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BookingAlpha Option Trading Advisory

Friday, May 26, 2017

July 2017 SPX Unbalanced Iron Condor

Trade Details:

20 SPX 2260/2250 Credit Put spreads  0.60 Credit ($1200)
10 SPX 2490/2500 Credit Call spreads 0.95 Credit ($950)

Net Credit: $2,150
Days to Expiration: 56

Profit picture:
(Click on image to enlarge)

An SPX Chart for future reference and self-study:
(Click on image to enlarge)

Trade Update - June 5, 2017

Added 10 July SPY 249 Calls at 0.61 debit as an upside hedge for the Unbalanced Iron Condor

This is the updated risk profile picture. Basically the Unbalanced Iron Condor now looks like an Elephant.
Next defense point is SPX 2,475

Trade Update - June 29, 2017

Closed SPX 2490/2500 Credit Call spreads at 0.25 debit
Original credit was 0.95.
The net gain is 0.70 = $700 in dollar terms for ten spreads

Closed SPY 249 Long Calls. 0.05 credit
Original debit paid for this hedge was 0.61.
The net loss is 0.56 = $560 in dollar terms for the 10 contracts

Net-net: +$700 - $560 = +$140

Just as planned over the weekend, we're closing the Call side of the July SPX Unbalanced Iron Condor, along with the SPY 249 strike long Calls that were purchased as upside hedge three weeks ago.

The 20 SPX 2260/2250 Credit Put spreads are still in the game and looking healthy.

Trade Update - July 3, 2017

Closed SPX 2250/2260 Credit Put spreads at 0.10 debit
Original credit was 0.60.
The net gain is 0.50 = $1000 in dollar terms for twenty spreads

Combining both the Call side and the Put side, this Unbalanced Iron Condor resulted in a $1,140 gain

For details about the management of Unbalanced Elephant positions consider an membership, where there is also material that discusses how to put this type of position in small accounts too.

Check out 2017 Track Record

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

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