Strategy: Put Ratio Spread (Buy 1, Sell 2)
Expiration: 16 OCT 26 (37 DTE)
Strike Price: Buy 1 240, Sell 2 230
My Execution Fill: $2.75
๐ Quantitative Metrics at Entry
Delta (ฮ): 0.13
Implied Volatility (IV): 56%
IV Rank (IVR): 18
Probability of Profit (POP): 82%
๐ ๏ธ Structural Management Targets
Profit Objective: 50% of max premium
Defensive Plan: If the underlying breaches the 230 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.