TRADE IDEA: IWM JUNE 17TH 102/105/115/118 IRON CONDOR
Updated
I don't have an IWM setup on at the moment and with the highest implied volatility among the four index exchange traded funds (SPY, IWM, QQQ, and DIA), this is the place to sell broad market premium ... . Moreover, with similar percentage out-of-the-money strikes, I'm getting almost exactly as much bang for my buck as the June 17th SPY iron condor (see Post Below).
Metrics:
Probability of Profit: 55%
P50: 68%
Max Profit: 99/contract
Max Loss/Buying Power Effect: 201/contract
Theta: 1.50/contract
Delta: -4.14/contract
Notes: As with the SPY iron condor, the probability of profit ain't that great. However, I'm getting 1/3rd the width of the wings, and the probability of hitting 50% max at some point during the life of the setup (P50) is 68%. Moreover, I'll look to layer a few of these on over time in the June 17th expiry, assuming VIX >15, and mix and match short call sides with short put sides to take them off in profit ... .
Metrics:
Probability of Profit: 55%
P50: 68%
Max Profit: 99/contract
Max Loss/Buying Power Effect: 201/contract
Theta: 1.50/contract
Delta: -4.14/contract
Notes: As with the SPY iron condor, the probability of profit ain't that great. However, I'm getting 1/3rd the width of the wings, and the probability of hitting 50% max at some point during the life of the setup (P50) is 68%. Moreover, I'll look to layer a few of these on over time in the June 17th expiry, assuming VIX >15, and mix and match short call sides with short put sides to take them off in profit ... .
Note
Filled for 97/contract. Set up a GTC order to cover at 50% max profit.
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