TRADE IDEA: IWM JULY 15TH 101/104/117/120 IRON CONDOR
After having looked at iron condors in all the index ETF's, IWM presents the best metrics for a nearer in time setup (my ordinary "thang" is to go >90 days out if VIX is <15, as it is here and <45 DTE if VIX >15).
Metrics:
Probability of Profit: 57%
P50: 69%
Max Profit: $93/contract
Max Loss/Buying Power Effect: $207/contract
Theta: 1.07/contract
Delta: -3.56/contract
Notes: I tried to squeeze out 1/3rd the width of the wings in credit, but didn't want to go any narrower here (the short options are at or near the 75% probability out-of-the-money strike). I'll look to take it off at 50% max profit.
Metrics:
Probability of Profit: 57%
P50: 69%
Max Profit: $93/contract
Max Loss/Buying Power Effect: $207/contract
Theta: 1.07/contract
Delta: -3.56/contract
Notes: I tried to squeeze out 1/3rd the width of the wings in credit, but didn't want to go any narrower here (the short options are at or near the 75% probability out-of-the-money strike). I'll look to take it off at 50% max profit.
Order cancelled:
We've had a +15 VIX pop early this session, so I'm going to look to put on something 45 DTE ... .
