SPY Iron Condor 463/400

Updated

Video says it all, this trade was a two part trade, the put spread was put on around lunch and the call side was added before the bell to provide an additional credit to help with the tested put side.

Total BP used = 500 USD - Total credit recieved = 1.05 or $105.

Note

I toyed with rolling up the put side of this spread for a portion of this morning.. then I decided to go grab a bite to eat, where I came to the realization that I could have my cake and eat it too. Thought process is below:

1. SPY is barely green, but the call side is still negative which made me want to roll up the put side which was at 50% profit.
2. SPY being barely green does not convince me we are going to keep moving up, so I do not want to roll the put up just to go negative this aft / tomorrow. As such I decided why not just close out the put side (effectively half of the roll process) and then open the put side again higher if we keep moving up tomorrow? And if we come back down, it could bring the call side back green and allow for a juicier premium on the put side if I want to re open that side then.

Sorry this was so wordy, wanted to make sure my thinking was clear!

Note

Looks like I was wrong and we would continue upwards. I made some adjustments today, and admittedly fat fingered them to cost myself a bit of money. I ended up giving back a small amount of the credit.

New strikes are:
Call side 468/473 (kept max risk at 500 per side / contract)
Put side 430/425
Total cost was 0.16 debit.

Note

Closed out the Call side of this today at 90% decay. Only the put side remains which is currently slightly negative.

Note

Haha figures when I get the call side figured out the put side goes awry! I rolled the put side of this trade out till march 9th yesterday, and up to 435/430 for a small (0.18 / contract) credit.

Note

Rolled the 430/425 a few weeks ago into a 435/430 for a small credit. This expired yesterday so I rolled to a 430/425 again, but needed to add a close call side spread on this as well to get the trade done with a net credit.

Total credit received for this trade at this point is 1.56. And it is now a 430/425 432/437 Iron condor.

Note

Divy Assinged on this today (stupid I know).

Put side was worthless. This is my biggest loser so far this year, essentially going to max loss.

ThetaTrades

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