Below is a daily chart of Chipotle Mexican Grill, Inc. (CMG).

Trade:  Consider shorting Oct (10/6) $295/290 bull put spread (3 DTE) for current mid-point but minimum of $.50/share (closed at $.50/share).  Note:  94% Implied Volatility Rank provides “rich” premiums.

Technical Setup:   Reversal bar at Major Support daily chart.

Option Strategy:   Bull Put Credit Spread (BPS).

Stop Loss:  $296.98.

 

Below is a daily chart of Wynn Resorts, Limited (WYNN).

Trade:  Over $148.23, consider shorting Oct (10/6) $146/142 bull put spread (3 DTE) for current mid-point but minimum of $.50/share (closed at $.60/share).

Technical Setup:   Consolidation after breakout daily and weekly charts.

Option Strategy:   Bull Put Credit Spread (BPS).

Stop Loss:  $146.18.

 

Adjustments and Comments on Open Advisory Letter Trades Note: Our Trade Updates are timely posted in a separate Report in the Member's Area. Please see that document for a current reflection on all Open and Closed Trades since the spreadsheet updates immediately and will always be more current than this e-mail update.  Thank you.

NOTE:  Please see Master Trader Guidelines for Trading the Open and Gaps in Member’s Area for rules on trade entry, gaps, etc.

 

Below is a link to individual videos explaining in greater detail the definitions of the main option trading strategies used in the Master Trader Option Strategies Series for Investors and Active Traders to generate wealth and income. 

 

Description of Master Trader Directional and Income Option Trades can be seen HERE

 

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As a subscriber to the Master Trader Advisory Letter, we would like to text you alerts for updates to open positions and or new ones in a timely manner. These will also be posted to the Spreadsheet in the Member’s Area and new recommendations will also be emailed.

However, a text message to your mobile device will happen within seconds. To get our text alerts, please text the word mastertraderweeklyop (one word) to 33222

 

Happy trading!  If you have any questions or comments, please e-mail Greg Capra at Greg@mastertrader.com or Dan Gibby at Dan@mastertrader.com

All the best,

Greg Capra
Managing Director of Master Trader
Pristine’s Founder and Creator of the Pristine Method

Dan Gibby
Chief Options Strategist

Follow Greg on Twitter, YouTube, and StockTwits to get real-time updates and education:

Twitter: @GregCapra
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NOTE:  Master Trader will show opening and closing prices of all stock and option trades.  We do not recommend proper share size for your particular trading style, risk tolerance, or account balance.  We urge you to calculate your own share size based on your individualized risk parameters, Trading Plan, and familiarity with the proposed trade strategy and risk.

NOTE:  Master Trader and its representatives might have existing positions in these and other trade recommendations before or after suggested herein.  Additionally, we often manage them differently for internal purposes based on different risk parameters than noted herein.