IWM had more IV than the other indices and I needed to keep establishing some positive theta for April.
Trade Setup:
-1 IWM 126/134/147/151 Iron Condor @ $1.49
Max Win: $149
Max Loss: $651 ($651 to the downside, only $251 to the upside)
Breakevens: 132.51 & 148.49
Trade Management: I will look to take around 50% in the trade, or $75. Likely will roll the untested side if we break either way, as the trade is wide right now. This reduces my risk to each spread if done so for a credit. I can eat the loss to the upside, along with additional credits and I wouldn't mind taking some stock and selling calls against it if we rock bottomed.
Green is profit zone; Vertical black bar is expiration
Trade Setup:
-1 IWM 126/134/147/151 Iron Condor @ $1.49
Max Win: $149
Max Loss: $651 ($651 to the downside, only $251 to the upside)
Breakevens: 132.51 & 148.49
Trade Management: I will look to take around 50% in the trade, or $75. Likely will roll the untested side if we break either way, as the trade is wide right now. This reduces my risk to each spread if done so for a credit. I can eat the loss to the upside, along with additional credits and I wouldn't mind taking some stock and selling calls against it if we rock bottomed.
Green is profit zone; Vertical black bar is expiration
Trade active:
Covered my 147 short call today for a $0.29 debit. The call only had around $20 left of EXT to my long call, so I didn't want to hold the risk if we kept going up. The long call has around a $0.07-0.08 bid, so I will just leave this option on as a lotto and look to make up the rest of the credit with the short put spread.
Trade closed: target reached:
Closed trade for overall $.87 debit. $62 profit/contract