Since initiating this trade in BPT on 4/8/2010, the underlying had moved up rather quickly to a high of almost $106, right near our upper breakeven. This morning it is trading down $2.63 as of this writing at $102.34.
As you can see from the below Thinkorwim analyze tab P&L chart we’ve got a nice gain already. Including today, there’s only 4 trading days to go on our short Apr $100 puts. I placed an order today to sell half (5 contracts) for a credit of $5.61 to lock in $500 profit and leave 5 contracts open moving toward expiration in just a few days. (GTC Sell order is still working, currently at $5.575 offer. I’ll update if it executes or I change it. )