We close out the call leg in our position in HSBC: Long Jun25 720/920 strangles – Make or break
- Spot 10% higher since entry price
- Overbought at RSI 70. Bearish divergence forming
- Broader European Banking Sector posting a 23% Ytd Return vs 9% for the STOXX 600
- Locking in a 3.3x return on Call leg. Letting the Put leg run.
- Implied delta on calls now at 0.40 vs 0.15 at open