Just noticed that preliminary earnings announcement date is set for Oct-16, which is before opex. This is not acceptable, per my rules. Closing out the trade. Actually not too bad, 27% of max profit in just two days.
BTC Oct 12 IBM 190/185 bull put spreads for ($0.86-$0.48) x 100 x 5 spreads = $190 debit vs. $260 credit = $70 profit
Thanks to @ukarlewtiz for pointing out the inverted h&s today. Neckline looks to be around 203 with a measured move to ~220.
Keeping the short strike well below the 20, 50, and 200-day moving averages, as well as the Bollinger band. Also using the trendline as support. Over 4 and-a-half ATRs away as well. Currently probability of max profit is 88%.
STO Oct 12 IBM 190/185 bull put spreads for ($1.23-$0.71) x 100 x 5 spreads = $260 credit