October Income Trade in AAPL

[Steven Place]

This is an iron condor trade in AAPL.

Here’s why we are taking it:

– implied volatility on AAPL has spiked higher

– price on AAPL has spiked higher– it is due for a correction but it will most likely be time based

Here is the trade:

The beauty about this setup is that the call IV is also very elevated.

Adjustments on a move under 470 or a move above 525.

[Steven Place]

After catching some downside heat as the stock pulled back to 450, we are seeing a strong gap higher, putting us right back to the middle of the iron condor.

We have realized over 2/3 of the iron condors max potential, and there’s still a month to go. Now would be a good time to exit here, then consider just fading the ranges by selling November spreads.

[Author]

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