Just wanting to establish a core position here in SPY in one of the larger accounts. I will wait for some higher IV to continue to start layering on trades. Went around the .20 delta on the put side, .16 delta on the call side. 58% POP.
Trade Setup:
- 1 SPY Apr 21 219/228/245/251 Iron Condor (Synthetic Strangle) @ $1.22
DTE: 53
Max Win: $122
Max Loss: $778
Breakevens: 226.78 & 246.22
Trade Management: Look to take around 50% out of this trade, ~ $61. If tested on either side before Apr expiration, I'll look to roll the untested side up to ~.30 delta or near there, depending on the premium. For a larger move either way, I'll close this trade for 2x the credit received as my "stop loss".
Green is profit zone; Vertical black bar is expiration.
Trade Setup:
- 1 SPY Apr 21 219/228/245/251 Iron Condor (Synthetic Strangle) @ $1.22
DTE: 53
Max Win: $122
Max Loss: $778
Breakevens: 226.78 & 246.22
Trade Management: Look to take around 50% out of this trade, ~ $61. If tested on either side before Apr expiration, I'll look to roll the untested side up to ~.30 delta or near there, depending on the premium. For a larger move either way, I'll close this trade for 2x the credit received as my "stop loss".
Green is profit zone; Vertical black bar is expiration.
Trade active:
I covered the short call of this spread after doing my weekly review of my trades. The total credit for the 245/251 call spread was only $.40 cents, so I felt it was silly to have it on. I took a $.22 loss on that.
I still have the long 251 call, as this one was only worth $.10 when I bought it, so I will see if I can use it as a lotto.
The risk profile has changed a bit now. I'm down ($.22) in booked profit, but still can make $.78 if we expire here from the short put spread. I'll look to take 50% on that spread when I can, along with selling out the long 251 call eventually.
I still have the long 251 call, as this one was only worth $.10 when I bought it, so I will see if I can use it as a lotto.
The risk profile has changed a bit now. I'm down ($.22) in booked profit, but still can make $.78 if we expire here from the short put spread. I'll look to take 50% on that spread when I can, along with selling out the long 251 call eventually.
Trade closed: target reached:
Close today for 50% target of the initial trade. $60/contract profit.