ROLLING SPX JULY 22ND 1920/1930 SPV TO 1965/1975
Rolling toward current price on this iron condor, as well as on the RUT and NDX ones, too. Basically, I'm rolling to as close to the 85% probability out-of-the-money strike for the expiry ... . I don't want to get in crazy close if this is short-term, short squeeze price action.
Know Your Scratch Point: The original setup was put on for a $280 credit; I rolled the call side down a bit on the down move for an $80 credit; and rolling this side up I brought in an additional $55 credit, for a total of $415 in credits so far (that's my scratch point, exclusive of fees and commissions. I'm still shooting for a profit of 50% of the original setup (140/contract), so my take profit will be at $415 minus $140 or a $275 debit.
A Side Note: There's a little lesson here ... . Post-Brexit, I put on SPX, RUT, and NDX iron condors in fairly quick succession (days after one another, although in slightly different expiries; this one's July 22nd, the RUT is July 29th, and the NDX is August 5th). Unfortunately, by doing this "all at once" and not spacing them out in time, they're all basically in the same shape, with price on the verge of testing the call side in all three. I'm fine with that, but it would have probably been better given market circumstances post-Brexit to put one on, wait a week, consider putting a second one on, wait another week as opposed to impatiently piling into them in quick succession ... .
Know Your Scratch Point: The original setup was put on for a $280 credit; I rolled the call side down a bit on the down move for an $80 credit; and rolling this side up I brought in an additional $55 credit, for a total of $415 in credits so far (that's my scratch point, exclusive of fees and commissions. I'm still shooting for a profit of 50% of the original setup (140/contract), so my take profit will be at $415 minus $140 or a $275 debit.
A Side Note: There's a little lesson here ... . Post-Brexit, I put on SPX, RUT, and NDX iron condors in fairly quick succession (days after one another, although in slightly different expiries; this one's July 22nd, the RUT is July 29th, and the NDX is August 5th). Unfortunately, by doing this "all at once" and not spacing them out in time, they're all basically in the same shape, with price on the verge of testing the call side in all three. I'm fine with that, but it would have probably been better given market circumstances post-Brexit to put one on, wait a week, consider putting a second one on, wait another week as opposed to impatiently piling into them in quick succession ... .
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.