ROLLING: IWM DEC 9TH 116.5/119.5/123.5/126.5 IRON CONDOR ...
... to Dec 9th 124/127/127/131 Iron Fly for a .47 ($47)/contract credit.
I figured I had to do something here to improve the prospects of this broken iron condor.
I first rolled the short call vert side from the 116.5/119.5 short call vert to the 127/131. The only way to get a credit from this intra-expiry roll was to widen the spread by one strike.
And then rolled the short put side up to the 124/127, creating an iron fly.
In order for this setup to have a "perfect finish," price will have to roll back into the "body" of the setup toward expiry. If it doesn't, I'll roll the short call side out again, improve the strikes if I can, and sell the short put side against for a credit such that the cost of the roll is "net credit."
Just can't believe that IWM won't give up some of this post-election up-move ... at some point.
I figured I had to do something here to improve the prospects of this broken iron condor.
I first rolled the short call vert side from the 116.5/119.5 short call vert to the 127/131. The only way to get a credit from this intra-expiry roll was to widen the spread by one strike.
And then rolled the short put side up to the 124/127, creating an iron fly.
In order for this setup to have a "perfect finish," price will have to roll back into the "body" of the setup toward expiry. If it doesn't, I'll roll the short call side out again, improve the strikes if I can, and sell the short put side against for a credit such that the cost of the roll is "net credit."
Just can't believe that IWM won't give up some of this post-election up-move ... at some point.
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