Open Trade Update

IncomeLab Forum Forums Income Lab Open Trade Update

This topic contains 4 replies, has 1 voice, and was last updated by  Igor 2 years, 1 month ago.

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  • #6734

    Igor
    Keymaster

    1. SPX AUG Iron Condor:

    This trade expires next week on Thursday. We’re going to start to work our way out of this position by buying to close 2180/2190 put spreads and 2190/2200 call spreads.

    *For advanced traders: IF SPX breaks out of recent range and there’s follow through we may add spreads to make this a broken wing Iron Butterfly and hold until 3PM Thur.
    *IF SPX breaks out to the upside, adding more 2180/2190 bull puts:

    *IF SPX breaks down, adding more 2190/2200 bear calls:

    In any case, we are not going to expire this trade, all spreads to be closed by the end of the day on Thursday.

    2. SPX AUG4 Iron Condor:

    This trade has 2 weeks left until expiration and the delta of a short call is around 8. We’re going to close this trade by buying back 2220/2230 call spread either later in the week or early on the week of expiration.
    *SEP1 2250 call that we used as a hedge is trading for about .50c and we may leave that on to expire worthless.

    3. SPX SEP4 Iron Condor:

    Short call’s delta is currently around 11. We dont have to do anything, as far as adjustments go, until the delta of that option turns 20, which is around 2210 on the SPX chart between now and 8/19. On the downside, we dont have any adjustments to make until SPX trades down to 2095 between now and end of next week.

    4. SPX OCT1 Iron Condor:

    We entered this trade earlier this week. Short call’s delta is around 11 and the potential adjustment level for this trade is 2215 by the end of next week. On the downside, we have no adjustments to make until SPX trades down to 2125.

    Please note, the potential levels of adjustments were taken from ThinkOrSwim analyze tab to see at what price level our short option’s delta turns 20. We also use alerts to be notified when we’ve reached the adjustment point. You can see how we set up alerts here

    #6784

    Igor
    Keymaster

    1. SPX SEP4 Iron Condor

    This trade is at 50% of credit in 17 days since entry. Short call’s delta is around 7 and we don’t need to make any adjustments unless SPX breaks out and trades around 2210 by the end of next week. Closing this trade for .75c debit or better is a good exit, but we’ll let it simmer and we’ll take a look at it again next week.

    2. SPX OCT1 Iron Condor

    This trade is at about 30% of max profit in 8 days since entry and short call’s delta is around 8. This trade requires no adjustment until short call’s delta reaches 20 or SPX trades north of 2215 by the end of next week.

    3. SPX OCT1 Iron Condor Plus

    This trade finished slightly in the green this week and our stop is 2215 by the end of next week or WHEN/IF P/L is -20%

    If you have any questions, feel free to post them in the forums or in the Trading Room

    #6842

    Igor
    Keymaster

    8/27/2016

    This week we exited 2 positions, SPX SEP4 Iron Condor and SPX OCT1 Iron Condor Plus. This leaves us with 1 open position.

    SPX OCT1 Iron Condor

    Short call’s delta is around 5 and short put’s delta is about -11. We won’t need to make any adjustments to this trade unless either short leg’s delta reaches 20 or SPX trading around 2225 on the upside and 2115 on the downside by the end of next week.

    #8230

    Igor
    Keymaster

    SPX 26JUL KISS IC:

    Current P/L: +600
    Trade Plan: We’re looking to BUY TO CLOSE this IC for .30c debit.

    SPX 31AUG ICBASE:

    Current P/L: +450
    Trade Plan: We’re going to make adjustments WHEN/IF short strike’s delta reaches 20-25. This trade is slightly ahead, currently at around 17% of max profit in 5 days since entry.

    SPX 11AUG KISS IC:

    Current P/L: 0
    Trade Plan: looking to capture 70-80% of max profit while risking 2X profit target.

    RUT 18AUG EIP:

    Current P/L: +200
    Trade Plan: Add Tier 3 above 1430, current profit target 800, stop -800. Scale out of T2 below 1370

    #8248

    Igor
    Keymaster

    SPX 11AUG KISS IC:


    Trade Plan: We’re going to stop out of this trade at a loss of 2X of our profit target (-1950). Our profit target is around 70-80% of MAX Profit (975)


    SPX 31AUG ICBASE:


    Trade Plan: We’re going to roll up 2290/2280 Bull Put spread up to 2350/2340 or to closest strike to 15 delta for a credit of .80c-.90c. We’re also going to BUY TO OPEN OTM call(s) to remove 2/3 of NET delta to lift T+0 line on the upside and control losses IF SPX continues to move higher.


    SPX 26JUL KISS IC:


    Trade Plan: We’re going to BUY TO CLOSE this IC for .30c or put orders to leg out of each side of this trade for .10c-.20c


    RUT 18AUG EIP:


    Trade Plan: We’re going to scale Tier 3 when RUT trades above 1430. Our current Profit Target is 800 and stop when P/L -800. If RUT trades below 1370, we’re going to scale out of Tier 2 and reduce our Profit Target to 400 while keep ing our stop the same (-800). If we scale Tier 3, we’re going to raise our Profit target and stop to 1200.

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