... for a .75 debit.
Comments: In for 1.49 (See Post Below), out today at 50% max via a good until cancelled order, a .74 ($74) profit. 30-day is still good in this underlying at 85.2%, so may re-up when the January monthly gets a little shorter in duration. (It's currently 59 days out).
* -- I had to squeeze in the strikes on the chart in order to get them...
... for a 6.02 credit.
Comments: Selling a smidge of nondirectional premium in TSLA with 30-day implied at 69.3%. There's a little bit of skew to contend with here, so going with a double double iron condor, selling 2 spreads on the put side at half the delta and half the width of the call side.
25.1% ROC at max as a function of buying power effect; 12.6% at...
Double Double for a 1.49 credit.
Comments: Can't resist the 78.5% 30-day implied here. Going with a delta neutral double double iron condor to accommodate awful call side skew here -- twice the number of contracts on the put side as on the call, with the call side spread twice the width of the put side. Will look to take profit at 50% max.
... for a .54 debit.
Comments: In for 1.08 (See Post Below), out for .54 here via a good until cancelled order to take profit at 50% max.
* -- Iron condor. This was actually an iron condor variation -- a "double double," the setup for which was explained in the original post.
... "Double Double" Iron Condor for a 1.08 credit.
Comments: If IWM is going to give me rangebound, I'm going to play it rangebound. Here, a "double double" iron condor to accommodate call side skew. To do this, I went 6 wide on the put side, but 3 wide on the call side with the short call legs at around 1/2 the delta of the short put leg, but double the...
... for a 1.79 credit.
Notes: Here, going defined in one of the smaller accounts with a "double double" iron condor. The call side short aspect is at half the delta of the put side short aspect, with the call side spread half the width, but doubled in contracts to accommodate skew. I'm not collecting one-third, but want to avoid potential whipsaw in this high...
Simple chart, two double tops in July, September. Index repeatedly rejected from 3020 level. Divergence in other indices- Dow, NQ, RUT all below their ATHs.
We got a right shoulder forming from Apr > Jul > Sep. May was an ABC, August a meat-grinding see-saw; IMO October will be a vertical drop to double bottom.
I do expect ONE more rally attempt before...
I am betting the market will be ranging and we can get a quick win by next week. The trade is like an iron condor, but with 2x the Calls vs the puts taking advantage of the skew and giving us more space to the downside.
Our break evens are far away from the expected move at 5969.20 and 5648.1. This gives us a high chance of making money about 80% of the...
This is basically an iron condor variation where you double up the number of contracts on the call side while going narrower with the call side spread. Due to "the math" of that, there is no additional buying power effect, but you collect some additional credit ... .
Metrics:
Probability of Profit: 57%
Max Profit: $76/contract
Max Loss/Buying Power Effect:...
