DailyPlay – Closing Trade (AXP) – July 17, 2024

Investment Rationale

As AXP breaks out above our $240 target price, we have made nearly 88% of the max profit on the trade with 30 days left to go. The risk to reward for continuing to hold this trade starts to look unattractive and I would use this opportunity to take profits on the trade. This allows us to redeploy this capital elsewhere where the risk/reward is skewed in our favor. 

Closing Trade

• AXP – 56.24% gain: Sell to Close 4 Contracts (or 100% of your Contracts) Aug 16th $220/$240 Call Vertical Spreads @ $17.64 Credit. 
  DailyPlay Portfolio:  By Closing all 4 Contracts, we will receive $7,056. We initially opened 2 Contracts on June 18 @ $9.63 Debit, and then anther 2 Contracts on July 3 @ $12.95 Debit. Our average gain, therefore, is $635 per contract with a total gain of $2,540 on our Portfolio.