Average credit: $7.42
Added the 16 Dec 16 SPY 205/208/221/224 IRON CONDOR @ 1.07 to hedge some delta here to the upside. Looks like 208 to 214 is going to be the sweet spot here for major profit zones.
I rolled up my IRON FLY for about a 12.34 debit and re-established this trade as a 210/214/219/223 IRON CONDOR at 4.84 ($484).
My new BEs are 211.58 and 221.42 now in the above photo. If we can stay floating here with Thanksgiving coming up, hopefully I can regain some of these losses back.
I rolled up the 210/214 put spread up to the 213/217 put spread in the Dec cycle here for a .08 debit. I paid a debit on the trade (versus a credit I would have received) because I took off 1 unit to lower my risk on the trade. So now I have 2x the 219/223 call spread and only 1x the 213/217 put spread. I think I absorbed $108 in profit through this roll.
This changed my break evens to 214.79 and 221.21. The highlighted green zone is the range where the trade remains profitable.