SPX long Dated BWB
Use SPX put BWB.
Enter 65-75 DTE.
Exit 15-40 DTE unless forced out earlier.
Enter on a flat or down day where volatility is higher.
Place upper long within 5 points of the market.
Place shorts 40 points and lower longs 90 points below upper longs.
Ideal entry price is below 100 but can go up to 125.
Try to leave the position alone for at least 30 days unless SPX has a large move.
If SPX is more than 30 points above upper longs then start rolling them down one-by-one to raise the expiration line above zero.
If SPX moves to the lower 1/3 of the tent early in the trade then either exit or buy debit spreads to protect the position. The long of the spread should be at the B/E point of the expiration graph and the short should be 20-25 points lower.
If SPX moves down later in the trade then exit.
This originally appeared at http://forums.capitaldiscussions.com/threads/dan-harveys-bwb-road-trip-strategy.348/