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Thursday, November 2, 2017

December RUT Unbalanced Iron Condor

Trade Details:

20 December RUT 1380/1370 Credit Put spreads  @0.57 Credit ($1140)
  5 December RUT 1570/1580 Credit Call spreads @0.92 Credit ($460)

Net Credit: $1,600
Days to Expiration: 43

Second position of the December 2017 monthly options expiration cycle. Playing the 4:1 Puts to Calls ratio once again that will allow to further delay any adjustment on the Call side should the market keep rallying endlessly.

I had to go with the strike prices that are multiple of ten, i.e 1570 instead of 1575, which I would have preferred but never got filled on. 1575 on the Call side and 1375 on the Put side, both have significantly smaller volume and open interest at this point as they became available just a few days ago.

Profit picture:
(Click on image to enlarge)


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



Trade Update - November 27, 2017
As per the Action Plan laid out over the weekend, I'm adding long IWM Options and financing them by selling a Credit Put spread

Bought 9 December IWM 157 Calls @0.25 debit
Total debit invested: $225

SOLD 10 December RUT 1450/1445 Credit Put spreads @0.34
Total Credit received: $340

Here's the updated risk profile picture:
20 December RUT 1380/1370 Credit Put spreads  @0.57 Credit ($1140)
  5 December RUT 1570/1580 Credit Call spreads @0.92 Credit ($460)
10 December RUT 1450/1445 Credit Put spreads  @0.34 Credit ($340)
  9 December IWM 157 Long Calls                        @0.25 Debit (-$225)

(Click on image to enlarge)


Trade Update - December 15, 2017

Expiration Day:
20 December RUT 1380/1370 Credit Put spreads expire ($1140 profit)
5 December RUT 1570/1580 Credit Call spreads expire ($460 profit)
10 December RUT 1450/1445 Credit Put spreads expire ($340 profit)
9 December IWM 157 Long Calls expire ($225 loss)

Net Gain: $1,715



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