Get started

Ironcondor

USO - Neutral Iron CondorWith natural gas in play, opportunity here allows participation similar. Price extension to the downside should slow down & the neutrality should give room for risk management if directional assumption is wrong. 8/9/13.5/14.5 JAN19 IRON CONDOR @ 0.21 CREDIT General plan: Roll if necessary & if possible to reduce risk. Target maximum profit, unless significant profit appears early. Comment or direct message for discussion, or on other interesting ideas! Follow for updates.
AMEX:USO
by themdtrader
OPENING: SPY JAN 18TH 244/247/272/275 IRON CONDOR... for a 1.06/contract credit. Max Profit: $106/contract Max Loss: $194/contract Break Evens: 245.94/273.06 Theta: 1.86 Delta: -1.75 Notes: Replacing an iron condor I closed earlier to keep my risk constant throughout the cycle and given this high volatility environment. It also has the effect of adding a smidge of short delta to my core position, which has turned slightly long in this down move. After the earlier closing and this opening: Scratch point for the core position is 10.52.
AMEX:SPY
by NaughtyPines
SPY: CLOSING JAN 18TH 247/250/278/281 IRON CONDOR (LATE POST)... for a .90/contract credit (.30/$30 profit/contract). You know the drill -- mixing and matching profitable call side with profitable put side from iron condors put on over time. Will replace this setup with another iron condor in the same expiry; keeping my risk/buying power effect constant throughout the cycle given the fact that background implied volatility remains high. If we ever get a massive volatility crush, I'll decrease risk by reducing total units and dry out powder for the next volatility pop.
AMEX:SPY
by NaughtyPines
OPENING: SPY JAN 18TH 247/250/277/280 IRON CONDOR... for a 1.07/contract credit. Metrics: Max Profit: $107/contract Max Loss: $193/contract Break Evens: 248.93/278.07 Delta; -1.4 Theta: 1.73 Notes: With 38 days to go in the January cycle, layering on a smidge of short delta to my slightly long delta SPY core position, which -- as I note below -- can't be adjusted all that much. As usual, I'll look to mix and match profitable put side with profitable call side to realize gains and to take off risk running into expiry. Current scratch point: 10.36. A side note: Layering on with short strangles is a bit easier than with iron condors. Iron condors' long option wings can be "stepped on" when layering on -- selling a short put at the same strike as one of your preexisting longs closes the long out and vice versa (buying a long option at the same strike as a preexisting short closes the short out). Always check that you're showing that you're "opening" the four separate legs of the iron condor you want to put on, rather than opening some legs and closing out others that you've already got on. You can naturally sell setups in different expiries to avoid "stepping on," but you generally want to mix and match profitable put side with profitable call side in the same expiry to optimize buying power utilization.
AMEX:SPY
by NaughtyPines
3
OPENING: QQQ JAN 18TH 152/155/175/178 IRON CONDOR... for a 1.08/contract credit. Adding to my January cycle QQQ core position after stripping off some units earlier (See Post Below). Since the overall position remains fairly delta neutral, I'm not looking to add delta with this trade, so am basically going with a neutral setup. With the previous close costing a .71 debit and this open paying 1.08, my January cycle scratch point is 3.63. Will continue to mix and match profitable put side with profitable call side running into opex with the goal being to finish net profitable for the cycle ... .
NASDAQ:QQQ
by NaughtyPines
CLOSING: QQQ JAN 18TH 152/155/175/178 IRON CONDOR... for a .71/contract debit (.37/$38 profit per contract). Taking some small profit here on my QQQ January cycle core position by mixing and matching profitable put side with profitable call side of iron condors I've put on over the past several weeks. I'll look to replace this setup with another fairly delta neutral setup in the January cycle, since we've still got 38 days 'til expiry to play with, after which I'll recalculate my January cycle position scratch point given the debit paid here to cover plus the credit received for the new setup.
NASDAQ:QQQ
by NaughtyPines
2
JPM - Bearish-neutral Iron CondorStock rally through till early 2018. Choppy price action with range-bound price through remainder of 2018 indicates large volume of shares exchanging hands (in other words, for a better mental picture, larger holders off-loading to more interested but smaller buyers). Expectation is neutral price discovery, with earnings report in January catalyzing subsequent direction move, which is typically bearish/downward with such price action. For now, price is attempting to find a fair value, and as such a bearish-neutral bias is bet on here. 85/90/115/120 JAN19 IRON CONDOR @ 0.67 CREDIT General plan: Roll if necessary & if possible mainly to reduce risk, expecially in this case due to earnings report date before expiration Target maximum profit, unless significant profit appears early. Comment or direct message for discussion, or on other interesting ideas! Follow for updates.
