Options Playbook Radio 148: Adjusting a GPS Long Put Spread into a Butterfly

Last week we put on two long spreads to coincide with GPS earnings. We knew that one of them would not work, and planned on adjusting it into a butterfly. In this episode, Brian rolls the long put spread into a butterfly. Specifically, Brian discusses: A review of last week What happened since GPS announced earnings? Which trade didn't work? Adjusting the long put spread What do we want to happen? Setting up the trade, picking strikes What is the net risk? Reward? What is the plan until expiration? Do you have questions that you would like answered on the show? Send them to Brian at [email protected].