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Thursday, October 19, 2017

December SPX Unbalanced Iron Condor

Trade Details:

20 December SPX 2400/2390 Credit Put spreads  @0.50 Credit ($1000)
10 December SPX 2635/2640 Credit Call spreads @0.50 Credit ($500)

Net Credit: $1,500
Days to Expiration: 57

Conservative Call side once again.
Notice that even though the number of Puts is twice the number of Calls, in reality these Call spreads are 5-point wide. So, the risk profile is similar to that of other Unbalanced Iron Condors I have played where both spreads are 10-point wide and the ratio of Puts to Calls is 4 to 1. Basically what this means, is that I'm artificially still playing a 4:1 ratio of Puts to Calls in this position, as the ten 2635/2640 spreads are similar to having played five 2635/2645.

I had to end up entering the legs separately and the fills took a while, even giving up 0.05 per spread on the Put side. Really challenging times with such low volatility.

Profit picture:
(Click on image to enlarge)


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







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