Trade Alert 4/16/2026

We have arrived at April monthly options expiration this week. While we had hoped to exit our BIIB put butterfly, the market bounce has caused that stock to stay more stagnant and hurt that possibility. Here is an update of our April positions: DELL – short puts should expire for a full profit of the credit received TSSI – short puts should expire for a full profit of the credit received PYPL – covered calls should expire for a full profit of the credit received BIIB – need a sharp decline to get value out of the trade We took profits on our ARES call butterfly today. The trade has gone straight up since entering and worked really well overall. Sell to close: ARES July 17th (monthly) 110.00 strike call (ratio of 1) Buy to close: ARES July 17th (monthly) 130.00 strike call (ratio of 2) Sell to close: ARES July 17th (monthly) 150.00 strike call (ratio of 1) Credit: 5.50 Result is a profit of +2.50 or +$250.00 per spread traded. Entered into a new downside trade in Gold ETF (GLD) as follows: Buy to open: GLD Aug 21st (monthly) 420.00 strike put (ratio of 1) Sell to open: GLD Aug 21st (monthly) 390.00 strike put (ratio of 2) Buy to open: GLD Aug 21st (monthly) 360.00 strike put (ratio of 1) Debit: 3.80 Max risk = 3.80 or $380.00 per spread Max reward = 26.20 or $2,620.00 per spread