UPDATE: June 28, 2017
We have 2 days to expiration for this trade and our put side just closed for 0.02 debit:
BTC 1 TECK Jun30 16.00 put
@ 0.02 debit
We still hold our Jun30 16.50 calls but they are now in the money. I do not expect the stock to drop from the current $17.23 a share down below 16.50 in two day although anything can happen. We will wait one or two more days to see and then eventually roll our calls higher and sell new puts.
UPDATE: June 15, 2017
As calls got closed a few days ago and puts slipped in the money (ITM) I decided to roll puts down and sell new calls against it:
BTC 1 TECK Jun30 16.50 put
STO 1 TECK Jun30 16.00 put
STO 1 TECK Jun30 16.50 call
@ 0.26 credit limit
Although now the trade has a very narrow window for both legs to expire or be bought back for nothing (and actually I do not expect it much) I am OK with this trade.
If the stock continues slipping down, the calls may get actually closed again and later on, if we see a recovery, the puts can get closed. This will not be a bad idea necessarily.
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