GLD has bounced around and briefly violated our upper call butterfly but has pulled back. With expiration approaching Friday we some profits so let’s take them and get out for a win while we can. 

 

Remember we have 2 butterfly trades. We suggest closing each one as a separate butterfly as you will probably receive better prices than trying to close it as a block trade with 6 legs. 

 

Trade 1: Sell/STC the put spread

STC 5 of the GLD 12-MAY 170 puts

BTC 10 of the GLD 12-MAY 180 puts

STC 5 of the GLD 12-MAY 181 puts
Debit of around 0.00 – 0.10

 

Trade 2: Sell/STC the call spread

STC 5 of the GLD 12-MAY 196 calls 
Debit of around 1.68 – 1.75

 

This results in about a $220 profit for the entire position.