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

Profit picture:(Click on image to enlarge)

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

Trade Update - January 8, 2018  

CLOSED 20 February SPX 2780/2785 Credit Call spreads @1.60 Debit
The original credit was 0.45 so this is a net 1.15 loss. -$2300 in dollar terms.

INITIATED 20 February SPX 2825/2830 Credit Call spreads @0.45 Credit
Net Credit: $900

INITIATED 10 February SPX 2625/2620 Credit Put spreads @0.30 Credit


Current Position:
40 February SPX 2520/2525 Credit Put spreads  @0.25 Credit ($1000)
20 February SPX 2825/2830 Credit Call spreads  @0.45 Credit ($900)
10 February SPX 2625/2620 Credit Put spreads  @0.30 Credit ($300)
Total Credit $2,200

Today we suffered a $2300 loss and the current position has a $2,200 credit. So, assuming the current spreads are successful, this loss would be erased almost entirely. Unfortunately the position will not be a winner. Remind me to never again pay 2:1 ratio Iron Condors.

Trade Update - January 12, 2018  

Bought 8 February SPY 282 Calls @1.25 Debit as upside hedge

Current Position:
40 February SPX 2520/2525 Credit Put spreads  @0.25 Credit ($1000)
20 February SPX 2825/2830 Credit Call spreads  @0.45 Credit ($900)
10 February SPX 2625/2620 Credit Put spreads  @0.30 Credit ($300)
  8 February SPY 282 Calls 1.25 debit (-$1,000)
Total Credit $1,200

Next adjustment point for this position is SPX 2,820. If it happens, I will close Call side at a loss (SPY Long Calls for gains) and I will deploy new Credit Call spreads in the high 2900's April expiration.

Trade Update - January 22, 2018

CLOSED 20 February SPX 2825/2830 Credit Call spreads @2.50 Debit
The original credit was 0.45 so this is a net 2.05 loss. -$4100 in dollar terms.

CLOSED 8 February SPY 282 Calls @2.35 Debit
The original debit invested was 1.25 so this is a net 1.10 gain. +$880 in dollar terms.


Current Position:
40 February SPX 2520/2525 Credit Put spreads  @0.25 Credit ($1000)
10 February SPX 2625/2620 Credit Put spreads  @0.30 Credit ($300)
Total Credit $1,300

Up to now the result is: losses of $2300 and $4100 combined with a gain of $880. Net net = -$5520
At the same time there is $1300 credit left which should be a winner at expiration.

Trade Update - Feb 6, 2018

CLOSED 10 February SPX 2625/2620 Credit Put spreads  @3.70 Debit
The original credit was 0.30 so this is a net 3.49 loss. -$3400 in dollar terms.

CLOSED 10 February SPX 2520/2525 Credit Put spreads  @0.25 Debit
The original credit was 0.25. Break-even.


This has been a challenging position to manage, threatened both on the Call and the Put side. Here's the entire progression:
 
40 February SPX 2520/2525 Credit Put spreads $0
20 February SPX 2780/2785 Credit Call spreads $2300
  8 February SPY 282 Calls  +$880
20 February SPX 2825/2830 Credit Call spreads $4100
10 February SPX 2625/2620 Credit Put spreads  $3400


FINAL TOTAL BALANCE:  $8920

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