The Portfolio Armor Substack

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Order Text

Entry Order Text — Call Ratio — August 25, 2026

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Portfolio Armor
Aug 25, 2026
∙ Paid

Buy four 2:1 call-ratio units, consisting of these two legs:

  1. Buy 8 SANA January 21st, 2028 $5 calls,

  2. Sell 4 SANA January 21st, 2028 $10 calls,

At a maximum net debit of $1.85 per 2:1 ratio unit ($7.40 total, or $740 before commissions and fees).

Submit this as a single complex day order at one net price. If your brokerage quotes the limit for the complete 8…

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