NaughtyPines

OPENING: IWM DEC 16TH 103/106/121/124 IRON CONDOR

AMEX:IWM   ISHARES RUSSELL 2000 ETF
With VIX             still "up there," I'm putting on a bit more premium selling setups in broad market instruments.

Metrics:

Probability of Profit: 61%
Max Profit: $104/contract
Max Loss/Buying Power Effect: $201
Break Evens: 105.01/121.99

Notes: I'll look to manage this at 50% max profit. I would also note that this is doubling as a bit of delta hedge for an IWM             position I already have on that was beginning to skew delta positive. This setup is slightly delta negative and brings my net delta for my IWM             positions to slightly negative (which is the way I generally like things).
Comment: As with the other IWM iron condor I have, I'll look to delta balance this setup a bit by rolling the short put spread to the 20 strike (same expiry) tomorrow.
Comment: Rolling the Dec 16th 103/106 to the Dec 16th 116/119 put spread for a .33 ($33)/contract credit.
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