allegheny Technologies

Long Puts

Contingency:
If the stock’s last price is greater or equal than 54.20 then:

BTO 1 ATI Apr21 2012 55 Put

Price: at market (expected price per contract would be $6.2)

Max risk: $620
Max gain: Unlimited (potential target: $11.70 or $1170 per contract)

Update:
01/06/2012 – trade canceled, it didn’t meet the entry price

I am also going to adjust the following position by rolling up the upper body of the butterfly:

Schlumberger

Put Butterfly

Unfortunately my broker doesn’t allow me to roll over with one order, so I have to close the upper body first and then open higher part later:

1st step:
BTC 2 SLB Jan21 2012 60 Put
STC 1 SLB Jan21 2012 65 Put

Price: limit credit $0.25

When filled, 2nd step will follow:

BTO 1 SLB Jan21 2012 70 Put
STC 2 SLB Jan21 2012 65 Put

Price: limit debit $0.93

This trade will be taken on both my accounts: TD trading account and ROTH IRA account.

Update:
01/04/2012 – I talked to my broker and they do not allow me to open an uneven butterfly, so I would need to treat it as spreads. For that I do not have enough money on my account and thus I cannot finish this conversion. Thus I am considering this trade as closed with a loss.
I sold the upper body for credit $0.23, with the original cost of $0.78 this trade is a loss 70%