Our Marvell Technology (MRVL) put is well out of the money. Let’s roll it up to a higher strike price to capture more income while keeping the expiration date the same.
Note that this trade is only for members already in the position.
Current Stock Price: $66.63
Net Debit: $10.55
Action:
- Buy to close the MRVL 28 Jul 59 Put for around $0.12
- Sell to open the MRVL 28 Jul 65 Put for around $1.03
- Set your initial net credit limit at $0.91, but adjust as needed to roll today
New Net Debit: $9.64
Days to Expiration (DTE): 9
Potential Rate of Return: We are targeting breakeven for this position