Live Iron Condor Trade
18 Day SPX Iron Condor Live Trade put on around 11:30 am central today when SPX was about 2715. S 1 Mar 23 2805 C, B 1 Mar 23 2815 C, S 1 Mar 23 2575 P, B 1 Mar 23 2565 P, $1.70 Credit, Margin $830. Delta of short put and call at trade entry was 12 and 13. Plan is to make 7-8% of $830 and not to lose more than 10% of $830. As of 2:43 central today, SPX has run up to 2727, up 36 for the day. The spread is trading at around $2 right now, we are down 30 divided by 830 or 3.6% now. Would look for possible adjustment when short call delta hits around 19, right now it’s at 16, with SPX at 2726. I might roll up my short calls 5 points at an adjustment point as a possible adjustment.
Dan Sheridan
dan@sheridanmentoring.com
Dan: when you enter a trade do you enter an OCO trade at the same time for the profit and loss target?
I don’t. I put an order in for the profit, but for the loss, I put in an alert for when the SPX gets to a point where I would need to adjust or get out of the spread.