NaughtyPines

TRADE IDEA: IWM NOV 16TH 153/157/2X170/2X172 IRON CONDOR

AMEX:IWM   ISHARES TRUST RUSSELL 2000 ETF
Adding some nondirectional broad market in the November cycle on this uptick in volatility ( IWM 30-day currently at 18.998%). QQQ has the higher background implied (20.778%), but I've already got some QQQ on.

Metrics:

Max Profit: 1.38 at the mid price.
Max Loss/Buying Power Effect: 2.62/contract
Break Evens: 155.62/170.69
Theta: 1.92
Delta: -7.34

Notes: It may require some minor adjustment at open, depending on what futures do in the overnight, and the underlying does in pre-market ... .
Oct 05
Trade active: Filled for 1.28/contract.
Oct 09
Trade active: Rolling the call side down to the 167/169 for a .22/contract credit (net .44 per wing since it's a 2x) at ~50% max; scratch at 1.72.
Oct 10
Trade active: Rolling down the 167/169 to the 163/165 for a net .58 credit; scratch at 2.30.
Oct 12
Trade active: Covered 1/2 the contracts of the call wing for a .32/contract debit and then rolled the short calls down to the 161 for a .48/contract credit credit, resulting in a Plain Jane, 4-wide 153/157/161/165 iron condor. This wider call side wing will potentially enable me to work in an adjustment trade around that wing more easily than the previous two-wide. Scratch at 2.46/contract.
Oct 19
Trade active: Rolling the call side down to the 159/163 for a .33/contract credit (delta balancing); scratch at 2.79.
Oct 24
Trade closed manually: With 23 DTE, the short put side deep in-the-money, and rolling the call side down to cut net delta fairly unproductive, covering here for a 2.92/contract, resulting in a small loser (.13).
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