We’re going to put on an Iron Condor in 12 JUL WEEKLY expiration cycle with 30 days until expiration. These options expire on WED. We’re selling:
SPX 2325/2320 Bull Put spread
SPX 2485/2490 Bear Call spread
Short strike on the put side has a delta around 15 and the short call delta around 10.
These are 5 point wide credit spreads.
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.