BOT +1 SPX 100 (Weeklys) MAY5 15 2170 CALL @2.70
SPX was down 12 points and it looks like the buyers are once again aggressively buying this dip. I want to hedge this position from more upside pain, but instead of adding and rolling I’m just going to buy an OTM call that will cut NET position delta from -20 to -10. I will go out to MAY5(31) to avoid rapid theta decay. My goal is to milk this trade for as long as I can and be out 1 week before expiration.