ARM 0.00%↑ has been more or less sideways consolidating since its post earnings gap up in February. It’s above AVWAP from IPO (purple), as well as the AVWAP from the gap up date (White). It’s also above a slightly upward sloping 200 day moving average.
It’s been a weak tape the past couple of weeks, so I’m playing this in the middle for now. I’m selling put spreads at the $100 price, and call spreads at the $195 price (about $5 above prior all time highs).
This is a constructive chart, but I want to give myself some flexibility before committing to a more full long term trade position. This trade allows me to collect some income upfront and observe more data on the direction of the trend.