Trade Log: Gold (GLD) Put Calendar Spread Closed for 10.2% Return

View the original post for the July/August 155 put calendar trade here.

After 10 days, this trade was closed today at a price of $1.62 per spread for a return of 10.2% [(162-147)/147].

The ending IV of the July 155 put was 15.05% while the August put was 16.97%. The trade profited from a much larger drop in July IV (~2 pts) vs August IV (~0.5 pt) as well as theta. Ideally, we would rather see back month IV increase but a larger drop in the front vs the bank month can also benefit the trade.