OPENING: IWM DEC 9TH 108/111/123.5/126.5 IRON CONDOR
I slapped this one on rather hastily on Friday with the FBI "reopening-Clinton-email-investigation" volatility pop we had on Friday.
Unfortunately, I didn't get what I usually look for in these setups -- a credit of at least 1/3rd the width of the wings (I got it filled for .89 ($89) per contract), but could have done slightly better if I'd not been in such a hurry (looks like you could get .92 ($92) at the mid at the moment) (63% probability of profit; $92/contract max profit; $208/contract max loss/buying power effect; break evens at 110.08/124.42; delta -5.87).
I'll look to manage it at 50% max profit.
Unfortunately, I didn't get what I usually look for in these setups -- a credit of at least 1/3rd the width of the wings (I got it filled for .89 ($89) per contract), but could have done slightly better if I'd not been in such a hurry (looks like you could get .92 ($92) at the mid at the moment) (63% probability of profit; $92/contract max profit; $208/contract max loss/buying power effect; break evens at 110.08/124.42; delta -5.87).
I'll look to manage it at 50% max profit.
Comment:
Will look to roll up the short put side tomorrow to the 20 delta strike (or as near as I can get) in the same expiry to delta balance.
Comment:
Rolling the Dec 9th 108/111 put spread to the Dec 9th 116.5/119.5 for a .28 ($28)/contract credit.
