The original setup was a March 18th 166/169/219/222 SPY iron condor, for which I originally received a fairly paltry .71 in credit. In my earlier post, I discussed various options for managing the setup intratrade: (1) rolling the wings as a unit toward current price; (2) leaving the long options alone and moving only the short options toward current price; and (3) moving both the long options away from current price and the short options toward current price. I pointed out the pluses and minuses of each of these methodologies, with the preference being toward moving the wings as a unit toward current price.
In the interest of experimentation (and also to capture greater credit than that offered by merely rolling the call side wing down three strikes), I'm going to opt to roll the short call toward current price and the long put away from current price at the same time and by the same number of strikes to capture credit generated by this down move (i.e., I am going to roll the 219 short call to the 216 and the 166 long put to 163 and will look to get a fill for an additional .77 credit/contract to do this). I chose the 216 short call strike, since that is currently at the edge of the current expected move for SPY for the March 18th expiration.
Should I get filled, the new iron condor will be a Mar 18 SPY 163/169/216/222 iron condor, so I will be widening the wings to six strikes wide by rolling the short call/long put in this manner. The upside is that I received .77 in credit for the intratrade roll (on top of the .71 I originally received); the downside is that widening the spreads requires some additional margin and could potentially give me a headache if I need to roll one of those 6-wides out for duration on the back end of the trade. Consequently, I naturally want to exercise caution going forward as to how many times I roll intratrade, keeping an eye on the width of the wings, the overall margin used, and whether I am getting too aggressive by bringing in the wings too tightly to current price.