The fifth A14 campaign in my trading journal is closed.
The final result was $160.48 net profit, above the original $118.80 target, with two upside adjustments: adding a put calendar and later rolling it higher.
I opened the trade on October 2 and closed the remaining position on October 13, three days before the butterflies expired. Here is how it unfolded.
From Entry to the First Decision
As covered in the entry article, I opened two SPX put broken-wing butterflies on October 2 at 10:37 a.m. ET, with an October 16 expiration:
Buy 2 × 7,750 PUT @ 67.40
Sell 4 × 7,710 PUT @ 51.71
Buy 2 × 7,660 PUT @ 37.90
The 40/50 structure cost $376, with $2,376 modeled starting risk and a $118.80 net profit target.
Friday’s review called for holding. By Monday, October 5, SPX was at 7,789.90—above the upper long strike at 7,750. The system recommended adding an upside put calendar.
One Calendar Added, Then Rolled Higher
I executed the first adjustment the following morning, October 6 at 9:36 a.m. ET:
Sell 1 × Oct 16 7,810 PUT @ 54.15
Buy 1 × Oct 23 7,810 PUT @ 69.40
Adjustment debit: $1,525
Commission: $3.26
The original butterflies stayed unchanged.
That afternoon, the system signaled a roll higher, which I did not execute then. The October 7 and October 8 reviews returned to hold.
On October 9, another review called for moving the calendar higher. At 3:41 p.m. ET, I closed the 7,810 calendar and opened a 7,835 put calendar, keeping the same October 16 short and October 23 long expirations.
Roll credit: $100
Commission: $6.52
These were the campaign’s two executed adjustments. No downside adjustment was made.
Tuesday’s Take-Profit Exit
The October 12 afternoon review still called for holding.
On Tuesday, October 13, at 9:48 a.m. ET, the take-profit order closed all remaining legs for a 19.95 credit, receiving $1,995 before the closing commission.
The campaign was fully closed with three calendar days remaining before the front expiration.
Final Trade Numbers
Opening butterflies: $376 debit
Upside calendar: $1,525 debit
Calendar roll: $100 credit
Closing proceeds: $1,995
Gross profit: $194.00
Total commissions: $33.52
Final net profit: $160.48
The campaign finished $41.68 above its original target. OptionStrat shows the $194 gross result; the journal deducts commissions.
👉 View the completed position on OptionStrat
👉 Review the complete campaign history
Five campaigns are now complete. This one kept the original butterflies intact, used a calendar to adjust the position as SPX moved higher, and ended with a take-profit exit before expiration.
Disclaimer
All content is for informational purposes only and does not constitute financial advice. Any trades or strategies should be tested in a simulated environment before use. Trading involves risk, and all decisions are the sole responsibility of the reader.