DAX Option scenario

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I wanted to clarify the following scenario was possible with Halifax.

Day 1= Sell naked call option on DAX Aug 14 Underlying 9720 Strike 10,950 @4.20

Day 2 = Underlying drops to 9680

Is it possible to buy a Put option that would cancel out the Day 1 trade to collect the Premium & the movement in the Underlying price?
 
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