NaughtyPines

TRADE IDEA: IWM JUNE 17TH 102/105/115/118 IRON CONDOR

AMEX:IWM   ISHARES RUSSELL 2000 ETF
7 months ago
I don't have an IWM             setup on at the moment and with the highest implied volatility among the four index exchange traded funds ( SPY             , IWM             , QQQ             , and DIA             ), this is the place to sell broad market premium ... . Moreover, with similar percentage out-of-the-money strikes, I'm getting almost exactly as much bang for my buck as the June 17th SPY             iron condor (see Post Below).

Metrics:

Probability of Profit: 55%
P50: 68%
Max Profit: $99/contract
Max Loss/Buying Power Effect: $201/contract
Theta: 1.50/contract
Delta: -4.14/contract

Notes: As with the SPY             iron condor, the probability of profit ain't that great. However, I'm getting 1/3rd the width of the wings, and the probability of hitting 50% max at some point during the life of the setup (P50) is 68%. Moreover, I'll look to layer a few of these on over time in the June 17th expiry, assuming VIX             >15, and mix and match short call sides with short put sides to take them off in profit ... .

7 months ago
Comment: Filled for $97/contract. Set up a GTC order to cover at 50% max profit.
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