Wayfair Iron Condor

Wayfair Inc.NYSE

Description

⋅ Sep 5, 2019 2:48 PM

I put on a great iron condor position on Wayfair

W - Expiry October 18 , 140C/145C/105P/100P

Such a nice spread, Love it.

Price of spread was $145 spread is 5 points

I bought 2 of them. Max gain $190 max gain max loss is $380

Market is move bullish than bearish right now may persist till end of month.

Trade closed manually

⋅ Sep 12, 2019 10:13 PM

Closed trade at $100 loss, I was overleveraged and the trade also turned around very fast. I can see Wayfair moving higher.

Comments

stephandean4

⋅ Sep 9, 2019 10:30 AM

If I understand this trade correctly, I will lose $1.65 if Wayfair stays above $105 or below $140 between now and the October expiry.

Synaptic724

⋅ Sep 9, 2019 11:20 AM

@stephandean4, so it's 2 credit spreads if the price stays between the goal posts till expiry you collect the full credit, now the post I made is not trade advice but just the position I'm playing. If the price you got your spread for is 1.65 credit then you can lose a maximum $3.35 as your max loss if it reaches 100 or 145.

Synaptic724

⋅ Sep 9, 2019 11:22 AM

@Synaptic724, in hindsight I should have increased my probability by making the spread 95/100/135/140 would have been smarter. These positions ideally are great to put on when the VIx is above at least 18.5