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BookingAlpha Option Trading Advisory

Thursday, February 18, 2016

June30 SPX Unbalanced Iron Condor

New position entered during morning hours:

Trade Details:

Buy 8 SPX 1500 June30 Put @15.90
Sell 8 SPX 1525 June30 Put @17.85
Sell 4 SPX 2150 June30 Call @6.45
Buy 4 SPX 2175 June30 Call @3.90

Total Credit: $2,580
Max Risk: $17,420

SPX Chart during morning hours on February 18 for future reference:
(Click on image to enlarge)

Trade Update - March 29, 2016
Put side 1525/1500 closed for 0.40 debit. Profit is 1.55, $1,240 for 8 spreads.
Trade Update - April 19, 2016
Call side 2150/2175 closed for 8.15 debit. A loss of 5.60 (2.55 - 8.15) per spread, $2,240 for 4 spreads.

Deployed a new 2200/2225 Credit Call spread. 8 contracts per leg at 2.60 credit each.
Trade Update - May 5, 2016
The June30 2200/2225 Credit Call spread is closed for 0.60 debit. A gain of 2.00 (2.60 - 0.60) per spread, $1,600 for 8 spreads.

The position is completely closed now.

To sum up, the original 1500/1525/2150/2175 unbalanced Iron Condor resulted in a Net final profit of $600 ($1240 - $2240 + $1600). It had to be defended once as we endured a parabolic move from SPX 1,923 (the day the position was entered) to 2,111 and still came out with a profit in the end while keeping our risks well under control.

If you are interested in a responsible and sustainable way of trading options for consistent income with solid risk management, consider acquiring LTOptions, my options trading system to the last detail.

Check out 2016 Track Record


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