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Protection for Google

Google Headquarters
AP
Google Headquarters

How would you like to protect your profits in Google while still having some upside?

Phoenix Partner's Dan Nathan has a trade that will do just that. "This is a name that has actually exceeded it implied move on previous earnings, and there is cause for concern," said Nathan.

Against a long, he suggests selling the April 620-strike call for $3.70 and using that money to finance the purchase of the April 590/570 put spread, which can be bought for about $6.50. The total package costs about $2.80.

That's less than 1% of the underlying stock, and the it offers near at-the-money protection. Although, it should be noted that Nathan's structure does not offer protection below $570. "This structure allows for upside, while still giving immediate protection," said Nathan.

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

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