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It was specified that short term northward direction and steep slumps expected thereafter.
Having said that long term dips are most likely, so with a mindset of swing trading short put ladder strategy was set up, so far it's been performing desirable results. But for now we like to modify this strategy in order to maximize profitability.
Currency Option Strategy: Conversion of Short Put Ladder into back spread
- Rationale: unlimited downside and limited upside profit potential
- How to execute: Short 7D (1.5%) ITM put option and simultaneously hold existing longs on ATM -0.51 delta put option and one more 1M (-1.5%) OTM -0.34 delta put option.
- What does it do with current trend: Since the short put ladder has already shown its effects with unrestricted return and partial risk, their open puts should be altered as spread by shorting ITM put with shorter expiry, when the stock price makes a strong move to the downside beyond the lower breakeven, There is no limit to the maximum possible profit for the put backspread.
- How does it affect: Maximum loss for the put ratio spread is limited and now it seems unlikely as the prices have slid already substantially and it is possible only when exchange rate rallies back to the strikes of longs in the portfolio, otherwise the prevailing trend is the most likely to evidence unlimited returns.
