AAPL/Lunar - I still like that 2017 $90 ($32.50)/$120 ($19.50) bull call spread, now $13. It makes $17 (130%) if AAPL is at $120 in 26 months so, by itself, it's paying you 5% a month if all goes well. If it doesn't go well, THEN you can sell some AAPL puts. The 2017 $90 puts are $8.10 with a 0.22 delta so, your best case is AAPL drops back to $90 and those puts go to $20, which checks off as the $115 puts are $19.50 now).
That means, realistically, if those puts hit $15 on a spike down, you should be very excited and anxious to sell them (as long as you believe AAPL will hold net $75, of course). Once you sell them and AAPL gets stable over $90, then you can use maybe $7 of that money to roll the 2017 $90 calls lower, probably $15 lower, and then you would be in the 2017 $75/120 bull call spread for ($13-15+7=) $5. How's that for a game plan?
You know it's a good spread when you are disappointed to only make 130%!
