We have a three trades using US Steel (X) as underlying stock. The stock is not one I would normally buy as a long term investment, but it is a great stock to trade options against it.
As of today, we have 3 March 10 inverted strangle contract, 1 March 10 strangle, and 1 March 3 strangle. This post is to show rolling the last strangle into the next week.
Our X trade is in ideal spot to be adjusted. So we will be rolling into the next week. Since both legs are in the money, we will be rolling both legs together:
BTC 1 X Mar3 38.00 put
BTC 1 X Mar3 37.50 call
STO 1 X Mar10 37.00 put
STO 1 X Mar10 38.50 call
@ 0.65 credit limit day
To roll this trade, we collected $65 dollars credit and now we have the following trades expiring next Friday:
(3) X March 10 40.50p / 37.50c inverted strangle
(1) X March 10 38.50p / 40.00c strangle
(1) X March 10 37.00p / 38.50c strangle