TRADE IDEA: EWW DEC 2ND 43.5/46.5/53.5/56.5 IRON CONDOR
Updated
With a 52-week implied volatility rank of 100 and an implied volatility of 35, EWW -- the Mexican ETF, beckons for premium selling ... . Here, the iron condor brackets the ZigZag/Donchian channel indicated support/resistance at 48.22 and 54.25 nicely, with break evens for the setup above and below those marks.
Here are the metrics for the setup:
Probability of Profit: Unavailable*
Max Profit: 100/contract
Max Loss: 200/contract
Break Evens: 45.50/54.50
Notes: * -- Accurate probability of profit metrics are unavailable here in the off hours, probably due to after hours bid/ask in the underlying showing bid 44.12/ask 73.00/last 49.98. Look to manage at 50% max profit.
Here are the metrics for the setup:
Probability of Profit: Unavailable*
Max Profit: 100/contract
Max Loss: 200/contract
Break Evens: 45.50/54.50
Notes: * -- Accurate probability of profit metrics are unavailable here in the off hours, probably due to after hours bid/ask in the underlying showing bid 44.12/ask 73.00/last 49.98. Look to manage at 50% max profit.
Note
As usual, this setup was far sexier in the off hours. When I woke up sober this morning, "she confronted me with a wide bid/ask" (i.e., I couldn't get near the "credit" quoted in the off hours ... ), so no fill.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.