NaughtyPines

BOUGHT TO CLOSE MAR 18TH QQQ 99/102/107/110 IRON CONDOR

NASDAQ:QQQ   POWERSHARES QQQ TRUST
50 2 4
Taking some risk off the table while I can ... . This was part of a layered on arrangement I had in QQQ             in the March expiry, much as I did with SPY             . Here's the trade chain from head to toe:

2/2 Sold March 18th QQQ             94/97/109/112 iron condor for a $110 credit
2/2 Sold March 18th QQQ             93/96/108/111 iron condor for a $112 credit (Don't ask me why I sold two setups the same day; I imagine there was somewhat of a large move that particular day such that selling a second setup made sense).
2/4 Sold March 18th 92/95 short put vertical for a $56 credit (sold on weakness)
2/5 Bought to close March 18th 109/112 short call vertical for a $16 debit (bought back on weakness/spread near worthless).
2/5 Bought to close March 18th 108/111 short call vertical for a $22 debit (bought back on weakness; spread near worthless).
2/16 Sold March 18th 106/109 short call vertical for a $41 credit (sold on strength)
2/17 Sold March 18th 107/110 short call vertical for a $49 credit (sold on strength)
2/22 Bought to close March 18th 92/95 short put vertical for a $26 debit (bought back on strength; spread near worthless)
3/1 Bought to close March 18th 93/96 short put vertical for a $9 debit (bought back on strength; spread near worthless)
3/2 Bought to close March 18th 94/97 short put vertical for a $10 debit (bought back on strength; spread near worthless)
I should have bought to close here, as the "chain" was net in profit, but forgot to check when I was doing my Tuesday housekeeping trades.
3/7 Rolled the March 18th 106/109 short call spread to the 107/110 spread (same expiry) to merge the 106/109 with an existing 107/110 for a $34 debit
3/7 Sold March 18th 99/102 short put spread to finance the cost of the roll for a $74 credit
3/8 Bought to close March 18th 99/102/107/110 iron condor for a $176 debit

I'm not going to do all the math here, but if you add up all the credits and subtract all the debits, the net profit after fees and commissions is about $100/contract ($99.89, to be exact), which is a little less than 50% max profit for the combination of the two original iron condors ... .








cool stuff, I like the strategic uncapping of the condors
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NaughtyPines FractalTrader
8 months ago
It does require a touch of patience to wait for strength/weakness to leg in additional units on the call side on strength and the put side on weakness.
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