SPX 7 JUL Iron Condor (534)

IncomeLab Forum Forums Income Lab SPX 7 JUL Iron Condor (534)

This topic contains 5 replies, has 1 voice, and was last updated by  Igor 2 years ago.

Viewing 6 posts - 1 through 6 (of 6 total)
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  • #7936

    Igor
    Keymaster

    SPX at 2403
    VIX at 9.74

    We’re going to put on an Iron Condor in 7 JUL WEEKLY expiration cycle with 59 days until expiration. We’re selling:

    SPX 2280/2270 Bull Put spread
    SPX 2490/2500 Bear Call spread

    Short strike on the put side has a delta around 15 and the short call delta around 11.
    These are 10 point wide credit spreads.

    Risk Profile:

    Our Max Allowable Loss (MAL) is around 1.5 times total credit. If total credit is $1.70 then MAL is $2.55
    Our first profit target is 50% of credit in 25 days or less.
    We’re going to manage this position when short put delta reaches 25 or short call delta reaches 20

    IncomeLab Order Ticket
    Type Asset Duration Strike C/P
    BTO SPX 7 JUL 17 2500 Call
    STO SPX 7 JUL 17 2490 Call
    STO SPX 7 JUL 17 2280 Put
    BTO SPX 7 JUL 17 2270 Put
    Total Credit: $1.70-$1.80

    #7958

    Igor
    Keymaster

    We’re going to BUY TO CLOSE 2490/2500 Bear Call spread here. This leaves 2280/2270 Bull Put spread ON

    IncomeLab Order Ticket
    Type Asset Duration Strike C/P
    BTC SPX 7 JUL 17 2490 Call
    STC SPX 7 JUL 17 2500 Call
    Total Debit: $0.20-$0.30

    #7969

    Igor
    Keymaster

    We are going to SELL TO OPEN 1/2 size Bear Call spread to cut delta.

    P/L graph

    IncomeLab Order Ticket
    Type Asset Duration Strike C/P
    STO SPX 7 JUL 17 2450 Call
    BTO SPX 7 JUL 17 2460 Call
    Total Credit: $1.00-$1.10

    >

    #7999

    Igor
    Keymaster

    We’re going to roll up 2450/2460 Bear Call to 2480/2490 and add size to the new call spread to match the size of 2280/2270 Bull Put spread.

    1. BUY TO CLOSE 2450/2460 Call spread

    IncomeLab Order Ticket
    Type Asset Duration Strike C/P
    BTC SPX 7 JUL 17 2450 Call
    STC SPX 7 JUL 17 2460 Call
    Total Debit: $3.10

    2. SELL TO OPEN 2480/2490 Call spread

    IncomeLab Order Ticket
    Type Asset Duration Strike C/P
    STO SPX 7 JUL 17 2480 Call
    BTO SPX 7 JUL 17 2490 Call
    Total Credit: $1.10

    P/L graph:

    #8034

    Igor
    Keymaster

    SPX at 2434.

    We’re going to roll up 2280/2270 Bull Put spread to 2350/2340 (full size)

    1. BUY TO CLOSE 2280/2270 put spread

    IncomeLab Order Ticket
    Type Asset Duration Strike C/P
    BTC SPX 7 JUL 17 2280 Put
    STC SPX 7 JUL 17 2270 Put
    Total Debit: $0.30

    2. SELL TO OPEN 2350/2340 Put spread

    IncomeLab Order Ticket
    Type Asset Duration Strike C/P
    STO SPX 7 JUL 17 2350 Put
    BTO SPX 7 JUL 17 2340 Put
    Total Credit: $0.80

    P/L graph after this roll

    #8100

    Igor
    Keymaster

    We’re going to BUY TO CLOSE this Iron Condor.

    IncomeLab Order Ticket
    Type Asset Duration Strike C/P
    STC SPX 7 JUL 17 2490 Call
    BTC SPX 7 JUL 17 2480 Call
    BTC SPX 7 JUL 17 2350 Put
    STC SPX 7 JUL 17 2340 Put
    Total Debit: $1.00

    P/L graph:


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