ironcondors

NaughtyPines NaughtyPines SPY, D,
SPY: JUNE SPY CORE POSITION
25 0 7
SPY, D
JUNE SPY CORE POSITION

This post collates all my current SPY positions in the June expiry including (a) the legs noted as 2x (which were from a setup rolled out to avoid call-side assignment risk around March ex-divvy); (b) a Jade Lizard addition that was intended to add in long delta with no upside risk; and (c) my most current short put vertical credit spread, which was also intended ...

Daniel.B Daniel.B UAL, D,
UAL: Iron Condor $UAL (10 Days to Exp.)
77 5 4
UAL, D
Iron Condor $UAL (10 Days to Exp.)

Hey Traders, I'm mostly testing out neutral strategies with small positions to add to a separate portfolio dedicated to market neutral strategies. The position is as follows. Option Strategy: Iron Condor Position Expiration: 21 APR 17 (Red Vertical Line / 10 Days to Exp -1.05% .) Total Legs: 4 Total Contracts held: 16 Position Breakeven Points: $63.74 / ...

NaughtyPines NaughtyPines SPY, D,
SPY: OPENING: SPY JUNE 16 222/226/240/241 IRON CONDOR
43 0 7
SPY, D
OPENING: SPY JUNE 16 222/226/240/241 IRON CONDOR

... for a 1.00 credit. I'm doing this little fella as an adjustment trade to pick up a little long delta in a current SPY position. However, it could also be a fairly decent standalone trade if you're slightly bullish to neutral on SPY above 226. The additional feature of the setup is the lack of call side risk on setup because the credit received equals the ...

NaughtyPines NaughtyPines KMX, D,
KMX: TRADE IDEA: KMX APRIL 21ST 50/52.5/60/62.5 IRON CONDOR
29 0 9
KMX, D
TRADE IDEA: KMX APRIL 21ST 50/52.5/60/62.5 IRON CONDOR

KMX announces earnings on 4/6 before market open, so look to put on a play before tomorrow's New York close to get in on a volatility contraction play (six month implied volatility percentile is around 100, with background implied at 47). Here's the metrics for this puppy: Probability of Profit: 50% Max Profit: $113/contract Max Loss/BP effect: ...

SPY: Double double on SPY
181 0 13
SPY, D
Double double on SPY

SPY was up .70% and I expect a pull back to the 200 EMA eventually. In the meantime I wanted to make a neutral to bearish trade using a ratio iron condor or what is recently called by the tastytrade guys a "Double double". I am selling the -240/+243 -230/+223 Iron condor for $2.60. Using the SPY skew of the calls and puts I can sell twice as many of the credit ...

shanthi shanthi AAPL, 60,
AAPL: AAPL - Iron condor 21st Apr 17
79 0 3
AAPL, 60
AAPL - Iron condor 21st Apr 17

Hope to review this in one week.

Benji Benji PRO RUT, D,
RUT: RUT Iron Condor
20 0 6
RUT, D
RUT Iron Condor

Slapping on some premium while we have a little elevated IV. Trade Setup: -1 Apr 20 RUT 1300/1305/1415/1420 Iron Condor @ $1.50 DTE: 29 Max Win: $150 Max Loss: $350 Breakevens: $1303.50 & $1416.50 Trade Management: 50% winner; Full loser, although I will roll the untested side down if I go ITM on one of the sides to reduce risk and collect more premium. Green ...

NaughtyPines NaughtyPines NKE, D,
NKE: OPENING: NKE MARCH 31ST 54.5/58.5/59/63 IRON CONDOR
45 0 9
NKE, D
OPENING: NKE MARCH 31ST 54.5/58.5/59/63 IRON CONDOR

... for a 2.23 credit. (Earnings volatility contraction play). Metrics: Probability of Profit: Coin Flip Max Profit: $223/contract Max Loss/Buying Power Effect: $177/contract Break Evens: 56.27/61.23 Notes: I filled this at open, but price has moved down somewhat, so you may want to adjust the setup by a half strike or so. In any event, this thing's so ...

NaughtyPines NaughtyPines FDX, D,
FDX: OPENING: FDX MARCH 31ST 177.5/182.5/202.5/207.5 IRON CONDOR
23 0 9
FDX, D
OPENING: FDX MARCH 31ST 177.5/182.5/202.5/207.5 IRON CONDOR

... for a 1.40 credit. (Earnings; Volatility Contraction Play). Metrics: Probability of Profit: 60% Max Profit: $140/contract Max Loss/Buying Power Effect: $360/contract Break Evens: 181.10/203.90 Notes: Will look to manage at 50% of max.

NaughtyPines NaughtyPines BBY, D,
BBY: OPENING: BBY MARCH 10TH 38/42/47.5/51.5 IRON CONDOR
55 0 6
BBY, D
OPENING: BBY MARCH 10TH 38/42/47.5/51.5 IRON CONDOR

BBY announces earnings tomorrow before market open, so look to put on something today before market close to take advantage of the ensuing volatility contraction. Implied volatility rank is currently at 92 over the preceding six months, with implied volatility just shy of the 50% mark. I compared and contrasted going with my standard 20-delta iron condor, as ...

