MomentumOptions.com New Trade (WBA) for 10/12/2022

3:30pm (EST)

I have an earnings trade for a company reporting earnings ahead of Thursday’s opening bell so let’s go check the tape.

New Trade!

Walgreens Boots Alliance (WBA, $32.05, down $0.56)

Buy to Open WBA October 31 puts (WBA221021P00031000, $0.80, up $0.15)

Buy to Open WBA October 33 calls (WBA221021C00033000, $0.90, down $0.25)

Action: This is a strangle option trade and I’m looking for shares to clear $35 or fall below $29 on Thursday’s open and possibly into next week. The premium for both options is $1.70 at current levels and these are the regular WBA October options expire on October 21st, 2022.

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