Let’s roll our Google (GOOGL) put out two weeks and to a lower strike to avoid potential assignment. This will allow us to reduce our exposure while generating a big chunk of income.
Current Stock Price: $118.88
Cash in Hand: $1.07
- Buy to close the GOOGL 30 Jun 120 Put for around $1.42
- Sell to open the GOOGL 14 Jul 119 Put for around $2.32
- Set initial credit limit at $0.90, but adjust as needed to roll today
New Cash in Hand: $1.97
New Target Exit Price: $1.05