Nathan explained that the ETF is trading close to its resistance and he thinks that it is going lower. He wants to make a bearish bet with a put calendar. Nathan wants to sell the August 84 put for $0.25 and buy the October 84 put for $1.45. The strategy would cost him $1.20. His trade is going to make money if the stock trades below $82.80 at the October expiration, but only if it stays above $84 at the August expiration.
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