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Full Profit from my ISRG Earnings Play

November 17, 2009 By Steven Place

The Monday after options expiration is always a delight for me, as all the short option positions that I've held through any sort of volatility just disappear off my open position sheet and I'm left with a nice chunk of credit and freed up margin.

ISRG is one of those plays.

Back on October 20th when ISRG was reporting earnings, we had seen a strong bidup in implied volatility compared to the range we've been building. So I structured a trade for my subscribers in which we were making a mildly bullish bet but mostly selling volatility. You can see the full post here.

Here was the original risk profile:

Given the position sizing suggested for a 40K portfolio, we will be taking in a full credit of $760, with a total return on risk of 61%.

If you like trades like this and want solid, profitable option setups that help to manage risk, consider joining up with the rest of my subscribers!

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