OPENING: IWM OCTOBER 16TH 138/170 SHORT STRANGLE
... for a 2.90/contract credit.
Notes: Plain Jane, directionally neutral, 16 delta short strangle in the small caps, which have the highest background 30-day on the board at 29.3% with expiry-specific implied at 31.3%. Looking to take off at 50% max or otherwise manage on side test or side approaching worthless ... .
Defined Risk Alternatives:
IWM October 16th 139/142/168/171 iron condor, paying .99 at the mid price.
Notes: Plain Jane, directionally neutral, 16 delta short strangle in the small caps, which have the highest background 30-day on the board at 29.3% with expiry-specific implied at 31.3%. Looking to take off at 50% max or otherwise manage on side test or side approaching worthless ... .
Defined Risk Alternatives:
IWM October 16th 139/142/168/171 iron condor, paying .99 at the mid price.
Comment:
... highest background implied on the board for the major broad market ETF's, that is (SPY, IWM, QQQ, DIA, EFA).
Trade closed manually:
Out here for 1.30/contract. In for 2.90, out for 1.30, 1.60 ($160) profit/contract.