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[CLOSED] – Unbalanced IC in SPX

June 23, 2015 By Steven Place

Below are strikes, the bid/ask and the potential fills you can get:

spx-order

On the put side, I think a fill of 0.90 will work, and on the call side a fill of 1.50 should happen as the market is rallying a bit today.

REMEMBER: this is an UNBALANCED iron condor. We are going HALF SIZE on the call side to mitigate the risk of a large move higher.

IF SPX breaks 2150 then we will roll and add to the call side.

spx-risk


Update: Jul 15th, 2015

Time to bail on the trade. We’ve got 30 days left to expiration which is the ideal exit time.

Buy to close Aug 1980/1970 put spread @.50 or lower

Buy to close Aug 2200/2100 call spread @0.40 or lower


Margin and P/L

Initial Margin:
Spread Width: 10,000
Call Credit: 5×1.50 = 750
Put Credit: 10×0.95 = 950
Starting Margin: 8300

Call Spread:
Enter 5 @ 1.50, Exit @0.40
Spread Profits: 1.10
Total Profits: 550

Put Spread:
Enter 10 @ 0.95, Exit @0.50
Spread Profits: 0.45
Total Profits: 450

Total Outcome
Call Spread: +550
Put Spread: +450
P/L 1,000

RoR: 12%

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