A quick post on protecting a Long position in PCLN (Priceline). If currently long above 500, here is a strategy to protect your position – but capping the gain at 530:
1) Sell the November 530 call for $22
2) Buy the November 500 put for $22
This caps your gains at the 530 strike but gives you protection on a downside move. In addition one could use Weekly options to hedge one way or the other if need be.
And there’s you Collar trade for PCLN.