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IWM trade ideas

Opened (Margin): IWM 144/154/182/192 Iron Condor... for a 3.34 credit. Comments: (Late Post). Another "synthetic short strangle" I put on on Friday, with the short legs set up around the 25 delta, the longs out from there to obtain a 50% ROC at max metric. 3.34 credit on buying power effect of 6.66; 50.2% at max; 25.1% at 50% max. Will primarily look to roll paired legs (short call/long put, short put/long call) to delta balance. For example, the short call finished the day in .52/$52 worth of profit, the long put .43/$43, so I would look to roll the short call and long put down simultaneously to lock in that realized gain and to delta balance.
AMEX:IWM
by NaughtyPines
1
What is next?IWM gives us mixed signals. It gives both bearish and bullish signals, which can be disturbing, but I have a strategy for that too... But first let's analyse the chart. A symmetrical triangle is forming after a huge seloff. Meanwhile, the weekly S2 pivot point (165.77) and the POC (168.51) are squeezing the price into a tighter range. The tighter it squeezes, the bigger the breakout will be. At the same time; MACD shows a regular divergence, which is bullish. The RSI was oversold(<30), now it is back above 30 and rising, which is also a bullish sign. On the other hand, we are still in a downward trend, so a continuation is possible. It supports the fact that today's green candle is low in volume, which means that participation is low. Whatever the situation, I expect a huge breakout in one direction or another. In my opinion, the "straddle" option strategy is best suited to this situation. I am playing the 18 Nov 22 169 straddle. Support: 165.77, 155.58 Resistance: 168.97, 172.63, 178.24
AMEX:IWM
by benedekdomotor
IWM is basing, don't get bearish yetHey all, IWM has stood out to me for both its relative strength despite the dump into the end of September and the basing pattern it has made at a key level. I was trying to play a bounce early last week, and though I was initially up, I am now either red or neutral on every position I have longed, except for IWM, which I am up on *barely*. I expect there to be a bounce across markets in October; the question, in my eyes, remains when & how substantive; if I had to answer those questions now, I think we put in a bottom early this week, and I am looking for a roughly ~9% bounce on the S&P. As my key reference point, I am looking to 2008. I think we have a ~9% deat cat(S&P) bounce before an accelerated sell-off, similar to 2008. I think trading long here on the Russell is a very solid risk:reward trade.
AMEX:IWMLong
by MichaelEugen1
3
Update (IRA): IWM Sept 30th 177/Nov 18th 200 Long Put DiagonalComments: Just updating my short delta hedge (See Post Below) in IWM so that it appears more toward the top of my ideas queue ... . As of the last short leg roll: Cost basis of 22.58 with a 177.42 break even on a 23 wide. As you can see, price has pushed up quite a bit into the long leg of the setup, but I'll keep rolling the short leg out to reduce cost basis and look to roll the long leg up and out if I run out of time and/or don't get the move I need (i.e., back through the short leg of the setup; this may be somewhat of a tall order at this point, that's 18 strikes below where IWM is currently trading). At the moment, doing this would cost me (and will probably cost me when I actually go ahead and do it). For example, rolling the November 18th 200 long to the December 16th 230 (90 delta), would cost 28.69 at the mid price, increasing my cost basis to 51.27 on a resulting 53 wide with a 178.73 break even (a slight improvement over my current 177.42 break even). I've still got 7 potential rolling opportunities of the short leg from week to week, so will cross that bridge when I come to it ... .
AMEX:IWMShort
by NaughtyPines
7