Trade Details:
20 SPX 2250/2240 Credit Put spreads 0.57 Credit ($1140)
5 SPX 2465/2475 Credit Call spreads 0.81 Credit ($405)
Due to the sub 11 VIX, I also added a small long SPY Put
1 SPY 228 Put 0.98 debit ($98)
Net Credit: $1,447
Days to Expiration: 43
Very conservative on the Call side because everything is so close with the low volatility levels, that, well, I don't want to have to lament anything, especially if the market suddenly breaks out.
Profit picture:(Click on image to enlarge)
An SPX Chart for future reference and self-study:
(Click on image to enlarge)
For details about the management of Unbalanced Elephant positions consider an LTOptions.com membership, where there is also material that discusses how to put this type of position in small accounts too.
Check out 2017 Track Record
20 SPX 2250/2240 Credit Put spreads 0.57 Credit ($1140)
5 SPX 2465/2475 Credit Call spreads 0.81 Credit ($405)
Due to the sub 11 VIX, I also added a small long SPY Put
1 SPY 228 Put 0.98 debit ($98)
Net Credit: $1,447
Days to Expiration: 43
Very conservative on the Call side because everything is so close with the low volatility levels, that, well, I don't want to have to lament anything, especially if the market suddenly breaks out.
Profit picture:(Click on image to enlarge)
An SPX Chart for future reference and self-study:
(Click on image to enlarge)
Trade Update - May 30, 2017
Closed 5 SPX 2465/2475 Credit Call spreads 0.45 Debit
Original Credit was 0.81. Net gain is 0.36 per contract, $180 in dollar terms.
Put side remains in play
Closed 5 SPX 2465/2475 Credit Call spreads 0.45 Debit
Original Credit was 0.81. Net gain is 0.36 per contract, $180 in dollar terms.
Put side remains in play
Trade Update - June 16, 2017
20 SPX 2250/2240 Credit Put spreads expire for max profit
Original Credit was 0.57. Net gain is $1140 in dollar terms.
1 SPY 228 Put 0.98 debit expires worthless for max loss (Saturday June 17th)
$98 in dollar terms.
Overall the Put side return is $1,140 - $98 = $1,042 Put side remains in play.
The entire SPX Unbalanced Iron Condor position is now closed. Combining the Put side gains with the gains obtained from the Call side earlier (May 30), the position resulted in a $1,222 total profit.
20 SPX 2250/2240 Credit Put spreads expire for max profit
Original Credit was 0.57. Net gain is $1140 in dollar terms.
1 SPY 228 Put 0.98 debit expires worthless for max loss (Saturday June 17th)
$98 in dollar terms.
Overall the Put side return is $1,140 - $98 = $1,042 Put side remains in play.
The entire SPX Unbalanced Iron Condor position is now closed. Combining the Put side gains with the gains obtained from the Call side earlier (May 30), the position resulted in a $1,222 total profit.
For details about the management of Unbalanced Elephant positions consider an LTOptions.com membership, where there is also material that discusses how to put this type of position in small accounts too.
Check out 2017 Track Record
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