Strategy: Put Ratio Spread (Buy 1, Sell 2)
Expiration: 18 SEP 26 (29 DTE)
Strike Price: Buy 1 320, Sell 2 310
My Execution Fill: 1.46
๐ Quantitative Metrics at Entry
Delta (ฮ): 0.05
Implied Volatility (IV): 50%
IV Rank (IVR): 35
Probability of Profit (POP): ~91%
๐ ๏ธ Structural Management Targets
Profit Objective: 50% of max potential profit (Not premium). Earnings play.
Defensive Plan: If the underlying breaches the 310 strike, our rule dictates closing the debit put spread and rolling out the remaining short put in duration to the next liquid cycle for a net credit, or cutting the position if tail-risk thresholds are exceeded.