Stock / Symbol: SPDR S&P 500 ETF / SPY
Option Strategy: iron condor
Trade entry date: Dec 18
Price at trade entry: $144.90
Price at trade exit: $145.10
Reasoning: Closing this position here would bring the Delta of our overall positions closer to even, from -41 up to -7. At this point, we've achieved nearly 50% of our max profit potential on the trade. Not bad, a 6% gain in 15 days.
Closing Trade Details:
BTC -10 SPY Jan13 150 calls
STC 10 SPY Jan13 152 calls
BTC -10 SPY Jan13 136 puts
STC 10 SPY Jan13 134 puts
for a max net debit of $0.17 per contract. The mid is currently at $0.14 (GTC order, limit order).
then, sell the protective calls / puts:[private_monthly]
STC 2 SPY Jan13 152 calls
STC 2 SPY Jan13 134 puts
at the market
[/private_monthly]
Max Risk: $1,770
Max Reward: $230 or 12.9% by Jan 18 between 136 - 150
Suggested Upside Stop @ $148
Suggested Downside Stop @ $138
Profit / Loss upon fill: $115 or 6.4% (pre-commission)
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