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MarcoParticipant
Brian the amount of calls you wanna buy is tied to the fact you cut your NET delta. That means that right now (29th nov, SPX trading at 2208) if you have 1 condor, you gonna have a net delta of 3.9, if you have 10 condor you are gonna have a net delta of 39, if you have 15 condor you gonna have a net delta of 58.5 and so on.
So the amount of calls you need to buy is tied to your net delta, which is tied to the amount of IC you have.
MarcoParticipantright now adjustment points in 1 day are 2170 2070 gonna check later T+7 and T+15
MarcoParticipantNov election is a known unknown. After brexit, chances are is gonna get priced in very soon
MarcoParticipantFilled this morning on the call side for .25, i think you can get an even better price now
MarcoParticipantThanks for the reply. Getting in consideration the skew of the puts for an hedge is something really smart.
MarcoParticipantQuestion: why did you bought back half instead of cutting the risk with otm puts? I get the “why” regarding the action, but I didn’t expect this weapon of choice – buying back half.
MarcoParticipantThis is the current situation I am in
I was able to buy to close the call spread 2210/20 call spreads for .35 and I sold to open half 2180/90 call spreads for 1.15.
MarcoParticipantfilled today at 1.70
MarcoParticipantIn my opinion (and this should probably all go inside a new topic), the management part is actually one of the most important part. As you and Steven always say, the hardest thing in income trading is doing nothing.
BUT…
If you really wanna do something, there are plenty of right and wrong things to do.
This is a very cool technique to be in the trade without upside risk.BTW, today i closed this condor. I preferred to just take the trade home, thanks for all the suggestions was a great trade from all points of view.
- This reply was modified 6 years, 11 months ago by Marco.
MarcoParticipantNew condor, not the best but this is what i have to work on right now.
Closed the put side, rolled up half for .80. The new credit that is showing is .90 cause the mid just jumped after filling my order
- This reply was modified 6 years, 12 months ago by Marco.
MarcoParticipantHad a 1880-1870 put spread that i was able to close at .35 this morning.
MarcoParticipantYou are seeing the combination at a given time of the price combined of these contracts. You are NOT seeing the price of your condor, or the history of the condors bought and sold.
MarcoParticipantTrying to sell 1970-1960, half size, at .80
EDIT filled. Mid showing .90 now and delta jumped a bit on the short side so you probably wanna lower the strikes a bit or wait mid morning to see how the spy trades.
- This reply was modified 7 years ago by Marco.
MarcoParticipantCovered the put side (1890-1900) at .40 at the bell. Gonna look to resell something tomorrow
MarcoParticipantpretty clear, thanks for the plan
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