Option Strategies: ZS, PDD, INTU, SNOW& DE
Hello everyone! Today I want to share some option strategies with you!
1.
Closed our $John Deere(DE)$ put credit spread position. DE is trending in the wrong direction. We could have held for a lower buyback price or possibly expiration, but we want to free up the buying power for this week's earnings plays.
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2.
Decided to close out our $Snowflake(SNOW)$ 170p swing position today instead of waiting until Wednesday. SNOW could continue continue moving up (who knows), but we're gonna take the trade off the table and capture profit today. Booked close to $6K in profit. Good way to start the week. Will initiate a new optionselling put position on it on Wednesday.
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3.
Earnings trade idea on $Intuit(INTU)$
Earnings Release: Nov 28th after market close
Expected Move: ~4% for Dec 1 weekly close
Entry: Sell-to-open an Iron Condor - 500/495 put credit spread, 620/625 call credit spread. Expiration date tbd ... might have to go out to Dec 15 just to get halfway decent premium. With the expected move and IV forecasted to be low, this lends itself perfectly to an Iron Condor trade. We has profit probability for the Iron Condor trade pegged at 80% for Dec 1 expiration, 77% for the Dec 15 exp. The chart shows strong volume support at the 500 level.
Exit: Close out the trade for profit if INTU stays above 500 / below 620 after earnings are released and IV gets crushed. If either of the strikes gets breached, then will close out that leg of the trade for a loss.
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4.
STO $Zscaler Inc.(ZS)$ Dec 8 150 put
STO $Zscaler Inc.(ZS)$ Dec 1 230/235 call credit spread
Can't get the $Pinduoduo Inc.(PDD)$ Dec 1 call credit spread to fill at the limit price we want, so just gonna wait until after earnings to play it tomorrow.
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