RUT/IUX 66% POP MAR 4 970/975/1045/150 IRON CONDOR
Updated
As with my previous, short-term RUT trade, I'm looking to keep buying power engaged while I wait for March index ETF trades to decay and/or work themselves out.
Here's the metrics for the setup:
March 4th 970/975/1045/1050 Iron Condor
Probability of Profit: 66%
Max Profit: ~170/contract
Buying Power Effect/Max Risk: ~$329
Notes: Due to the price of the underlying, look to attempt to get a fill slightly above the mid price, since price can move +/- .05 somewhat quickly. Look to take the entire setup off at 50% max profit or peel off the side that is at or near max profit (<.05) prior to expiration. In the event a side is tested, look to roll the tested side out to the next weekly and sell an oppositional side against for a credit that exceeds the cost of the roll.
Here's the metrics for the setup:
March 4th 970/975/1045/1050 Iron Condor
Probability of Profit: 66%
Max Profit: ~170/contract
Buying Power Effect/Max Risk: ~$329
Notes: Due to the price of the underlying, look to attempt to get a fill slightly above the mid price, since price can move +/- .05 somewhat quickly. Look to take the entire setup off at 50% max profit or peel off the side that is at or near max profit (<.05) prior to expiration. In the event a side is tested, look to roll the tested side out to the next weekly and sell an oppositional side against for a credit that exceeds the cost of the roll.
Note
Oops. The call side should "1045/1050" in the header ... .Note
Filled for 1.65 ... .Note
I'll be looking to take off the put side early next week for near worthless. Price is precariously close to the call side; I'll roll no later than Tuesday if I'm at all uncomfortable with it to the following week's expiration and then proceed to sell a put side against it.Note
Closed the put side for a .10 debit. Although this still has a few days to work out, I prefer not having to watch it, so I rolled the 1045/1050 out another week to the 1060/1070 for a .45 credit and sold a March 11th 985/995 short put spread for another 1.20. Frankly, it's nearly as good as an original setup .... .Note
Bought the put side back for .20 (1.20 credit - .20 debit = 1.00 credit/$100 per contract) profit. Naturally, I still have the call side to deal with next week, which will probably have to be rolled again it looks like.
Related publications
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.