NaughtyPines

TRADE IDEA: IWM JULY 15TH 101/104/117/120 IRON CONDOR

AMEX:IWM   ISHARES RUSSELL 2000 ETF
6 months ago
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.
6 months ago
Order cancelled: We've had a +15 VIX pop early this session, so I'm going to look to put on something 45 DTE ... .
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