I have three ETF positions: puts on XLU, IWM, and XOP. It’s that last one I wanted to cover here.
Below is the 60 day minute bar chart of XOP which, like everything else, ripped high recently. I wanted to take advantage of its proximity to that huge blob of overhead supply. My options are March 15th $140 puts.
Here is the daily chart, still shown with the volume profile, to illustrate resistance. My stop-loss on this is at $138