NaughtyPines NaughtyPines TSLA, D,
TSLA: OPENING: TSLA MARCH 17TH 240/245/310/315 IRON CONDOR
145 6 7
TSLA, D
OPENING: TSLA MARCH 17TH 240/245/310/315 IRON CONDOR

... for a 1.27 ($127)/contract credit. Using the monthlies, since this isn't the most liquid thing options-wise in the world. Metrics: Probability of Profit: 67% Max Profit: $127/contract Max Loss/Buying Power Effect: $373/contract Break Evens: 243.70/311.30 Delta: -.22/contract (neutral assumption) Theta: 4.42/contract Notes: I'll look to manage this at 50% ...

NaughtyPines NaughtyPines ATVI, D,
ATVI: TRADE IDEA: ATVI FEB 17TH 34/38.5/40/44.5 IRON CONDOR
111 2 6
ATVI, D
TRADE IDEA: ATVI FEB 17TH 34/38.5/40/44.5 IRON CONDOR

ATVI announces earnings tomorrow after market close, so look to put on a play in the waning hours of the NY sesh ... . Its implied volatility rank is >70%, and its background volatility is on the cusp of 50% ... . Metrics: Probability of Profit: 50%* Max Profit: $231/contract Max Loss/Buying Power Effect: $219/contract Theta: 11.33/contract Delta: ...

NaughtyPines NaughtyPines NVDA, D,
NVDA: OPENING: NVDA 100/105/140/145 IRON CONDOR
140 0 12
NVDA, D
OPENING: NVDA 100/105/140/145 IRON CONDOR

... for a 1.57/contract credit. (Earnings; High IVR/High IV). I fiddled with various setups long enough ... . Here, I'm going out farther in time than I usually like to go with an earnings play in order to give myself time to be right. Will look to manage to 50% max profit. Metrics: Probability of Profit: 63% Max Profit: $157/contract Max Loss: ...

NaughtyPines NaughtyPines SPY, D,
SPY: OPENING: SPY APRIL 21ST 211/214/234/237 IRON CONDOR
242 1 14
SPY, D
OPENING: SPY APRIL 21ST 211/214/234/237 IRON CONDOR

I tweaked the setup a bit from yesterday, and got filled for a 1.01/contract credit. Metrics (Currently): Max Profit: $106/contract Max Loss/Buying Power Effect: $194/contract Break Evens: 212.94/235.06 Delta: -5.65/contract Theta: .71/contract Notes: I probably could have been a touch more patient and gone with a fill slightly above the mid. In any event, ...

NaughtyPines NaughtyPines SPY, D,
SPY: TRADE IDEA: SPY APRIL 21ST 209/212/235/238 IRON CONDOR
33 0 6
SPY, D
TRADE IDEA: SPY APRIL 21ST 209/212/235/238 IRON CONDOR

Going out to April for my core index exchange-traded fund position, since volatility "locally" (<45 DTE) blows here. Very close to getting 1/3rd the width of the wings; it'll have to do ... . Metrics: Probability of Profit: 54% Max Profit: $92/contract Max Loss/Buying Power Effect: $208/contract Break Evens: 211.08/235.92 Theta: .67/contract Delta: ...

NaughtyPines NaughtyPines GDXJ, D,
GDXJ: TRADE IDEA: GDXJ FEB 17TH 30/36/37/45 IRON CONDOR/FLY
57 0 5
GDXJ, D
TRADE IDEA: GDXJ FEB 17TH 30/36/37/45 IRON CONDOR/FLY

There isn't much non-earnings stuff out there that has both high implied volatility rank and high implied volatility. This is one of them. Here I'm going with an extremely narrow iron condor, such that it's almost an iron fly ... . Metrics: Max Profit: $338/contract Max Loss/Buying Power Effect: $462/contract Break Evens: 32.62/40.38 Notes: I'm going to treat ...

NaughtyPines NaughtyPines NFLX, D,
NFLX: OPENING: NFLX JAN 27TH 111/116/150/155 IRON CONDOR
61 0 7
NFLX, D
OPENING: NFLX JAN 27TH 111/116/150/155 IRON CONDOR

.... for a 1.21 credit. Here are the metrics for the setup: POP%: 69% Max Profit: $121/contract Max Loss/Buying Power Effect: $379/contract BE's: 114.80/151.20 Notes: NFLX announces earnings tomorrow after market close, so I would usually put a setup on "the day of." However, I don't want to space it out, so doing it now.

NaughtyPines NaughtyPines NVDA, D,
NVDA: OPENING: NVDA JAN 20TH 96/101/130/135 IRON CONDOR
111 0 10
NVDA, D
OPENING: NVDA JAN 20TH 96/101/130/135 IRON CONDOR

... for a 1.09 credit. (High IVR/High IV). Metrics: Probability of Profit: 68% Max Profit: $109/contract Max Loss: $392/contract Notes: Will look to manage at 50% max.

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