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Dan

New credit spread on RIOT

With TLSA rallying hard, I didn't want to open a new bull put spread, and as of today, I think I've missed the timing for a good bear call spread. That would have been around the $265 mark imo. Anyway, bitcoin has lost some shine recently, which I think is just temporary. RIOT is a miner, they have a very strong support level at $9, and good prices on some spreads that I was looking at. So I opened an August expiry 9/8 bull put spread for a net credit of 36c. So i make 36c for each $1 that I risk in the trade. 36% return is pretty good, and I think all the requirements are there for this one to go well. I opened with 150 contracts, so made $5300usd ($8k), for a $15k usd risk ($22k). Here's the chart I didn't draw the horizontal lines at $9 and $8, but you get the idea. I opened last week, and have 32 days left until expiry.


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