Trade Alert 10/12/2023

We own 100 shares of WBA and have a 1×2 call spread against them. Today we are adding a 1×2 put spread. This will both serve to “protect” our shares if/when the stock goes lower. And it could end up in our acquiring 100 more shares of the stock but at lower prices. The details as follows: Buy to open:  WBA Nov 17th (monthly) 22.50 strike put (ratio of 1) Sell to open:  WBA Nov 17th (monthly) 20.00 strike put (ratio of 2) Debit:  0.35 – this order has filled Likely risk = 0.35 or $35.00 per spread Max reward = 2.15 or $215.00 per spread Max risk = owning 100 more shares at a 17.85/share cost