AAPL Iron Condor for Earnings in the Aug 3 Expiration
S 1 Aug 3 200 C, B 1 Aug 3 205 C, S 1 Aug 3 180 P, B 1 Aug 3 175 P, 1.06 Credit
With AAPL + 8.61 at 198.90 , the Iron Condor is trading at .99, we are up a small bit. We are about 7 points from the short call strike of 200 with today, Thursday , and Friday till this trade expires. The position Greeks for 1 contract are -32 Deltas short and 15 Theta and -4 Vega. The high today is 199.26. If we break 200, the short strike, I would adjust the trade by buying the 190/195 Call spread to narrow the width of the call side 5 points and reduce the short deltas. Bottom Line: Earnings are out , we are up a small amount of money and have a plan if the short strike is threatened.
AAPL Bearish Butterfly for Earnings in the Aug 10 Expiration
B 1 195 P, S 2 185 P, B 1 175 P, 2.60 Debit. With AAPL up 8.61 at 198.60, we were wrong on this speculative Butterfly and sold it out today for 1.29 Credit. Wanted to cut the losses , we were wrong. For this butterfly to make money, we need it to go towards the short strike by next week and the Aug 10 Expiration. That would be 185 in AAPL by next week or near that price, and frankly, doesn’t look like that probably will happen. If I stayed in the Butterfly hoping for a decline in the next week, I could watch the 2.60 debit go to zero. I basically pared the loss in half.
SPOT Iron Condor
Iron Condor in Spotify Aug 10 Expiration. S 1 190 C, B 1 195 C, S 1 180 P, B 1 175 P, 2.55 Credit. Currently trading at 2.45 with SPOT at 182.34, not much going on.