NYSE:JPMShort
by themdtrader
OPENING: QQQ JAN 18TH 153/156/177/180 IRON CONDOR... for a 1.05/contract credit. Metrics: Max Profit: $105/contract Max Loss: $195/contract Break Evens: 154.95/178.05 Delta: -2.78 Theta: 1.57 Notes: Layering on some more in the January cycle. With the other two iron condors I've already put on in January, my position scratch point is 3.26/contract. Will look to mix and match profitable put side with profitable call side to peel off risk and/or peel off profitable sides to delta balance.
NASDAQ:QQQ
by NaughtyPines
QCOM - Bullish-neutral Iron CondorYear-long cyclical pattern, within a wide parallel ascending channel (not shown to prevent clutter) is the current predominant price action, showing clear supply and demand zones. Expecting price to finish upswing or remain neutral at least until close to or at the next earnings season. 50/52.5/65/67.5 JAN19 IRON CONDOR @ 0.66 CREDIT General plan: Roll if necessary & if possible mainly to reduce risk. Target maximum profit, unless significant profit appears early. Comment or direct message for discussion, or on other interesting ideas! Follow for updates.
NASDAQ:QCOMLong
by themdtrader
MGM - Bullish-neutral Iron CondorStock has sold off since Jan, and held the downtrend throughout 2018. Bearish momentum is slowing down, as if recovery is in the works (compare LVS idea); betting this bad boy experiences a slowdown, with price staying in the range or having a quick reversal of the downtrend. 21/22/33/34 FEB19 IRON CONDOR @ 0.25 CREDIT General plan: Roll if necessary & if possible mainly to reduce risk. Target maximum profit, unless significant profit appears early. Comment or direct message for discussion, or on other interesting ideas! Follow for updates.
NYSE:MGMLong
by themdtrader
CLOSING: XOP DEC 21ST 28/31/35/40 IRON CONDOR... for a 1.12/contract debit (1.04 profit/contract). Notes: Further clean-up of my XOP core position in December. Now that I've taken off the 38/41 short call vertical and this iron condor, what remains is two short put verticals, one at 32/35, the other at 30/35. The 32/35 was left over from an iron condor I put on previously, the 30/35 from an iron fly, the call side of which I just closed. The 32/35's a three-wide; the 30/35, a five-wide (for a total of eight wide), so I'll look to sell a 2x4 wide in the December cycle to balance units running into expiry.
AMEX:XOP
by NaughtyPines
KSS - Neutral Iron CondorThe stock price broke out from a range, made what looks like a head-n-shoulders pattern, and can mirror the channel pattern it made before the head-n-shoulders. Volatility is high and this is a neutral directional bet on the price action. 47.5/50/77.5/80 JAN19 IRON CONDOR @ 0.45 CREDIT General plan: Roll if necessary & if possible to reduce risk. Target maximum profit, unless significant profit appears early. Comment or direct message for discussion, or on other interesting ideas! Follow for updates.
NYSE:KSS
by themdtrader
OPENING: XOP DEC 21ST 28/31/38/41 IRON CONDOR... for an .83/contract credit. Metrics: Max Profit: .83 ($83)/contract Max Loss/Buying Power Effect: 2.17 ($217)/contract Break Evens: 30.17/38.83 Delta: -.55 Theta: 1.73 Notes: An adjustment trade, primarily to add some additional extrinsic value to my XOP core position with XOP rank/implied still being high (100/42), as well as some short delta (it was shorter when I put it on, but price has continued to erode). I didn't quite collect one-third the width, primarily because I have to "squeeze" it in amongst the various spreads I already have on in the December expiry. As with my SPY core position, I'll look to mix and match profitable short put side with profitable short call side as we run into expiry and/or take the entirety of the position off in profit.
AMEX:XOP
by NaughtyPines
CLOSING: XOP 30/33/41/44 IRON CONDOR... for a .72/contract debit (.38 profit/contract; 34.5% max). Notes: As with my SPY core position, I'm mixing and matching profitable short put side with short call side of oppositional setups that I put on over time to take off some risk, book some profit, and (where possible) to get a bit of delta adjustment where I need it. (Here, I pick up a smidge of needed long delta by closing this out, since price of the underlying has moved to the call side of the pairing). This also has the side benefit of allowing me to recenter a setup in the underlying if I want to and/or frees up buying power to make an adjustment trade if necessary.
AMEX:XOP
by NaughtyPines