(Cont'd from Part I). I then look at selling an oppositional side (in this case, the short put "wing") (1) for at least .10 more in credit than it cost me to roll the tested side; (2) with the highest probability of profit I can do that for; and (3) that does not result in an "inverted" iron condor (trust me, you do not want to try to work an inverted iron...
(I have to do this in two posts since I'm verbose, and can't fit it into one ... ). Now that March FOMC is over, I'm ready to wait back in ... in a bit. Before Draghi, I rolled my March 18th expiry SPY short call verticals out to the April 1st expiry to buy some more time, selling short put credit spreads to finance a slight strike improvement of those to...
Another housekeeping trade. As with the QQQ roll, I'm rolling the March 24 1040/1050 short call vertical up to the 1070/1080 to "merge" it with another spread I've got at those strikes. Filled for a 1.66 debit. Sold the March 24 1050/1060 short put vertical for a 1.82 credit to finance the roll, as well as to balance the number of units I now have on the call...
Another housekeeping trade. Filled for a 1.56 debit. Sold the March 18th 1050/1060 short put vertical for a 1.61 credit to finance the roll of the call side.
This is a housekeeping trade. I'm rolling up the 106/109 to "merge" it with a 107/110 spread I've got on the same expiry; they'll be easier to manage going forward as a single unit as opposed to managing tons of different spreads (I've got those on in spades in SPY). Filled for a .34 debit. Sold Mar 11th QQQ 99/102 for a .37 credit, which covered the cost of...
Several weeks ago, I iron condored GLD on the notion that we would see some resistance around the 111 area. The short call spread of that original iron condor was 111/114. I stripped off the short put side at near worthless and also added to the position with a GLD 115/118 short call spread. Needless to say, 111 provided scant short-term resistance and now GLD...
These earnings plays gone awry usually involve long stories, since it frequently takes a bit of time with rolling, massaging strikes, and such to get the thing into a state where you can exit for at least a scratch. On October 6th, I played earnings via a 2 contract 72/75/90/93 iron condor, for which I received a .94 credit. Price proceeded to breach the short...
Several days ago (before we had this downmove/volatility pop), I set up a long-term SPY iron condor, my intent being to manage it "dynamically" over time, rolling my options intratrade as price moved either toward my short put wing or toward my short call wing. The original setup was a March 18th 166/169/219/222 SPY iron condor, for which I originally received a...
This is becoming somewhat of an epic, post-earnings work-off setup. Without boring you with all the details (which are outlined in the post below), my post-earnings setup, after rolling and such is currently a Dec 7 140/143/140/143 iron condor. The 140/143 is the put wing and, yes, the 140/143 is the call wing (so it's basically inverted, with the call wing...
If you've got a few index ETF (SPY, IWM, DIA, or QQQ) iron condor trades on like I do, well, sadly, it is likely that your short call sides have been breached by this recent up move. So, what do you do? 1. Don't panic. These were defined risk trades when you put them on, and they remain defined risk, which means that your max loss is limited on the call side...
Delta is just off of an extreme level of valuation as it backs down to $43.36 today, May 22, 2015. If you look at the Total Revenue chart, you can see that revenue gains were steady and have increased by 42% since 5 years ago in May. Over the same time frame, however, the stock price has risen by 267%. After-tax margins went from losses to profits and margins...