Sneak Peak: New Trade In Gold & Energy Options Trader
We are going to buy puts on Range Resources (RRC) and find the June $40 Put makes sense here. The put is worth $2.35 and RRC is at $40.26. The option symbol is:RRC160617P00040000
The break even on this option is $37.65 the third Friday of June which is the 17th. There is no cap on the trade.
This stock has been appearing on our unusual put action scan for several days.
Buy to open at the market the RRC June $40 Put. If you are buying $2,000 in value, then buy 8 puts for a cost of $1880.