The archived SMH source record lists Strangle (2 legs), 4,200 contracts and $7.27M in reported gross premium. Execution classification alone does not establish opening or closing status or the participant's account position.
What happened
The saved event-time field is 2026-10-20 11:46:37. The original price reference is $548.60. The source table and any leg entries below are retained as recorded; no new quote has been substituted.
- SMH Nov 20 $540 Put: 2,100 contracts at $19.42 (bought)
- SMH Nov 20 $570 Call: 2,100 contracts at $15.18 (bought)
Why it matters
The two printed legs have equal quantities of 2,100, the same Nov 20 expiration and both are classified as bought. Their combined listed premium is $15.18 + $19.42 = $34.60 per share, or $7,266,000.00 with an assumed standard 100-share multiplier. Gross paid premium is not a realized return.
For a standalone opening long call/put package under those assumptions, the expiration breakevens are $540.00 − $34.60 = $505.40 and $570.00 + $34.60 = $604.60, before fees. A rise above a strike alone does not establish profit because the combined premium must be recovered. The record does not establish opening/closing status, adjusted deliverables or the account's other positions.
The displayed buy/sell side is the archived classification; raw bid/ask observations and account holdings are not retained. Open interest is an aggregate for the series and cannot identify this print as an opening trade. Delta is contract sensitivity, not a verified holding of stock.
The numbers
Original provider-record fields: The structure, lean, side and breakeven labels in the unchanged table are archived feed/model outputs, not a verified complete account position. Only the explicitly stated standalone hypotheses above describe calculated payoffs; a missing leg, opening/closing status or adjusted deliverable can change them.
| Structure | Strangle (2 legs) |
|---|---|
| Lean | Bearish |
| Expirations | Nov 20 (nearest in 31 days) |
| Strikes | $540, $570 |
| Contracts | 4,200 |
| Total premium | $7.27M |
| Net cost | $7.27M debit |
| Stock at the trade | $548.60 |
Three ways this could play out
Above the printed call strike: value both retained legs together at the shared expiration and subtract the combined premium. A rise above one strike is not, by itself, a profitable package.
Below the printed put strike: value both legs together and compare the combined intrinsic value with the recorded cost; do not infer the participant's realized result.
Inside the strikes: use the complete conditional payoff rather than a bullish/bearish label. Early exits additionally depend on remaining time value, volatility and transaction costs.
What to watch next
- Confirm every leg, its side, quantity, expiry and deliverable before assigning a complete strategy or maximum risk.
- Compare next-session open interest with total session activity; the aggregate change cannot establish what this participant opened or closed.
