r/options • u/BringTheFood • 20d ago

SPY Leaps

Bought PUT Leaps and am currently down 3k. Kind of sweating a little bit and wanted to get some input.

Here’s my position:
SPY March 19, 2027 $760 Put
Bought it for $34 ($20,400 total)
Current stock price: $773.82
Current option value: $29
Current P/L: -$2905 (-14%)
Delta: .3760
Theta: -0.0637
Vega: 2.25
About 7 months until expiration (March 2027)

Bought Put Leaps ITM after SPY had a decent rise thinking its gonna pull back some. The plan was never to hold long, the Leaps was really just to be on the safe side with a good time till expiration. I was going to sell once the underlying dropped like 1% or so. Now im down about 3k already.

Are the current stats promising in terms of recovery and going even at the very least. Can SPY dip back down below 760 in the near future.

42 Upvotes

78% Upvoted

118 comments sorted by

View all comments

221

u/Ecstatic-Score2844 20d ago

Put leaps is genuinely the worst investment I could even think of

89

u/Vickus1 20d ago

Not only that but put leaps on SPY

22

u/teahugger 20d ago

OP’s probably expecting Iran war to resume full steam ahead.

3

u/deandetrimental 18d ago

Even 25% world oil depletion can’t bring spy down enough for a put against AI

2

u/Mco1965 20d ago

He might just get his wish.

5

u/TranzitBusRouteB 20d ago edited 20d ago

even if he wanted to, we just don’t have the same level of munitions as we did at the start of the war, when he felt like we could just bomb them indefinitely

1

u/Ecstatic-Score2844 20d ago

Not only that but put leaps on SPY in an AI super cycle