SPX November Unbalanced Iron Condor

Trade Details:

4 November SPX 2930/2930 Credit Put spread @0.80 credit each

1 November SPX 3720/3730 Credit Call spread @0.90 credit

Net Credit: $410
Max Risk: $3,590
 43 days to Exp.

SPX October Unbalanced Iron Condor

Trade Details:

4 October SPX 3025/3015 Credit Put spread @0.60 credit each

2 October SPX 3800/3810 Credit Call spread @1.00 credit

Net Credit: $440
Max Risk: $3,560
 45 days to Exp.

September SPX Unbalanced Iron Condor

Trade Details:

4 September SPX 2775/2765 Credit Put spread @0.65 credit each
1 September SPX 3490/3500 Credit Call spread @0.90 credit

Net Credit: $350
Max Risk: $3,650
50 days to Exp.

August SPX Unbalanced Iron Condor

Trade Details:

4 August SPX 2430/2420 Credit Put spread @0.80 credit each
1 August SPX 3340/3350 Credit Call spread @0.95 credit

Net Credit: $415
Max Risk: $3,585
56 days to Exp.

July SPX Unbalanced Iron Condor

Trade Details:

4 July SPX 2260/2250 Credit Put spread @0.80 credit each
1 July SPX 3180/3190 Credit Call spread @0.90 credit

Net Credit: $410
Max Risk: $3,590
64 days to Exp.

March 2020 SPX Unbalanced Iron Condor

Trade Details:

3 March SPX 2985/2975 Credit Put spread @0.70 credit each
1 March SPX 3450/3460 Credit Call spread @1.20 credit

I went with a 3x1 ratio instead of the usual 4x1. Totally at my discretion. I feel it is not the right time to be overly exposed on the downside.

Net Credit: $330
Max Risk: $2,670
56 days to Exp.

January 2020 SPX Unbalanced Iron Condor

Trade Details:

4 January SPX 2790/2780 Credit Put spread @0.65 credit each
1 January SPX 3230/3240 Credit Call spread @1.10 credit

Net Credit: $370
Max Risk: $3,630
44 days to Exp.

December SPX Unbalanced Iron Condor

Trade Details:

8 December SPX 2720/2725 Credit Put spread @0.35 credit each
1 December SPX 3160/3170 Credit Call spread @1.00 credit

The Put side is 5-points wide this time due to liquidity issues. I wasn't getting the fill on a 2715/2725 spread. So, I went with a 5-point wide (2720/2725) and doubled the number of spreads. Risk-wise it is almost as if I was trading my usual   4 to 1  (4 Put spreads vs 1 Call spreads both 10-point wide)

November SPX Unbalanced Iron Condor

Trade Details:

4 November SPX 2710/2700 Credit Put spread @0.65 credit each
1 November SPX 3180/3190 Credit Call spread @1.05 credit

October SPX Unbalanced Iron Condor

Trade Details:

4 October SPX 2590/2580 Credit Put spread @0.75 credit each
1 October SPX 3100/3110 Credit Call spread @1.10 credit

September SPX Unbalanced Iron Condor

Trade Details:
(It was actually entered yesterday July 31, I just didn't find the time to come blog about it)

4 September SPX 2730/2720 Credit Put spread @0.65 credit each
1 September SPX 3120/3130 Credit Call spread @1.05 credit

July SPX Unbalanced Iron Condor

Trade Details:

4 July SPX 2670/2660 Credit Put spread @0.65 credit each
1 July SPX 3040/3050 Credit Call spread @0.90 credit

June SPX Unbalanced Iron Condor

Trade Details:

4 June SPX 2670/2660 Credit Put spread @0.60 credit each
1 June SPX 3050/3060 Credit Call spread @1.00 credit

Analysis of the CBOE CNDR Index - an Iron Condors benchmark

The CBOE’s CNDR index is a benchmark that tracks the hypothetical performance of a monthly SPX Iron Condor with short options at ~20 deltas, and long options at ~5 deltas. No trade adjustments/defense of any sort.

Let's have a look at its historical performance, illustrated on the CBOE website at http://www.cboe.com/index/dashboard/CNDR#cndr-performance

March RUT Unbalanced Iron Condor

Trade Details:
20 March RUT 1440/1450 Credit Put spreads  @0.62 Credit ($1240)
  5 March RUT 1680/1690 Credit Call spreads @0.88 Credit ($440)

Net Credit: $1,680
Days to Expiration: 56

Options Trading reflections (2017 Edition)

2017 was good Options Trading wise. Prior to it (2016), it was my actual passive investing activity that excelled, and earlier it was Forex. So, it looks like every year the "leading" component of my money that is at risk in the markets tends to change. But in 2017 the results I got from Options were fairly good.

The final performance number is +20.27%. The SPX benchmark was up 19.42%. Now, if we include dividends, then the number is 21.7%. Strictly comparing starting and ending prices, I outperformed the index. Comparing against the ETF that pays dividends, I under-performed it. Of course the pure SPY holder does not get that return due to broker commissions plus the ETF's management fees, but that aside, it is undeniable that the markets had a spectacular year for passive investors.

February 2018 SPX Unbalanced Iron Condor

Trade Details:

40 February SPX 2520/2525 Credit Put spreads  @0.25 Credit ($1000)
20 February SPX 2780/2785 Credit Call spreads @0.45 Credit ($900)

Net Credit: $1,900
Days to Expiration: 57

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

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

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