Click here for reference price chart, PL graph, IV chart.
– A potential bullish Gartley in the making. Looking for price reversal around the 785 level.
– Up channel in place .
Looking to trade this via a skip strike butterfly with a bullish bias.
Long 10 Apr 790 puts
Short 20 Apr 785 puts
Long 10 Apr 775 puts
Credit = 1.05
BE = 778.86 (profitable above this level)
Max loss = 3900
Max profit =~ 6,000 (at the short strike)
Also placing a GTC order to buy back the embedded vertical spread for a 0.50c debit. If the trade unfolds favorably & this order gets executed, then we would be left with a risk free position.