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Home › Forums › Income Trades › ** Unbalanced IC in SPX
Below are strikes, the bid/ask and the potential fills you can get:
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.
Steven, Could I do this trade with SPY?
Brian, you can do something similar with SPY but the commissions can really eat away at your trade. Make sure you’re going at least 3 wide on your spread sales with SPY.
I went with SPY five wide. Are there any issues if I wanted to go 7 to 10 wide?
It looks like you really have to pay up for the long put.
If you’re going to go 10 wide you might as well be doing the SPX.
That’s seems to be how it is working out as I test it.
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