In our review session this morning on calendar and diagonal trades, we mentioned that one way to manage a position that is moving against us is to add a third leg for protection that will widen out our profit range. The QQQ is down today although has retraced back up some but we have a week before our short call expirations which give us more time for this third leg to play out.


TRADE ADJUSTMENT: Add Diagonal Spread Leg


Invesco QQQ Trust ETF (QQQ): 293.45


TRADE ACTION:  OPEN the QQQ 21 Oct 284 call / 23 Sep 283 call for a net debit of around 4.55 to 4.60

BTO the QQQ 21 Oct 284 call

STO the QQQ 23 Sep 283 call


The 50K Portfolio is trading 3 contracts; the 10K Portfolio is trading 1 contract.