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BookingAlpha Option Trading Advisory

Monday, September 16, 2013

October SPX Put side. New roll up

Today I modified the SPX 1540/1545/1750/1755 Iron Condor by closing the puts and opening a new put side using strikes 1575/1580

This position was initially a 1525/1530/1750/1755 Iron Condor. The Put side was rolled up to 1540/1545 last week for a profit of $140, and now the 1540/1545 Put spread is rolled up to 1575/1580 for an extra $100 profit.

The trade was as a follows:
Sold to close 4 October 1540 Put @1.80
Bought to close 4 October 1545 Put @1.95 
Bought to open 4 October 1575 Put @3.40
Sold to open 4 October 1580 Put @3.70

The whole operation for a net credit of 0.15. But in particular the 1540/1545 spread was closed for 0.15 debit. This spread has a credit of 0.40, which means the profit here was 0.25 ($100 in 4 contracts per leg).

The new Iron Condor, is SPX 1575/1580/1750/1755 and contains a total credit of $320.

(Click on image to enlarge)
Probability of success 72%, 31 days to expiration.

Related Articles
1575/1580 Credit Put Spread closed

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  1. I am waiting near the end of the week to roll my Oct SPX from 1495/1490 to 1575/1570. I suspect we will be trading below 1700 by end of week. 1575 is the 200-DMA. I still have not iron condor with bear call spread. I will do it if we hit a new all time high.

  2. You're playing more conservatively. Which is good. I'm just trying to push it a little bit more to have a decent result at the end of the year. But I'm pretty aware of the dangers. By the way the idea you mentioned the other day, of only selling Put spreads, is really worth looking at. I've been playing with the numbers and doing a lot of back test. I'll probably publish the study in the near future. Once again, thanks for dropping by.