92%-95% PoP SPY Credit Spread with 4% return (2 trade idea)
Hello all, hope everything is well. This week I’m looking at the SPY and looking to grow capital invested by 3-5 percent per trade with 92% - 95% percent probability of profit.
-Current price is: $382.88
-VIX is at: 21.90
-Credit spread sell strike: $370 Exp 1/27 and $367 Exp 1/29
-Is price trading above 50 day SMA on the 4 -hour, daily, and weekly chart?: Yes
-Is price trading above 200 day SMA on the 4-hour, daily, and weekly chart?: Yes
-Percent OTM if held to DOE upon entering, is: 93% - 95% of being OTM if held to DOE
-Technical analysis: With just reaching all-time highs I expect to see a pullback early to mid-week. Looking at the 4-hour chart we see that the $374-$378 price zone has been a key zone for SPY in the previous week. I’d like to see the price come back down to that zone and look to sell a put credit spread with $10-$13 away from our sell strick or 92-95 percent probability of profit if held to the day of expiration.
-Current price is: $382.88
-VIX is at: 21.90
-Credit spread sell strike: $370 Exp 1/27 and $367 Exp 1/29
-Is price trading above 50 day SMA on the 4 -hour, daily, and weekly chart?: Yes
-Is price trading above 200 day SMA on the 4-hour, daily, and weekly chart?: Yes
-Percent OTM if held to DOE upon entering, is: 93% - 95% of being OTM if held to DOE
-Technical analysis: With just reaching all-time highs I expect to see a pullback early to mid-week. Looking at the 4-hour chart we see that the $374-$378 price zone has been a key zone for SPY in the previous week. I’d like to see the price come back down to that zone and look to sell a put credit spread with $10-$13 away from our sell strick or 92-95 percent probability of profit if held to the day of expiration.
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