Today we discussed the possibilities when hedging. How to use long puts, long put spreads or long put butterfly spreads. The pros and cons of each strategy and which one is best for various situations. In addition, we exited and took profits in our long calls on the VIX. The details are below.
Sold to close: VIX Nov 20th (monthly) 15.00 strike calls
Credit: 4.20
The result is a profit of +0.85 or +$85.00 per contract
*make sure you cancel the stop loss order we had against those long calls*
Have a great week!