XOP MAY 18TH 30/32/39/41 IRON CONDOR (LATE POST)
Updated
I apparently neglected to post this when I put it on back on March 27th in the kid's small account, and am doing so here primarily to keep track of cost basis.
Here's the blow by blow:
On March 27th, I opened this trade for a .50/contract credit.
On April 7th, I closed out the short put side for a .05/contract, with a resulting cost basis of .45/contract. Because I needed some short delta, as well as thinking that oil would come off its highs post-OPEC jawboning, etc., I haven't yet moved to cover the short put side or to roll out the short call side for duration (to the June monthly) and then sell a short put vertical against.
I will look at doing that next week ... .
Here's the blow by blow:
On March 27th, I opened this trade for a .50/contract credit.
On April 7th, I closed out the short put side for a .05/contract, with a resulting cost basis of .45/contract. Because I needed some short delta, as well as thinking that oil would come off its highs post-OPEC jawboning, etc., I haven't yet moved to cover the short put side or to roll out the short call side for duration (to the June monthly) and then sell a short put vertical against.
I will look at doing that next week ... .
Trade active
Rolling the call side out as is to June for a .06/contract credit and selling the 34/36 short put vert against for a .32/contract credit. Cost basis at .83. I also had a corresponding naked short strangle on in my own account: rolled the 39 short call for a .49/contract credit, sold the 36 short put against for a .65 credit, covered the May 18th 32 short put for .04. Cost basis in that puppy is .98 + .49 + .65 - .04 = 2.08/contract.Trade closed manually
Covering the IC for a 1.09 debit on this down day, resulting in a small loser (.26). Also covering the short strangle for 1.93, so small winner (.15).
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