Going to put on yet another unbalanced Iron Condor:
Two ways you can execute this:
1. Either split up the trade into put spread sales and call spread sales… or
2. Put on an iron condor and then sell another put spread.
The call side is going for 1.55 so a fill at 1.50 is doable, and the put side is .80 which is also doable.
A move above 2165 and we will roll out the call side and add another spread to help finance the roll.
Another great month of reversion for income trades. We’ve been in the trade for about a month and have captured arund 50% of the credit… now’s the time to start unwinding the position.
There’s some fed voodoo tomorrow and after that the premium should get sucked out so you really don’t have to force your way out. Just float orders out and if you get filled, great.
Going to leg out here:
Buy to close SPX Jul 2210/2200 Call Spread @0.10
Buy to Close SPX Jul 1970/1960 Put Spread @0.50
The put spreads won’t get filled until we see another pop and the skew cools off (probably related to fed voodoo).
Margin and P/L
Spread Width: 10,000
Call Spread: 5 @1.55 = 775
Put Spread: 10 @ 0.8 = 800
Call Spread P/L
Enter 5 @1.55, Exit at 0.10
1.45 Per Spread
Put Spread P/L
Enter 10 @ 0.8, Exit at 0.50
0.30 Per Spread
Total Profits: 1025