Stock / Symbol: SPDR S&P 500 ETF / SPY;
Option Strategy: [private_monthly] iron condor[/private_monthly];
Price at trade post: $191.39;
Reasoning: Putting on an[private_monthly] Iron Condor[/private_monthly] on SPY with February expiring options.. This trade currently has a delta of -0.90, a positive theta of 1.4 and a negative vega of -2.5. This trade has a 81% probability of success. If SPY hits either our upside stop at [private_monthly]198[/private_monthly] or downside stop at 184, we'll adjust the trade or exit it.
Trade Details:
[private_monthly]
STO -1 SPY Feb16 199 call
BTO 1 SPY Feb16 200 call
STO -1 SPY Feb16 183 put
BTO 1 SPY Feb16 182 put
for a min net credit of $0.23 per contract. The mid is currently at $0.25 (GTC order, limit order). If not filled today, ok to try again tomorrow.
Requirements:
Cost/Proceeds ($23)
Option Requirement $100
Total Requirements $77
Estimated Commission $6
[/private_monthly]
Max Risk: $77
Max Reward: $23 or 29% by Feb 19th [private_monthly] between 183 - 199
Suggested Upside Stop @ $198
Suggested Downside Stop @ $184
[/private_monthly]
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