SPX 11 AUG KISS Iron Condor (587)

IncomeLab Forum Forums Income Lab SPX 11 AUG KISS Iron Condor (587)

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

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  • #8227

    Igor
    Keymaster

    SPX at 2426
    VIX at 10.91

    We’re going to put on an Iron Condor in 11 AUG WEEKLY expiration cycle with 31 days until expiration. These options expire on Fri. We’re selling:

    SPX 2345/2340 Bull Put spread
    SPX 2490/2495 Bear Call spread

    Short strike on the put side has a delta around 15 and the short call delta around 9.
    These are 5 point wide credit spreads.

    Risk Profile:

    Risk Management:
    Profit Target: .60c
    MAL: 2X PT ($1.20)
    If either side of this IC goes to .05c – this is a good way to leg out of the trade. This IC has a 30-day duration and there will be NO ADJUSTMENTS.

    IncomeLab Order Ticket
    Type Asset Duration Strike C/P
    BTO SPX 11 AUG 17 2495 Call
    STO SPX 11 AUG 17 2490 Call
    STO SPX 11 AUG 17 2345 Put
    BTO SPX 11 AUG 17 2340 Put
    Total Credit: $0.80c – $0.90c

    #8235

    Igor
    Keymaster

    Igor – A quick question – Why did you go for a KISS IC rather than an ICBase IC which is more flexible?
    – Many thanks

    #8236

    Igor
    Keymaster

    We just added ICBASE last week and putting another ICBASE would be doubling the risk without getting any significant increase in reward. This trade (KISS IC) is a shorter duration trade and is a good cash flow trade, IMO.

    –Igor

    #8312

    Igor
    Keymaster

    We’re going to BUY TO CLOSE 2490/2495 Bear Call spread

    IncomeLab Order Ticket
    Type Asset Duration Strike C/P
    BTC SPX 11 AUG 17 2490 Call
    STC SPX 11 AUG 17 2495 Call
    Total Debit: $1.90

    #8313

    Igor
    Keymaster

    We’re going to BUY TO CLOSE remaining Bull Put spread

    IncomeLab Order Ticket
    Type Asset Duration Strike C/P
    BTC SPX 11 AUG 17 2345 Put
    STC SPX 11 AUG 17 2340 Put
    Total Debit: $0.10-$0.15

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