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Wednesday, November 22, 2017

January 2018 SPX Unbalanced Iron Condor

Trade Details:

20 January SPX 2440/2450 Credit Put spreads  @0.65 Credit ($1300)
  5 January SPX 2685/2695 Credit Call spreads @0.80 Credit ($400)

Net Credit: $1,700
Days to Expiration:58

The first position of 2018. Conservative Call side once again.

Profit picture:
(Click on image to enlarge)


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



Trade Update - November 30, 2017

SOLD 10 January SPX 2480/2475 Credit Put spreads @0.30 credit
Total credit: $300

BOUGHT 3 January SPY 269 Calls @1.17 debit
Total debit: $351


Position:
20 January SPX 2440/2450 Credit Put spreads  @0.65 Credit ($1300)
  5 January SPX 2685/2695 Credit Call spreads @0.80 Credit ($400)
10 January SPX 2475/2480 Credit Put spreads  @0.30 Credit ($300)
 3 January SPY 269 Long Calls                          @1.17 Debit (-$351)


Trade Update - December 13, 2017

CLOSED all 5 January SPX 2685/2695 Credit Call spreads @4.65 debit
Original credit was 0.80
Net loss 3.85 per spread = $1,925

CLOSED 3 January SPY 269 Long Calls @1.52 credit
Original debit paid was 1.17
Net gain 0.35 per spread = $105

INITIATED 12 January SPX 2745/2750 Credit Call spreads @0.45 credit


Current Position:
20 January SPX 2440/2450 Credit Put spreads  @0.65 Credit ($1300)
10 January SPX 2475/2480 Credit Put spreads  @0.30 Credit ($300)
12 January SPX 2745/2750 Credit Call spreads @0.45 Credit ($540)
Total credit in the open position is now $2,140
Today we suffered a $1,925 loss and made a small $105 gain.
Net-net that is a $1,820 loss today. The remaining credit in the position can overcome this loss, resulting in a small winner at expiration.

Trade Update - January 5, 2018

Closed 2745/2750 Credit Call spreads @2.05 debit.
Credit on these ten spreads was 0.45
Net loss is 1.60, which in 12 spreads represents -$1920.

Initiated 12 January 2785/2790 Credit Call spreads @0.40 credit.


Current Position:
20 January SPX 2440/2450 Credit Put spreads  @0.65 Credit ($1300)
10 January SPX 2475/2480 Credit Put spreads  @0.30 Credit ($300)
12 January SPX 2785/2790 Credit Call spreads @0.40 Credit ($480)
Total credit in the open position is now $2,080

And so far we have suffered two losses ($1820 and $1920 = $3,740)
At this point the January SPX Unbalanced Iron Condor will definitely be a net loser.

Trade Update - January 12, 2018

CLOSED 12 January 2785/2790 Credit Call spreads @1.75 credit
Original credit was 0.40. Net loss is 1.35 per spread = -$1,620

Initiated 12 March 2900/2905 Credit Call spreads @0.50 credit.
Net credit $600

Current Position:
20 January SPX 2440/2450 Credit Put spreads  @0.65 Credit ($1300)
10 January SPX 2475/2480 Credit Put spreads  @0.30 Credit ($300)
12 March SPX 2900/2905 Credit Call spreads @0.50 Credit ($600)
Total credit in the open position is now $2,200

...and I've suffered three losses in the position for a total of  $5360

Cruel start to the year. I will recover from this, but it will take a while.

SPX touched 2,784 today. Back on November 22, when the original Iron Condor was initiated (Call side 2685/2695), Jan 2780 Calls were showing a 1.90% probability of expiring in the money on the trading platform. That's like nothing. This is the toughest possible market for a neutral trader, certainly this month has been the toughest ever for me, surpassing even 2013 in my opinion in terms of difficulty.

Trade Update - January 19, 2018

The following spreads expired:
20 January SPX 2440/2450 Credit Put spreads  ($1300 profit)
10 January SPX 2475/2480 Credit Put spreads  ($300 profit)
Total profit: $1,600


The only thing left in play is now:
12 March SPX 2900/2905 Credit Call spreads @0.50 Credit ($600)

and overall we've had losses for a total of $5360
and today's gains of $1600
Therefore, this is a $3,760 loss so far, with $600 in credit left (March 2900/2905 Credit Call spread)


Trade Update - January 23, 2018

BOUGHT 2 SPY March 290 Calls @1.50 debit
Total Debit: $300.
Upside hedge for the SPX 2900/2905 Credit Call spreads

Trade Update - January 29, 2018

CLOSED 12 March SPX 2900/2905 Credit Call spreads @2.20 debit ($2640)
Original credit was $600, so there is a $2040 loss.

CLOSED 2 SPY March 290 Calls @2.85 credit  ($570)
Original total debit paid was $300, so there is a small $270 gain.

We're done with the January SPX Unbalanced Iron Condor.
The final result, computing all the spreads that were played over time is $5530 and this was with three adjustments made on the Call side, which ties a record.


20 January SPX 2440/2450 Credit Put spreads  $1300
  5 January SPX 2685/2695 Credit Call spreads $1925
10 January SPX 2475/2480 Credit Put spreads   $300
 3 January SPY 269 Long Calls                          $105
12 January SPX 2745/2750 Credit Call spreads $1920
12 January 2785/2790 Credit Call spreads        $1620
12 March 2900/2905 Credit Call spreads           $2040
2 SPY March 290 Calls                                      $270



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