"Options Action" Correction: Calling Out Ourselves

On "Options Action," we do our best to call out our traders' losing bets. Now it's time to call out two of our own mistakes. On Friday's show, we provided the wrong expiration month for two different trades.

First: On Friday, "Options Action" contributor Mike Khouw presented a bearish bet on the SPDR Gold Trust. He suggested buying the October 120/117 put spread for $1.50. The graphics said that the trade was for September expiry, but the actually expiration month for Mike's suggested trade was October.

With prices quotes given when the gold ETF (ticker symbol: GLD) was trading at $118.50, here's Khouw's trade on the Gold ETF, and how it makes money:

Mike's (GLD) Trade:

Buy October 120-Strike Put for $7.40

Sell October 117-Strike Put for $5.90

How Mike's Trade Makes Money:

Losses Above $118.50

Profits from $118.50 Down to $117.00

Profits Capped at $117.00

Second: In our (pretty epic) look back at Khouw's bullish Google trade from May 24th, we said the trade was for August expiry. However, the trade was actually for July expiry. Here are the specifics of the trade that we looked back on:

Mike's (GOOG) Trade:

Buy August 900-Strike Call for $27.00

Sell August 940-Strike Call for $13.50

How Mike's Trade Makes Money:

Profits Capped at $940

Profits from $940 Down to $913.50

Losses Below $913.50

Our apologies for the errors, and a huge thank you to our loyal social media following for pointing them out. You guys keep us honest, and we appreciate that. Please use Twitter (@CNBCOptions) and Facebook (Facebook.com/OptionsAction) to continue to send questions and comments our way.

Contact Options Action

  • Showtimes

    Fridays, 5:30p ET
    Saturday, 6a ET
    Sunday, 6a ET
  • Melissa Lee

    Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

Latest Video

Sponsored Related Links

More on thinkorswim by TD Ameritrade

  • Make sure you’re always keeping up with the market with up-to-the-minute news and breaking stories. Move on possible breakout stocks and options with potential opportunity. Plus, get in-depth analysis on futures and forex in one seamless, integrated experience. Join TD Ameritrade and trade commission-free for 60 days + get up to $600 cash.

You Make the Call

  • Options Action: NWSA

    Mike Khouw, Options Action trader, shares his view on News Corp stock on the heels of testimony from Rupert Murdoch before British Parliament.

  • Do you have a question for the Options Action team? Options Action selects a viewer's question and gives the answer on the show's Make The Call Web Extra video.