With SPY approaching a 122.79 midpoint support, you could have bought January 134 calls for anywhere from 0.32 to 0.35. I’ll assume four purchased for 0.34, and although that would imply a stop-loss at 0.19, we’ll hold onto them for a while without a stop. Now, offer eight January 137 calls short for 0.36. As traders will doubtless have surmised, it will take a powerful rally to get this offer filled.
