Home › Forums › Income Lab › SPX JUL1 Iron Condor (394) › Reply To: SPX JUL1 Iron Condor (394)
For this trade, the ‘trouble’ is on the upside so that needs to be taken care of first. However, if you can actually get a fill on the put side at .35c then you take it because you will not get much more decay with 37DTE (unless SPX moves another 30 points on top of last 35 points in the last 2 days). There is no rush to roll up the call side at this point. Short strike’s delta is currently around 18 and I’d like to wait a little and then roll up (and add) as far as I can for ‘free’. We’re too close to recent swing highs not to squeeze to at least test that level. We can also look at a potential roll when that delta reaches 25 and see how far can a free roll get us. Now, on the put side, if you DO get a fill to close at .35c there’s no need to rush selling another put spread because ideally we want to sell put spreads after a sell off. So the idea would be sell 1/2 size put spread with short strike delta around 13 or so and then IF SPX reverts and starts to push lower we’ll look to roll and add size to the put side. Hope this clears it up.