Opening (IRA): MSTR 180/210/410/440 Iron Condor
Updated
... for a 6.03 credit.
Comments: High IV at 95.8%. Here, going delta neutral, 1/10th the price of the underlying for my wing width, and setting up my short option strikes at the 16 delta on both sides.
Metrics:
Max Profit: 6.03
Buying Power Effect: 23.97
ROC at Max: 25.16%
50% Max: 3.02
ROC at 50% Max: 12.58%
Will generally look to take profit at 50% max; roll in untested side on side test.
Comments: High IV at 95.8%. Here, going delta neutral, 1/10th the price of the underlying for my wing width, and setting up my short option strikes at the 16 delta on both sides.
Metrics:
Max Profit: 6.03
Buying Power Effect: 23.97
ROC at Max: 25.16%
50% Max: 3.02
ROC at 50% Max: 12.58%
Will generally look to take profit at 50% max; roll in untested side on side test.
Trade active
Rolled the in profit -210P/440C to the -220P/450C for a 2.48 credit on BPE of 7.52, resulting in a 180/220/410/450 iron condor on which 8.51 total credits have been collected. I was originally looking to make 3.02 on the trade, so am revising my GTC order to take profit at 8.51 - 3.02 or 5.49.Note
Rolled the 180/220 up to the 300/340 for a 12.25 credit; 20.76 total credits collected.Note
Ay caramba. We've got ourselves a mover. Rolled the -340P/450C to the -420P/530C for a 61.18 credit (yes, you read that right). 81.94 credits collected on a ten-wide inversion, with the resulting setup being the 300/410C/420P/530C.Note
Rolled the 300/420 short put vertical to the 370/490 short put vertical for a 14.33 credit. Total credits collected of 96.27. Will look to un-invert the short strangle aspect of the setup (-410C/-490P) on Friday.Note
Uninverting the -410C/-490P to the -410P/-490C for an 80.28 debit. 15.99 net credits collected.Note
With 24 DTE, closing the -490C/530C for a 6.97, rolling the 370P/-410P to the January 17th 330/380 for 4.75 credit; and sold an oppositional side against at the -870C/920C for a 1.70 credit. 15.47 net credits collected. The resulting setup: Jan 17th 330/380/870/920 iron condor.Note
Rolled the 870/920 short call vertical down to the 660/710 short call vertical for a 1.62 credit. 17.09 net credits collected, resulting in a 330/380/660/710 iron condor.Note
Delta adjustment: With the short put at the 48 delta, rolling the 660/710 short call vertical aspect down such that the 660 is at the -24 delta strike. 2.09 credit; net credits received: 19.18.Note
Delta adjustment: Rolling the 550/610 down to the 500/460 for a 1.43 credit. 20.61 net credits collected. If the short put aspect is ITM at 21 DTE, will look to roll to ATM, sell oppositional call side against.Note
Thursday: Delta adjustment -- rolled the 500/560 short call vertical down to the 420/470 for a 2.69 credit, 23.30 net credits collected.
Friday: Rolled the -420C/330P down to the ATM -320C/230P for a 60.75 credit, resulting in a 60-wide inversion. 84.05 net credits collected. The resulting setup is a 230P/-320C/-380P/470C. Will look to uninvert on Monday.
Note
Going ahead and uninverting the -320C/-380P here to the -325P/-380C for a 60.05 debit. Net credits collected of 24.00 even. Delta/theta now 3.03/42.99.
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