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Home › Forums › Income Lab › SPX MAY LP Iron Condor (265)
I am going to leg in into MAY (45DTE) low prob Iron Condor. I’m selling 27 delta, 10 pt wide bull put spread first
SOLD -10 VERTICAL SPX 100 MAY 15 2020/2010 PUT @2.00 CBOE
I am OK with starting this trade by selling bull puts because:
1. I am one leg in the ‘new ATH’ bus
2. I have some short deltas in SPX APR4 LP IC
Credit: 2.00
Debit: 8.00
ROR: 25%
BOT +1 SPX 100 (Weeklys) MAY5 15 2170 CALL @2.70
SPX was down 12 points and it looks like the buyers are once again aggressively buying this dip. I want to hedge this position from more upside pain, but instead of adding and rolling I’m just going to buy an OTM call that will cut NET position delta from -20 to -10. I will go out to MAY5(31) to avoid rapid theta decay. My goal is to milk this trade for as long as I can and be out 1 week before expiration.