3/17/17 Update – Close for Profit (32% ROI)
We were able to close this SPY Iron Condor for a 79$ profit, which was our target of 50% of premium received.
To execute this trade we did the following:
- Bought to Close 1 SPY 04/14/22 Call 466.00 @ 0.73
- Sold to Close 1 SPY 04/14/22 Call 470.00 @ 0.49
- Bought to Close 1 SPY 04/14/22 Put 403.00 @ 3.95
- Sold to Close 1 SPY 04/14/22 Put 399.00 @ 3.41
— Jerry
FEB 15, 2022 – ENTER A SPY IRON CONDOR
2/15/22 – With SPY trading $468, and an IVR of around 59%, consider selling a 399/403 466/470 Iron Condor out to April 14th. I collected for 1.58, which which is great considering my strikes are only $4 wide. After entry I set a GTC order to close at 50% of the premium collected ($79).
- Sold 1 SPY 04/14/22 Call 466.00 @ 3.80
- Sold 1 SPY 04/14/22 Put 403.00 @ 7.37
- Bought 1 SPY 04/14/22 Call 470.00 @ 2.83
- Bought 1 SPY 04/14/22 Put 399.00 @ 6.76
- Total Premium Collected: 158$
- Total Risk: 242$
- Rationale: This is a defined risk trade. You can make up to $158 by 4/14 if SPY is trading between 403 – 466 at expiration.
- Assumption: Neutral
- Timeframe: ~ 2-6 weeks
– Jerry
