Trade Alert: Bull Put Spread Fri Aug 2 2024 Hey traders, Larry here. Today we’re going to open a new bull put spread on the S&P 500 Index (SPX) … Action to Take: Sell to Open the SPX August 2 Weekly 5305/5290 Bull Put spread for a net credit of $1.70 or better. The spread is currently trading at $2.10. We will assess the range of the spread over the next 10 minutes to ensure you had ample time to enter the trade. If there is insufficient time for traders to enter this trade at our recommended price, we will follow up with further instructions. Sell to open SPX August 2 Weekly 5305 put. Buy to open SPX August 2 Weekly 5290 put. Ensure that these two simultaneous trade actions result in a net credit of $1.70 or better for the spread. Be sure to use a "vertical" order in your brokerage account when you place the trade. Do NOT place this trade as two separate positions. For a refresher on how to do this, watch Part 3 in your video training series and read your special report on vertical spreads. With this trade, we're looking for the market to rise a bit or just stay the same by expiration. If that happens, the spread will expire worthless and we'll keep the entire net credit. This is a speculative trade, and we will not have a stop loss on this position. Our typical spread is 20 points wide. In that case, our max loss will be $20 (or $2,000 on a one-contract basis) minus the premium we earn from entering the position. If the spread trades outside of our specified price before you’re able to get in, don’t chase the price. Simply set a good-till-canceled or GTC order at our specified price, Wait for the trade to come back into range. Once it does, the trade will execute automatically. As always, keep an eye on your inbox for the next opportunity. Regards, Larry Benedict
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