June 2013 SPX Iron Condor

With 8 weeks to expiration, an SPX 1430/1435/1660/1665 Iron Condor was sold yesterday (Friday April 26) for 0.80 credit as follows:

BUY 4 SPX 1430 Put @4.70
SELL 4 SPX 1435 Put @5.00
SELL 4 SPX 1660 Call @3.10
BUY 4 SPX 1665 Call @2.60


Credit: 0.80 ($320)
Margin: 4.20 ($1680)
Max return on Margin: 19.05%
Days to expiration: 55
Break-even points: 1434.20 and 1660.80

It wasn't possible for me to write up this article yesterday, but if you want to know about my trades with more immediacy you can follow me on twitter, I usually twit them out a few seconds after I get the fills.

SPX was around 1585 when the trade was entered. I'm leaving 75 points to the upside vs 150 to the downside, allowing for some correction that just will happen at some point.

(Click on image to enlarge)

78.64% probability of success.

Finally, as usual, a chart of SPX at market close on Friday for future reference

(Click on image to enlarge)

This is the first trade of the June expiration cycle.

Check out Track Record for 2013

Related Articles:
Weekend Portfolio Analysis (05-04-2013)
June 2013 SPX Iron Condor adjustment 

Go to the bottom of this page in order to see the Legal Stuff