Trade Alert: Portfolio 2 — Rolling Up the Short Strike
Rolled the 660 short up to 670 on the SPY Jun 18 put credit spread. Bullish exposure dialed up incrementally. Defined risk preserved. $1.16 net credit collected on the roll.
Date: April 27, 2026 SPY Reference: $713.21
TonyB Commentary
“Roll Up. Stay Defined. Let the Market Come to You.”
Looking for the most efficient use of capital as the market begins to show some directional clarity, I rolled up an existing put spread by adjusting only the short strike.
This approach allows us to increase our bullish exposure incrementally, without significantly increasing overall risk. By keeping the long strike in place and rolling the short strike higher, we are effectively tightening the spread — bringing the short closer to current SPY while preserving the defined-risk structure underneath.
The trade remains capital-efficient — using approximately $1,000 of buying power per contract while still collecting over $100 in credit per contract on the roll itself. This is the type of adjustment that helps us optimize return on capital without overextending.
As always, patience is key. We are not forcing exposure, but rather adapting our existing positions as the market evolves and presents incremental opportunities.
The Trade
